- Connected Data and Vulnerability Registration Service partnership will enable more organisations to understand who their vulnerable customers are.
- Providing early and actionable insight into existing and potential vulnerability, partnership will ensure better treatment of those customers.
The number of people likely to fall into vulnerable circumstances, as a result of increasing levels of debt over the coming year, is set to soar. The need to identify those who are vulnerable now and protect them from further harm, as well as understand who may become vulnerable soon, has become crucial.
To help organisations across all sectors address this challenge effectively, the Vulnerability Registration Service (VRS), a not-for-profit company providing the UK’s first central vulnerability database, has partnered with Connected Data, a data driven technology company that aims to transform the way debt is managed.
Connected Data has unique access to multiple leading data providers in the UK. By bringing their data together and providing actionable insight, the Connected Data team is enabling organisations to quickly and proactively identify those individuals who may be falling into vulnerable circumstances and put in place more appropriate specialised treatment.
The partnership with the Vulnerability Registration Service means that organisations working with Connected Data will now have access to the only UK wide database that provides a view on those individuals who are registered as vulnerable. This means that both existing and potentially vulnerable customers can be identified and appropriate steps taken to ensure further harm is not caused.
Kirk Fletcher, CEO of Connected Data, said: “Vulnerability needs to be at the heart of any data enabled debt management process. We are seeing more organisations beginning to re-evaluate how they approach the growing levels of debt and how they identify the rising number of vulnerable customers because of it. Our access to the widest range of predictive data solutions and the way we present it back to organisations has instantly elevated their insight across their debt and customer management processes. The VRS database will add a vital element to this, giving organisations a clear view on exactly where they must start.”
Helen Lord, CEO of the Vulnerability Registration Service, said: “No organisation will be able to avoid the impact of rising energy and food prices on their customers. No matter what the vulnerability is – debt, mental health or a major life event related – it will affect all areas of a person’s life whether it is their ability to pay their energy bill or manage their mortgage payments. It’s vital that all organisations, no matter what sector, take steps to understand both where they have vulnerable customers and also where a vulnerability might occur.
“With their innovative approach to managing debt, Connected Data is forging a path through some key sectors, including utilities, where vulnerability needs to be identified quickly. Our partnership will help us to reach more of those organisations that will come to rely on this data.”