The cost of not serving vulnerable customers and how to design better for vulnerability in a digital world
Download the report
The cost of not serving vulnerable customers and how to design better for vulnerability in a digital world
Download the report
About the report
Our research has found that the majority of people in the UK have a characteristic of vulnerability and all of us will have moments of vulnerability in our lifetime. With the FCA’s Consumer Duty regulation taking effect in July, it is vital that firms act to avoid foreseeable harm to customers, particularly online, where nine out of ten prefer to manage their money.
Our report looks to understand how vulnerable customers are engaging with financial services, in particular, digital customer journeys and what businesses need to do differently. This report highlights the cost of not serving those most at risk, and that designing for vulnerability creates better experiences for all. Resulting in better customer satisfaction, better efficiencies and better business.
More Insights (3)
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article
Financial services must step-up and fight neurodiversity tax
This week heralds the annual Neurodiversity Celebration Week, an event intended to challenge stereotypes associated with neurological differences. But, whilst strides are being achieved in many areas of neurodiverse lives, money management and finances remain a concern.
March 13, 2023 -
article
Don't let neurodivergent customers fall into your vulnerability void
More than one in seven people in the UK are neurodivergent; that is, they have neuropsychological conditions like ADHD and autism, and learning difficulties like dyslexia. Some, though not all, of these people will have different needs when accessing financial services.
May 11, 2023 -
article
£41bn of vulnerable customers' money attached to poor outcomes from financial services providers
More than half of the UK population (56%) have applied for a financial product online in the last 12 months. And of those who did so, 82% have a condition or experience which makes them more likely to be vulnerable to harm.
May 24, 2023
More Insights (3)
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Latest article
Financial services must step-up and fight neurodiversity tax
This week heralds the annual Neurodiversity Celebration Week, an event intended to challenge stereotypes associated with neurological differences. But, whilst strides are being achieved in many areas of neurodiverse lives, money management and finances remain a concern.
March 13, 2023 -
Latest article
Don't let neurodivergent customers fall into your vulnerability void
More than one in seven people in the UK are neurodivergent; that is, they have neuropsychological conditions like ADHD and autism, and learning difficulties like dyslexia. Some, though not all, of these people will have different needs when accessing financial services.
May 11, 2023 -
Latest article
£41bn of vulnerable customers' money attached to poor outcomes from financial services providers
More than half of the UK population (56%) have applied for a financial product online in the last 12 months. And of those who did so, 82% have a condition or experience which makes them more likely to be vulnerable to harm.
May 24, 2023
Vulnerable Customers Think Tank
We have brought together a group of thought leaders to tackle one of the biggest issues facing the financial services industry to help us shape solutions and to drive action. The Think Tank includes experts across retail banking, inclusive design, psychology, neurodiversity and charitable organisations.
