Hoist Finance Launches New Sustainability Strategy

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30 Mar, 2020, 06:03 GMT

STOCKHOLM, March 30, 2020 /PRNewswire/ -- Hoist Finance, a trusted debt resolution partner to individuals, companies and banks, today announces its new sustainability strategy, which outlines the company's Environmental, Social and Governance (ESG) goals and indicators. The sustainability strategy and extensive reporting puts Hoist Finance as a front runner in the debt management industry.

Through a bottom-up process, integrating feedback and insight from employees throughout the whole organisation, Hoist Finance developed a sustainability strategy focused on four core pillars: contributing to an inclusive financial ecosystem, creating a great place to work, combatting climate change, and upholding the highest ethical standards. The new framework also presents Hoist Finance's relationships with employees, banks and financial institutions, customers, communities and the society as a whole.

The new strategy sets out Hoist Finance's ambition to support new innovations to improve financial access and services. Financial inclusion is a growing challenge in Europe with €636 billions of non-performing loans putting pressure on the European economy^[1] and a household debt amounting to 93.49% of gross income^[2].To protect the most financially vulnerable people in society, Hoist Finance only buys non-performing loans from reputable banks with a sound credit policy and actively turns down portfolios from some parts of the consumer finance markets including pay-day loans and SMS loans.

Klaus-Anders Nysteen, CEO of Hoist Finance said: "Hoist Finance has solid experience in helping people keep their commitments through financial difficulties. In times like the ones we are living through now, it is particularly important to stay close to our customers and help them find a way forward. By deploying our core competency, Hoist Finance helps people back into financial inclusion."

Ingrid Bonde, Chair of the Board added: "At Hoist Finance, we believe that the business world has a vital role in supporting governments and communities in tackling financial exclusion and ensure that everyone has access to affordable financial services. Our new approach to sustainability offers a coordinated and comprehensive programme to help us positively impact our communities and the society."

Aligned to the UN Sustainable Development Goals and the United Nations Global Compact, the strategy includes measurable goals and indicators aimed at creating sustainable and healthy credit markets that are accessible to all.

The strategy is available in Hoist Finance's Annual Report 2019 published today on: annualreport.hoistfinance.com.

More information

In 2019, Hoist Finance set up 200,000 sustainable repayment plans with customers in debt across ten markets (Belgium, the Netherlands, France, Germany, Austria, Greece, Italy, Poland, Spain and the UK).
On average, the company has 170,000 customer dialogues per month.
The average monthly customer payment is €54.
Hoist Finance has recently launched new digital services available to customers through WhatsApp, Rich Communication Services and the chatbot Kai.
In 2019, 15% of all collections were from digital channels.