What vulnerable clients need most – seen in Money Marketing
It is safe to say that with the inevitable backlash of Covid and the world we now live in, vulnerability is not only a critical issue in financial services but also in everyday life.
Vulnerability arises when a person is unable to access the products, services and support they need to provide and secure some of the basic things necessary to function.
As you would expect, vulnerable consumers may be more susceptible to becoming victims of financial harm such as fraud, scams and abuse.
Given their role and the perfect positioning to get closer to consumers in general, it is essential financial services firms understand the key part they can play and how to support those most at risk.
Now, I do appreciate that support is a huge word and can take many forms but here are just three areas to consider:
- How would you identify from the outset if the person is vulnerable in any way?
- How could you support them and not add to their vulnerability while in your care?
- How could you help signpost them to additional support they may need after you have delivered your initial products and/or services to them?
One of the most important ways financial services firms can support vulnerable consumers is by identifying and assessing their needs fully, not just in relation to the products and services they provide.
Once the risks have been assessed and vulnerabilities identified, firms are then perfectly equipped with the understanding and framework to respond to these deeper needs and, where needed, establish, embed and elevate their working practices accordingly.
This includes how prospects and clients:
- Find and access your business
- Interact with your team
- Receive and understand the information you are sharing with them
- Are understood so you can accommodate any of their special considerations
And the most important one for me:
- Are supported so their vulnerabilities are not exacerbated through their dealings with you
In addition to providing appropriate products and services, businesses should also provide additional support and assistance.
This includes having dedicated customer support teams or dedicated vulnerability specialists trained to work with vulnerable consumers and having processes in place to provide extra support and assistance as and when needed.
Effective communication is also crucial in supporting vulnerable consumers. Businesses must ensure they are communicating with vulnerable consumers in a way that is easy for them to understand and that is tailored to their specific needs.
This can include providing translated materials or offering communication methods accessible to consumers with disabilities or those otherwise prevented from access.
Creating a culture of inclusion and diversity is also vital in supporting vulnerable consumers.
Businesses should ensure their employees are aware of and sensitive to the needs of vulnerable consumers and actively engage with diverse communities. Additionally, organisations should have processes in place to monitor and evaluate their efforts to support vulnerable consumers and make adjustments as necessary.
Finally, involving and engaging with relevant stakeholders such as regulators, consumer advocacy groups and other businesses that support vulnerable consumers can be very helpful in understanding the specific needs and concerns of vulnerable consumers and developing effective strategies to address them.
The role of financial services firms in supporting vulnerable consumers is crucial in providing fair and appropriate service and protecting them from financial and economic harm.
By identifying and assessing their needs, providing appropriate products and services, offering additional support and assistance, having effective communication, creating a culture of inclusion and diversity, involving and engaging with relevant stakeholders, and having processes in place to monitor and evaluate their efforts, they are perfectly placed to ensure they have access to the life and financial services support they need.
If you really want to make a solid impact in consumer vulnerability and care, then make sure you go into this with a ‘no gaps’ seal-tight approach.
Michelle Hoskin is founder and director of Standards International
#ClientCare #ConsumerVulnerability #BusinessBeBetter