Zopa Bank began as the world’s first peer-to-peer lending company and has since evolved into a full-fledged bank that leverages technology to make smart lending decisions and improve financial outcomes for its customers. With a diverse product range including credit cards, loans, savings, car finance, and retail finance, Zopa has consistently sought innovative ways to enhance its services.

In a strategic move to bolster its point of sale (POS) product offerings, Zopa partnered with Acquired.com. This collaboration has enabled Zopa to provide customers with the flexibility to make purchases from retailers over extended periods, using monthly instalments tailored to their financial situations. The partnership not only facilitates initial payments but also supports alternative payment methods throughout the loan term, ensuring comprehensive customer support for missed payments and overall money management.

Payment Links

One of the key features that Zopa has found particularly valuable is leveraging Acquired.com’s Payment Links solution. This tool has proven instrumental in helping customers maintain control over their finances, especially in cases of missed payments.

As Mike Pugh, Product Manager at Zopa, explains: “We want to make life affordable for our customers. One of the key tools we’ve utilised is Payment Links to ensure customers can keep on top of their finances if they were to miss a payment. We know there can be many different reasons why a customer misses a payment, so we want to make it as easy to get back into as good a position as possible.”

Acquired.com’s Payment Link solution offers customers a variety of payment options including credit & debit cards, Apple Pay, and Google Pay, accessed through text messages, emails, or other embedded links. These communications direct customers to a dedicated page where they can easily make payments using their preferred method, streamlining the process and reducing barriers to financial recovery.

A Strategic Partnership

Acquired.com’s partner-based approach, which includes comprehensive reporting, analysis, and account management, has significantly enhanced Zopa’s overall payment strategy. Mike emphasises the importance of data-driven decision-making: “Data is always the key to good decisions, and working with Acquired.com gives us insights to determine the best outcome for our customers. It’s also allowed us to identify areas where we can try something new. We consistently use data and the conversations we have with Acquired.com to help us be better customer champions.”

The introduction of Payment Links was a strategic decision aimed at simplifying the process for customers who had missed payments to regain good financial standing. Mike elaborates on the rationale behind this move: “We wanted to make it as simple as possible for a customer who had missed a payment to get back to a good financial position. We already communicated with our customers about any missed payments with ways to pay, and have a very responsive operations team who work tirelessly to ensure our customers get positive outcomes. With the ‘Payment Links’ solution, it’s now even easier for customers to make an individual payment with the purpose of reducing or clearing any missed payment balance.”

The impact of the Payment Links solution on Zopa’s collections process has been significant for both Zopa and its customers. From an operational point of view, Payment Links have helped streamline processes and reduce time for Zopa’s collections team. Mike describes the implementation and its effects for their customers: “We include payment links in our ‘missed payment’ emails to help customers remedy any financial issues that they may have. As an ethical lender, it’s important to make payments as easy and accessible as possible to ensure our customers can manage their money.” The company now sends these links automatically through SMS and email, and they can also be generated and sent by the operations team in real time during customer conversations.

Mike also underscores the importance of this multi-channel approach: “Having these different mediums of communication is so important, as a one-size-fits-all approach isn’t usually the best way to help your customers. The key driver for us is giving customers control to manage their money in a way that works for them.”

A Fintech Collaboration

Through its partnership with Acquired.com and the implementation of innovative solutions including Payment Links, Zopa has demonstrated its commitment to ethical lending practices and customer-centric financial services. The partnership between Zopa and Acquired.com illustrates how fintech collaborations can lead to improved customer experiences and more effective financial management tools, ultimately benefiting both the institution and its customers.