Examples of direct and indirect combinations of events and triggers leading to vulnerability...
- Directly related combinations: economic deprivation leading to loss of confidence, social isolation and mental health vulnerability.
- Indirectly related combinations: family member having a long-term dependency on medication which must be refrigerated, and so electricity disconnection against the account holder (potentially a different family member) leading to immediate and critical vulnerability of health and mental health issues.
Vulnerable customers are a concern across many industry sectors, with levels increasing due to volatile social and economic circumstances, for example during a recession or due to national crises such as the COVID Pandemic.
Increasingly, the dynamic and complex nature of vulnerability is a challenge for businesses. The fluid nature of vulnerability brings a significant challenge in terms of appropriate prioritization.
Vulnerability can change quickly; the needs of long term and established vulnerabilities can shift as circumstances around the individual evolve or change rapidly. Real-time and accurate vulnerability monitoring is crucial for businesses to respond to their customer’s needs appropriately— giving customers the support needed specifically for today.
- Vulnerable Customers in the Energy Sector: As a result of the cost-of-living crisis, the risk of energy disconnection due to non or late payment of bills is much greater. Energy is vital for all customers, but the consequence of risks vary greatly. Customers may need medicine refrigeration or may rely on electric mobility equipment.
- Vulnerable Customers in the Financial Sector: As inflationary pressures increase; more people may fall into levels of debt they cannot afford to repay. The downward spiral of increasing debt and worsening credit profiles is almost impossible to escape without support from regulated financial institutions. Understanding customers, and addressing their needs before crisis point, is only possible with rich analysis and monitoring.
- Vulnerable Customers in the Gambling Sector: With economic pressures affecting everyone, more people are looking to higher risk options, such as gambling, to try and increase their income. This increases the volume or people who may become dependent and addicted to gambling. Identifying and supporting those with high levels of gambling activities, especially when coupled with low income or low capability factors, is critically important to prevent customers from spiraling into crisis.
- Vulnerable Customers in the Housing Sector: The number of people living with a risk of eviction or homelessness due to non or late payment of rent is increasing across the UK. Increased financial burdens can exasperate other vulnerabilities that already exist for a family, impacting physical and mental health, and education.
- Vulnerable Customers in the Water Sector: It is crucial that water and wastewater services are accessible to all consumers equally. Vulnerability is a big part of this challenge and can take many forms, arising from financial issues, long term health or mental health problems, or changes in circumstances such as bereavement or job loss. The British Standards Institution (BSI) Inclusive Service Verification scheme (BS 18477) covers practices around the identification of customer vulnerability. Our Vulnerable Customer solution is designed specifically to meet and exceed the requirements of this certification standard. The requirements extend beyond identification, this is where integration with wider processes and systems is key. Heather Nowak, a client manager at BSI says: “BSI’s Inclusive Service Verification ask service providers to demonstrate the ways in which they identify and respond to different consumer needs.” Our solution enables and supports the response as well as identification, covering financial support, accessible communication options, or operational needs. During operational needs such as loss of water, identifying and responding to vulnerability, becomes even more urgent – for example, vulnerable customers may not be able to access collection hubs for bottled water. Our agile and powerful solution is key for supporting vulnerable customers in all circumstances, every hour, in crisis or not.
