For many years, Dutch banks and other lenders have advertised flexible interest rates by promising consumers that rates will go up and down with fluctuations in the market. However, in reality these banks have been raising interest rates when the market rate rose, but not lowering them when market rates fell.

This has resulted in consumers being incorrectly charged an interest rate that is too high. In fact, the overpaid interest in the Netherlands has added up to an estimated €4 billion according to Qollect, the firm assisting consumers with getting fair compensation from their bank.

This case had a particularly high workload to manage, due to the number of participants and counterparties. Our goal was to create effective ways of analyzing the documents, to make sure Qollect can help as many participants who are eligible for compensation.

In order to calculate whether participants were eligible for compensation, Qollect needed to assess the interest rate for the entire duration of each contract. This would have been too complex for the average consumer to figure out themselves. So, Qollect needed a way to explain what information they needed from customers, so they could obtain the right data and make the calculation for them.

Since every participant had a unique balance and interest rate, our goal with this project was to create a system that could give each individual insight into their own potential compensation. If participants didn’t have all their documents, we needed to come up with a way to help them find that information and upload it to the system.

Also, since there would be multiple counter parties, participants needed to be able to read developments related to their particular counterparty.