Danske Bank Group’s policy is to provide advisory services based on our customers’ individual requirements and to have a constructive dialogue with customers who, for one reason or another, encounter financial difficulties. This applies to both retail and corporate customers.
Unmanaged debt will grow and can become increasingly difficult to control. At Danske Bank, we have teams who are trained to spot early warning signs of debt problems. If customers appear to be in financial trouble, we contact them to try and prevent the problem from growing. Every year, many customers find themselves in a situation where they are unable to repay a debt. In these cases, our debt recovery department contacts the customer and proposes a solution to settle the debt. No two customers’ situations are alike, and financial trouble often emerges in the wake of personal events, such as losing a job or getting divorced.
First, we establish a dialogue with the customer based on his or her individual situation, and in order to find a solution, we look at all aspects of the customer’s finances. Often, small adjustments, such as deferring pension contributions temporarily, can make a big difference in managing debt. With corporate customers, we consider it crucial to maintain an ongoing dialogue to discover problems as early as possible. Financial problems in a business can derive from many factors, including external ones.
Danske Bank Group’s general policy is to be our corporate customers’ banker in difficult times as well as good times. We assess the reasons for a business’s financial problems in each case and seek to reach a solution on that basis.
Early understanding of personal finances and debt
As part of our financial literacy programme, we have developed services that meet the needs of various customer groups. For example, we have developed an online programme for both customers and non-customers aged 18 to 27 that aims to improve the financial skills of young adults by providing financial information closely related to relevant life situations, such as travelling, starting studies, starting a home and having children.