"By designing our products and services for the most extreme issues that our vulnerable customers may face, we automatically address the needs of all customers"
At Capital One UK, we have always taken the view that this is a common challenge for our industry, and one that we should unite in trying to tackle. We have been reviewing our approach to helping customers with vulnerabilities and as part of this, we have looked to create something tangible not just for our use, but for all financial firms to make use of. No firm has all the answers or solutions, so by working together and being open about these challenges, and sharing what does and doesn’t work, we will collectively enable our industry to best support those who need it most.
The FCA recently reported that more than 24 million people display one or more potential characteristics of vulnerability – which include physical and mental health issues, recent life events such as bereavement, capability, and financial resilience. Through research, Capital One UK has identified 68 vulnerable conditions amongst its customers. Simply put, this means that we are not faced with challenges to solve for a select few, but ones that we need to solve for nearly all of us. This is because, as our research suggests, we will all most likely experience something that makes us vulnerable.
We also know that despite so many people experiencing, or being faced with vulnerabilities, very few customers proactively disclose their vulnerability. In fact, according to further research we carried out amongst consumers, only 3% said they had told their provider about their vulnerability. The two main reasons behind customers not disclosing their vulnerabilities are that they believe it’s none of the provider’s business (60%), or because they believe it won’t change anything (34%).
The data above shows why designing for vulnerability is so important, and is why inclusive design becomes a great approach to tackling this challenge. By designing our products and services for the most extreme issues that our vulnerable customers may face, we automatically address the needs of all customers, regardless of whether or not they notify us of or disclose their situation. For example, by offering the option of spending controls such as restricting cash withdrawals on an account, you’d be helping customers with specific vulnerabilities such as a gambling addiction, but this product could also support those with a cognitive impairment who struggle to remember previous withdrawals.
This research project has led cross-functional teams at Capital One UK to design a solution which aims to give financial firms more information on how they can create better outcomes for all customers. The toolkit we have created as a result of our research and insights moves us away from seeing vulnerabilities as an individual set of complex conditions, and into a core set of associated behaviours that have the potential to impact how a customer experiences their finances. To help better understand the impacts certain vulnerabilities may have on customers, we have created 3 vulnerable customer personas that bring to life these behaviours. We wanted to share our findings and encourage all financial firms to download the assets and use them to help embed a culture of fair treatment of vulnerable customers.
As part of this project we spoke to Chris Fitch, vulnerability lead at Money Advice Trust, who believes that design is the new frontline for firms wanting to help vulnerable customers.
He advised that good design allows these types of customers to get on with what they want to achieve and can lift them above inaccessibility or exclusion issues, but admitted that good design needs good guidance.
Chris further advised that if firms follow our lead in sharing their experiences, it will change not only financial services for the better, but our customer’s lives too.
As the FCA states, protecting vulnerable customers should be a priority to all of us and as a result, expects financial services to be ready to demonstrate how their culture, policies and processes ensure the fair treatment for all consumers, including those who are vulnerable. Join us in taking one big step towards embedding the fair treatment of vulnerable customers into not only our culture, but also into the practical application of our policies and processes throughout the entire customer journey.
Find out more about the work we have been doing and download the resources here.
