Feeling vulnerable? I thought not…
In the first of Manyone's #CX Spotlight series in relation to the recent #ConsumerDuty deadline, we’ve taken a look at the issues, challenges and opportunities around what the FCA terms ‘Vulnerable customers’.
We think vulnerability is a useful and underused concept in #CX beyond banking. You don’t have to be trying to bank a cheque or delay a car repayment to be more/less likely than others to walk a happy path.
But we also think the very language and standard practices around ‘vulnerability’ carry their own risks, including (but not limited to):
- ‘Flag and Tag’ approaches creating blindspots re. situational vulnerability
- Poor control around patronising practices (looking at you TEXAS)
- Stereotyping/categorization-bias ignoring intersectionality in vulnerability
- An emphasis on weakness-as-exception over inclusion-as-norm
- Acceptance of commitments over demonstrations of progress
Of course, the irony in all of this is that if — from a position of power, as most financial service providers are — you ask a customer to confirm that they are vulnerable, they are almost certain to conceal that they are, as any alternative would only make them more vulnerable.
So what to do?
Here are 5 things to remember, and 5 things to think about when designing services inclusively with vulnerable customers in mind.👇
Want to read more? Link article in the comments. 👇
Join the Conversation… We want to hear from you! What aspects of Consumer Duty are you most interested in? What best practices have you implemented or come across? Share your thoughts and experiences in the comments below.
We’re also planning a roundtable discussion on embedding Consumer Duty on August 21st. If you’re interested in joining, please drop us a line in DM.
#financialservices #consumerduty #banking #customercentricity #servicedesign
