An Insolvency Practitioner based in the UK began to focus on reducing the overall costs of managing personal IVA’s. After a period of acquisition, which included purchasing not only the IVA portfolio, but also, the different systems which serviced the IVA’s, this provider was struggling with managing the manual tasks of financial reconciliation as well as the weight of PDF attachments. The need to change was driven by the change in creditor’s views of how category 1 costs should be applied to the individual IVA’
With the upcoming GDPR enhancement on Data Protection, due on the 25th May, a loans company contacted The Robot Exchange to help streamline their current processes for Subject Access Requests. As background, the ability for customers or data subjects an organisation stores or processes has changed from the original handwritten request that the company has 42 days to respond to, the ability for data subjects to request in any manner (Twitter, FB, E-mail, Phone or written). In addition, the company now needs to respond to these requests as quickly as they can, rather than 42 days!
Another market where The Robot Exchange has found traction is in the increasingly regulated market of lettings. Engaging a intermediary in the market, we undertook a full strategic review of their current tenants referencing & insurance processes. This was considered critical for the company as the law concerning tenants is in the process of being tightened so that many lettings agents are no longer able to charge tenants for some of their administrative tasks and are faced with the prospect of either losing critical margin (estimated at 14%) or losing landlords to on-line or cheaper competitors.
Another industry where The Robot Exchange have found good client traction is in the Wealth Management field. A company based in Yorkshire, contacted TRX to do a review on an on-going cost picture that has been driven by continued regulatory and compliance focus on the industry. Within 5 years their fee earners to admin ratio had moved from a 1:1 to 1:3 and new legislation means that having 3 admin to each fee earner will be under pressure to increase