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Financial firms ‘need thousands of extra customer support staff’

Vicky Shaw, PA Personal Finance Correspondent
·1-min read

Thousands of additional work-from-home financial services staff are needed by banks, insurers and credit card firms to help people deal with the impact of coronavirus on their finances, according to a recruitment firm.

Mortgage negotiators and staff dealing with affordability are among the most in-demand roles, contingent recruitment firm Momenta Group said.

Many customers have been requesting payment holidays on products such as mortgages and credit cards in recent months, as well as help with overdrafts.

Momenta said one bank had recently requested up to 750 associate staff.

The group’s founder Richard Stevens said: “Automation right now isn’t a viable option when what’s needed is calls handled by relatable, empathetic and skilled negotiators.

“As a result, we see many financial institutions requesting UK-based call handlers rather than the previous trend of offshoring financial services call centre operations.”

Contingent work is based around short-term engagements with companies.

Mr Stevens added: “Our estimation is that this sector might need up to 30,000 additional contingent resource staff right now, and the reason is clear: there are high numbers of individuals facing difficulties who are not calling their financial institutions to discuss their concerns.

“We estimate that, to date, only one in three individuals in financial trouble is calling their providers to discuss a plan – this will create a huge influx of call handling in the months to come.”