Company: IE Hub
Founder(s): Kapil Madan
About IE Hub
IE Hub is a free, online application that makes completing an Income and Expenditure easier and more convenient, allowing customers to share Income and Expenditure information with multiple companies, putting them in control of their financial situation. IE Hub’s added intelligence means customers answer the questions that are relevant to their personal circumstances. Manual and Open Banking completion methods mean fewer mistakes and a true Income and Expenditure profile.
The pandemic has taken a financial toll on people and families across the UK; research commissioned by Ofwat as part of the #ListenCareShare campaign shows that 41% of customers are worried about money over the next six months.
But accessing financial support isn’t easy; most customers have to fill out multiple Income and Expenditure assessments (I&Es) before a payment plan can be set up, while simultaneously, creditors struggle to validate the information from customers’ various I&Es. On both sides, the current system is inefficient and costly.
This is where IE Hub comes in; they are building an Income and Expenditure Network, a service that connects customers with multiple creditors digitally, storing their I&E information and making this easily shareable with multiple creditors in a simple click. Their Income and Expenditure Network is increasing engagement and operational readiness in the field of credit and collection. Marking a simple and more efficient process for creditors and reducing stress for busy, worried customers.
IE Hub puts efficiency at the heart of the process. Customers can update their information via a secure portal, which provides a single hub from which customers can contact and manage multiple loans from different creditors. For creditors, IE Hub makes it easy to source relevant customer data quickly and simply.
“July 19th may have marked the next phase of lockdown easing but many are still counting the costs of the pandemic, having faced reduced income, increased borrowing, or redundancy,” a company spokesperson for IE Hub has said. “We are yet to see the full impact in collections but with so many customers set to struggle, collections operations need to gear up in readiness. At IE Hub we are working with our partners to increase capacity and improve the customer experience.”