I think the mobile app that is being developed for use by CI1’s subsidiary Chapter Two is flying under the radar and I'm hoping that it's not too long before it is ready for market.
The app will be a “welcomed tool”and a “first” in the Debt Restructuring industry (according to previous ASX announcements by CI1).
Once this app is brought to market, ChapterTwo should be well positioned to take on an increased customer base, whilst also improving (upon an already positive) customer experience.
The value add of the app is very clear:
- Enhanced customer experience (one-stop-shop in their pocket for their debt repayments, a wholistic view of their debt position, shift to a digital experience, ease of adoption – seeking debt help can often be a daunting process)
- Scalability: the app will reduce the burden of admin significantly through implementing AI and automation.
(this is in addition to the value already provided by CH2’s service)
I personally don’t think there is going to be debt Armageddon (like so many of you sorry souls have prayed for). But I do think it is fair to say that the cases of financial hardship will increase in line with the ceasing government support (albeit there may be a lag to this). So, if/when business is drummed up, it will be interesting to see how ChapterTwo’s app can hold up.
I’d be interested to hear others’ thoughts surrounding the development of this app, and if you think it is truly as unique an offering as my initial thoughts have led me to believe.
(20min delay)