Assessing vulnerable customers
MARS provides a quick, low-cost, accurate and objective assessment of customer vulnerability – typically doing a better job, in less time, for less money.
“I got a good response from about 80% of people, which tells me that the system is quick, reliable and easy to use. In the end, around 90% of the assessments were completed online and the rest I went through personally, with the client, using the MARS questionnaire.”
— Paul Russell, chartered financial planner
Ask the only person with all the right answers
Efficient and cost-effective customer vulnerability assessments
Research such as the FCA’s Financial Lives survey tells us that around half of all consumers are vulnerable at any one time. But who? And in what ways? The most accurate, up-to-date source of vulnerability information is in just one place: with the customer. Operating reactively – waiting for a percentage of customers to tell us – isn’t enough. To identify everyone, we need to ask everyone. MARS enables us to do this, quickly, easily, cheaply – and accurately.
Choice of assessment method
MARS assessments can be via email (directly to the consumer), completed by an agent working with the consumer or, in some circumstances, undertaken by a nurse working with the consumer (additional costs may apply).
MARS customers report online uptakes of over 90%, with the rest completed manually – significantly reducing administration time and obviating much of the need for complex training.
The assessment required detail can be easily customised, perhaps depending on product or need, and the automated, structured process minimises friction and embarrassment.
Accurate, consistent and reliable
Although numbers of vulnerable customers and the type and severity of vulnerability characteristics vary by firm, product, service and socio-economic cohort, responses are typically in line with data from the FCA’s Financial Lives survey – providing a useful benchmark as to the accuracy of MARS.