The collaboration, which affects over 5 million accounts, promises to speed up refund requests, improving customer experience in what can often be a frustrating process. Octopus Energy’s use of GoCardless will also help to reduce administrative workloads, benefiting not only customers but also the company’s operational efficiency.
A Major Overhaul of Payment Systems
One of the most significant changes announced by Octopus Energy is the complete migration of its direct debit payments to GoCardless. This shift, according to Octopus, involves over £12 billion worth of transactions and ranks among the largest migrations of its kind in the UK. With GoCardless now overseeing all payment and refund processing for Octopus’s customers, refunds will be processed in a fraction of the time it previously took.
Before this change, Octopus Energy customers could expect refunds to take up to five days. However, with the new system in place, customers requesting refunds will typically see the money in their accounts within one to two days. If a refund is requested on a Monday, for instance, customers can expect the funds to be available by Wednesday lunchtime, according to Octopus’s statement.
“Moving £12 billion of payments with zero disruption is a huge technical achievement,” said Greg Jackson, CEO of Octopus Energy. “It’s another step in using technology to make energy fairer and faster for customers.”
The efficiency gains are significant for both the company and its customers. In the past, refunds were often delayed due to administrative bottlenecks and back-end processing inefficiencies. Now, Octopus Energy is positioning itself as the fastest major energy supplier in Britain when it comes to processing self-initiated refunds. With approximately 30,000 refund requests being processed each week through its digital platform, this system is proving crucial in enhancing the customer experience.
Enhancing Customer Experience with Technology
Octopus Energy has long been known for its customer-centric approach, and the partnership with GoCardless is just the latest example of the company’s commitment to improving its services. Already a leader in allowing customers to manage their accounts digitally, Octopus’s app has been a key tool in this transition. In fact, around 70% of all refunds are processed through the app, ensuring that customers have the fastest and most efficient way to access their funds.
Alongside the improvements in refund speed, Octopus Energy has also introduced a number of other digital tools to help customers track their energy usage and manage their accounts. For example, the company’s Balance Forecaster tool allows customers to predict how their payments will change throughout the year based on energy consumption, helping them avoid unexpected bills.
Octopus’s commitment to technology-driven solutions has paid off in terms of customer satisfaction. Recent surveys have shown that the company leads the industry in customer service ratings, with 90% of its customers expressing satisfaction, according to Ofgem and Citizens Advice. This level of satisfaction is unprecedented in the energy sector, and Octopus’s latest innovation in payment processing is likely to further enhance its reputation.
With this overhaul, Octopus Energy has set a new benchmark for customer service in the energy sector. The company’s ability to process refunds quickly and efficiently not only improves the customer experience but also highlights the role that technology can play in modernising the energy industry.
