Case Study - Products
Challenge
Late payments and bad debts are a burden for businesses and a leading cause of small business failures. This represents a significant challenge for Barclays and other organisations with small business customers, as the subsequent decrease in customer volumes necessitates additional acquisition activity to maintain and grow market share.
Solution
Our research showed that use of existing credit management solutions by small businesses was low due to prohibitive costs, complexity and low awareness. We developed CREDITFOCUS, a unique web-based and low cost service enabling small businesses to credit check and monitor their customers and chase unpaid invoices via solicitor’s letters.
Outcome
Launched in January 08, CREDITFOCUS has been an instant hit with Barclays small business customers. Users have saved more than £10 million in bad debts and 80% would recommend it. In addition, it has delivered monthly double-digit growth and is a strong differentiator for Barclays who chose it to form an integral part of their 2009 TV ad campaign. In December 2009 we launched DebiteurenZeker, the Netherlands version of CREDITFOCUS with ABN-AMRO.
Barclays 2009 TV ad campaign