Vulnerable Customer Strategies
Alongside much of the industry, we strive to work towards a financial sector that is accessible to and delivers good outcomes for all.
Our work on vulnerability focuses on long-term savings and investments. Where people may not be vulnerable today but a lack of longer-term planning or risk-taking leaves them vulnerable tomorrow.
Our proprietary models of vulnerability combine 200,000 hours of customer conversations with terabytes of data and the latest AI techniques to create a measure of propensity to be vulnerable. It uniquely allows firms to understand where the risk lies in their books and to move from reactive to proactive mitigation strategies.
Context
A leading advice network had a growing cohort of ‘orphan’ clients who had opted out of ongoing advice. They wanted to understand more about these clients and potential risks of foreseeable harm.
Our approach
Without any need for PI data, we ran the postcodes for the client book through CitizeniQ, mapped to our vulnerability scale exploring overall levels of potentially vulnerable clients and underlying reasons for this assessment.
Outcome
Identified c10% of the book with higher potential to harm in the event of future life events and who would likely require higher levels of advice and support at that point.
Value to client
Risk based approach to identifying vulnerable customers and prioritising mitigating actions.
Context
A leading asset manager with a legacy direct book identified the bereavement journey as a source of complaints. They were keen to deliver better outcomes to support customers at this time of need.
Our approach
We completed depth interviews with individuals who had recently been bereaved and with professional and layman executors to explore their needs, their experience of financial service firms in general. This was supported by detailed feedback on key communications across the journey.
Outcome
Identified significant shortcomings in the current journey with clear actions for improvement covering operating model, detailed processes, staff training and communications.
Value to client
Clear action to improve end customer experience leading to increase in satisfaction and advocacy.