Customers spending or taking on debt that they can’t afford – What can you do?

According to a recent Financial Lives Coronavirus survey, more and more consumers are finding themselves in vulnerable circumstances, with 53% of adults displaying a characteristic of vulnerability. This is an increase of over 3 million since February 2020.

Identifying vulnerable customers

At Rdentify, we know that vulnerable customers matter. It’s important to encourage healthy and sustainable habits by positive intervention, and protect the wellbeing of those at risk.

But we also know that vulnerable customers can be difficult to spot- especially online and in real time. All too often the signs of vulnerability are missed, and compliance experts rarely have the time to trawl through correspondence.

It’s clear that more needs to be done to legally support vulnerable customers- in the gambling industry and beyond. From finance and law to online gaming to energy, many of the world’s largest industries regularly deal with customers who are vulnerable or dealing with crises, which creates periods of vulnerability.

Which is why we’re on hand to help your business identify vulnerable customers, meet regulatory requirements, and protect your business against financial losses.

Why Rdentify?

Through the use of our NLP technology, Rdentify quickly highlights risks to staff members, who can then respond effectively.

Our state-of-the-art platform uses cutting-edge machine learning and linguistics research to detect behavioural and conversational patterns associated with vulnerable consumers- all in real time. This enhances your processes, lowers operational risk, and further demonstrates to regulators that you take the protection of customers seriously.

We will feedback vulnerability risk scores to front line staff and legal firms to ensure that vulnerable customers receive the assistance they need. This also immediately protects businesses during live chat and email correspondence, helping you exceed your regulatory and compliance obligations.

Protected by Rdentify

Rdentify allows any legal firm to identify vulnerable people looking for quick cash to prevent them from fake claims online. For at-risk clients, we offer automated customer journeys that ensure vulnerable customers are referred to the appropriate channels. This means that customers spending or taking on debt that they can’t afford can then be identified, monitored, and stopped accordingly.

Solicitors will therefore be able to quickly direct vulnerable customers to legitimate financial help and hardship advisors, enhancing their reputation and complying with regulatory requirements. This also saves hours of time and thousands of pounds in solicitor admin fees.

Firms that are serious about protecting their most vulnerable customers can rely on our easy-to-use technology to offer protection to those at risk, while enhancing in-house processes simultaneously.

If you’d like to find out more about how Rdentify can help your business, reach out to our expert team today. You can also book your free demo here

 

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