Moneyboat shortlisted for two credit awards

Blog MoneyBoat Consumer Credit team of the year

The entire team at Moneyboat is incredibly proud to be shortlisted in not one, but two categories at this year’s Credit Awards. Building on our success in 2021, when were named winners in the Responsible Lender of the Year category, we’re now hoping to add Consumer Credit Team of the Year and Outstanding Conduct in Collections to our growing list of accolades.

The ‘Oscars’ of the credit industry

The Credit Awards really are an incredible event, gathering together the great and the good from the credit and financial services industry across the UK. The awards, hosted by Credit Strategy, ‘recognise and celebrate innovation, best practice and the hard work of individuals, business divisions and pan-global conglomerates across the entire industry.’

The winners of the awards will be announced at a ceremony held in Grosvenor House, London on 29 June 2022. After a couple of years of remote-only awards ceremonies, events like this are once again, an invaluable opportunity to meet others working in the credit industry and celebrate teamwork, responsible lending and collections practices, and overall excellence in the fields of consumer and commercial credit.

Outstanding Conduct in Collections

Hearing the news that we were shortlisted in the Outstanding Conduct in Collections category was particularly poignant for us, as it’s an obvious partner award to the Responsible Lender of the Year award, which we won last year.

Responsible lending and good conduct in collections go hand-in-hand for any credit business that’s as obsessed with customer outcomes as we are. Indeed, in our entry for the award, we were able to talk about how good collections conduct starts with good lending conduct.

Our ‘customer success mindset’ runs through the entire customer journey, from the moment they make contact with Moneyboat, to the moment they repay their last pound, we want them to have a successful outcome to their borrowing experience.

Every change we’ve made and every measure we’ve put in place over the past 12 months has come from this customer success mindset - and it’s had a huge impact. While lending has increased by 40%, first missed payment rates have shrunk by 32% over the same period. These figures speak for themselves, and once again illustrate that growth can be achieved without compromising on responsible lending.

Consumer Credit Team of the Year

The award criteria for this category asked applicants to ‘show how they have not only contributed to an excellent credit function, but to the success of their business overall’. Although the judges probably expected an entry from a single team function within a consumer credit business, here at Moneyboat, no single team can function effectively without the others. Teamwork, and we mean across teams, not just within teams, is vital to our success, so we decided to enter the entire Moneyboat workforce for this award!

While the Moneyboat team is international and working to a largely remote/hybrid model, we share the collective experience of working under a single, strong brand with a cohesive message of valuing customer success.

Our entry for the Consumer Credit Team of the Year award included plenty about our cutting-edge matrix scoring model. This lending model enables us to drill down into our applications, offering loans to more applicants while protecting vulnerable borrowers and always prioritising responsible lending.

Then there’s our recruitment drive and our commitment to investing in talent and people. Three new departments have been created (including a dedicated HR team) and staff numbers have risen by 30% since the start of 2022 alone! This illustrates how rapidly things are moving at Moneyboat and how committed we are to supporting our team members as we move from a start-up to a scale-up.

The message is clear throughout both our entries - no matter how quickly we’re growing, we’ll never compromise on our commitment to good and fair conduct. We’ll continue to drive down our first missed payment rates - (we achieved our lowest ever monthly rate in March 2022!), and we’re also dead set on increasing our lending. We want to provide greater access to loans for those who need quick, flexible, no fuss loans and can afford to repay.

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