There is no doubt automated services are increasingly being offered online across all business sectors and are becoming more remote.
This can make it extremely difficult for firms to identify a non-standard consumer’s situation or circumstance. In many cases automation processes, will not identify a consumer’s vulnerability and real life events will not be factored in. The failure of internal automated systems to spot vulnerable consumers can lead to an unwanted situation where a consumer may suffer detriment.Pro-active solutions that can help prevent vulnerable situations from the outset are what is needed and needed now. Our policy-makers both in the UK and internationally have already realised that a flexible approach is necessary to meet the needs of a diverse customer base.
One in four people has a mental disorder at some point in their life
Vulnerability includes many different conditions that can affect any one of us at any time of our lives. It makes our coping skills and resilience feel frail and exposed to detriment if the situation is not handled appropriately by the firms and organisations that provide us all manner of financial services. There is no doubt vulnerability is a key issue within the Boardroom of most firms worth their salt. Our own government says one in four people will experience a mental health problem at some point in their life, with an annual cost of £105bn. Our Prime Minister recently said mental health had been “dangerously disregarded” as secondary to physical health and changing that would go “right to the heart of our humanity”. It is right that all financial service and financial firms should focus in this important area.