Why efficiency doesn't work for vulnerable customers
The FCA's Financial Lives 2024 survey shows half of UK adults have characteristics of vulnerability. That's 26.4 million people (49%) whose needs often don't fit standard, efficiency-focused service processes.
We've been looking at the FCA's data:
⛔ 58% of adults in poor health experienced issues with providers due to their condition
⛔ 27% found phone services confusing and difficult
⛔ 19% put off dealing with financial matters entirely
Our analysis suggests traditional efficient service approaches - designed for ‘average’ customers - create barriers and challenges for those whose circumstances are different.
Our latest paper "Why Efficiency Doesn't Work for Vulnerable Customers" is informed by these latest FCA findings. Whilst important for financial services providers we believe the insights are relevant for any customer-facing business, in any sector.
The bottom line? Organisations that evolve their thinking and operating models to an Effective Service approach find their services work better for all customers, while costing significantly less.
Download our latest whitepaper (below) to find out how improving service for vulnerable customers could be a significant commercial opportunity in disguise and something we should embrace.
