"The collection and analysis of customer data is extremely important if we are going to improve the way we identify and support vulnerable customers."
The dashboard uses insights collected from vulnerability assessments carried out through Comentis’ Cognitive Assessment Engine (CAE).
Using the CAE, firms have been able to identify vulnerable customers much more consistently. With the new analytics dashboard, users will now be able to see a 360 view of all clients, including who have been identified as potentially vulnerable and why, and what steps have been taken to support these customers. Crucially, firms can use the dashboard to catalogue where action has not been taken, presenting an accurate view of the entire client base and making internal monitoring for at risk customers much more seamless.
Not only will the platform make internal customer vulnerability monitoring more efficient, it will also contribute to a much more manageable external reporting process. This is especially relevant in light of the FCA’s plans to crackdown on the identification and support of vulnerable customers in 2022 following the guidance published earlier this year. Comentis expects increased regulation to be widespread across various sectors and has warned firms that vulnerability reporting at quite a granular level will soon become a norm.
When the time comes for reporting to the FCA, firms using the dashboard will have all the relevant information they need in one place, making the task of reporting much easier and more time efficient.
Jonathan Barrett, co-founder and CEO of Comentis, commented: “The collection and analysis of customer data is extremely important if we are going to improve the way we identify and support vulnerable customers. However, we are often seeing the wrong type or incomplete data being used as a basis for both reporting and policy. This is further compounded by the piecemeal way it is collected. Transactional and factfind data are a great place to start, but do not necessarily allow the identification of resilience and capability issues which is no longer acceptable or viable. This is where our clinical approach differs - our dashboard and analytics provide a unique insight into all the triggers that the FCA consider factors in identifying vulnerability.
“The whole point of our dashboard is to help individual advisers monitor and support their clients much more closely, especially when there are so many variables that could impact a person’s status. At the same time, the dashboard organises these findings in a clear and easy to decipher way, making reporting much more manageable and less time consuming. That means advisers can focus on what they do best – giving the right support to their clients.”
