When advising customers, it is common for indicators of vulnerability to crop up, such as a bereavement, job loss, illness or divorce. Not all customers will be classed as vulnerable, but many of us will experience a period of vulnerability due to our personal circumstances at some time in our lives.
It is important that there is a process in place to identify and support customers through these difficult periods, even those who may not consider themselves to be vulnerable.
When using a chatbot for financial advice, for example, asking website visitors what they need and what options are available to them – are there adequate controls in place to recognise indicators of vulnerability? Perhaps some form of human oversight of chatbot discussions is necessary to ensure vulnerable customers do not get lost in the system.
In my experience, some customers may be unable or unwilling to communicate via certain channels, particularly older customers or those with mental or physical impairments, where digital exclusion is a major issue in financial services.
In these circumstances, where many customers may struggle to access the advice and information they need, the human touch is important, to listen to the customer needs and gauge the most appropriate response.
After all, customers are at the heart of most businesses, and ensuring they have the ability to speak to a real person when needed remains essential.
Zoe Morton is risk assurance director at RSM UK
