Product

Transaction Vulnerability Indicators

Helping you identify and proactively support vulnerable customers both at the point of onboarding as well as in life
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Product Overview

We can help you spot potential signs of vulnerability in both new and existing customers. By leveraging the power of open banking APIs and adhering to the FCA’s definition of vulnerability, our solution identifies key characteristics that could indicate vulnerability based on a person’s transaction history. This real-time assessment enables organisations to speak directly to customers to confirm vulnerability, help them appropriately while also helping to comply with regulatory obligations.

How It’s Used

Embed Open Banking At The Beginning Of The Customer Journey 
This could not only help you identify vulnerability, it can also be used to more accurately assess affordability, verify ID and improve income verification.
Access Your Customers’ Account(s) Through Open Banking
Invite your customer to share their current account data via open banking methods, they can choose their bank and authenticate using their mobile banking app.
Categorise Data To Spot Vulnerabilities 
Using over 2,500 income and expenditure¹ characteristics, we summarise transaction data with 98% accuracy¹ to categorise spending.
Key Customer Insights Outputs 
We share a range of usable insights to enable you to better support your customers; financial resilience, life events, changes in circumstances, problem gambling.
Insights To Make More Informed Decisions
You receive notifications when your customers have completed their open banking journey. Insights are shared with you in one of two ways 1) Single API endpoint, 2) Intuitive dashboard with insights delivered in seconds.
Helping Your Business, To Help Your Customers 
Our solution enables you to spot and assess more high risk customers and reduce default levels. This early identification in existing customers, helps you provide appropriate support such as sustainable and affordable repayment solutions.
¹Transaction Vulnerability Indicators product sheet, Equifax, 2023

Key Stats

24M
People have characteristics of vulnerability¹
10.7M
Have low financial resilience vulnerability characteristics¹
7.2M
Of those with low financial resilience are over-indebted¹
¹FCA Financial Lives 2020 survey

Managing Vulnerabilities In A Challenging World 

The current economic environment sees increased cost of living and mixed interest rates; helping customers and identifying those who are more vulnerable is now more important and challenging than ever. In May 2022, the FCA reported that 12.9 million UK adults had low financial resilience – 1 in 4 (24%) of all UK adults.¹ There’s a clear mandate from regulatory bodies across industries for businesses to identify and protect vulnerable customers.

Identify Vulnerable Customers

The FCA defines vulnerable customers¹ as "someone who, due to their personal circumstances, is especially susceptible to detriment, particularly when a firm is not acting with appropriate levels of care". The key drivers of vulnerability are defined by the FCA as Health issues, Life events, Low financial resilience and Low financial capability. These drivers of vulnerability are likely to be complex, overlapping and transient, making it difficult to identify using data without expert insight.
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¹FCA Financial Lives 2022 Survey

Identifying And Supporting Vulnerable Customers

Proactive Support For Customers 
Reach out and provide personal customer support; help foster a better relationship.
Risk Mitigation
Proactively manage risk by understanding your customers financial health.
Enhance Regulatory Compliance
Being compliant is beneficial for everyone; deliver good outcomes to your customer.
Reduce Defaults From Your Customers
Whether they are new or existing, use Open Banking to provide support when needed.
Effective Case Handling Of Debt 
Help them, help you. Use insights to discuss affordable, sustainable repayment plans.
Identify Changes in Circumstances
Identify changes in a customer’s financial circumstances through recurring consent.

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Talk to us about how we can help you support your vulnerable customers today and in the future.
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How Transaction Data Can Help Identify Vulnerability

Learn more about how the power of Open Banking can help you identify and support your vulnerable customers.
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