Trustfolio Creditor Services Director, Lee Usher, who previously worked across the credit and debt advice landscape for both private sector companies and Government, appeared on an episode of Aurum Gold Ltd’s money and wellbeing podcast, ‘Wisdom Chat’, in January.
In the interview about ‘trusting technology’, Lee discusses the benefits of fintech (or ‘debt-tech’ as we like to call it) for both creditors and consumers with host Phill Holdsworth. He says:
“For some people ‘fintech’ is a bit of a dirty word as they’re fearful that it replaces human interaction. When used properly, new technologies can improve the way we can manage our money, in both corporate and consumer markets. Trustfolio’s new Creditor Debt Solutions Platform is ultimately designed to help creditors and Insolvency Practitioners communicate better. It is there to complement what people already do, not replace them.”
Lee gives another example of where Trustfolio’s digital solutions enable rather than threaten human input:
“The same goes for our Debt Adviser Support Portal (formerly known as TIPTrust) which supports around 800 free sector debt advisors across the UK through provision of credit reports and banking data. The technology helps bring more efficiencies to the advisers and the debt advice process in terms of affordability insights.”
On the subject of the barriers to people asking for help with money, Lee says:
“Fintech helps to simplify the process and means that people can access information 24/7. Lots of people look at their finances in the evening or even early hours of the morning so digital solutions gives them everything they need at their fingertips. KPMG suggested that the pandemic has catapulted some businesses up to six years ahead of where they were in terms of digital solutions, and this is fundamentally what we do – we’ve opened up the communication channels allowing all parties to look at data in a consistent way to make it easier and simpler for people to use in different sectors and instill better behaviours and decision making going forward.”
When asked about concerns about the security of new technology for money management and financial services and the ability for it to be breached, allowing access to information that should be confidential, Lee adds:
“Our platform is built on the blockchain system of recording information. We take data security seriously and understand this is a fundamental requirement of our partners too. We simply would not pass any due diligence or stress testing if this was not the case.”
Listen to the full interview here. Also watch this space for the new Trustfolio ‘debt-tech’ podcast coming soon!