- We score customer vulnerability across the whole UK on a daily basis
- Our clients are using these scores to identify and support their financially vulnerable customers through the cost-of-living crisis
- They are reducing harms and complying with consumer duty requirements
Customer vulnerability
Our products address the shortcomings of:
Bureau data
Bureau / CRA data provides a measure of the credit commitments of credit active customers. In contrast, our data includes measures of income, savings, equity or assets, mortgage/rental payments and other commitment in its assessment of vulnerability. What is more, it applies to all UK customers not just those that are credit active.
Vulnerability self-certification
Customers can self-certify as financially vulnerable with organisations and I&E data sharing hubs. Auditing of such submissions is limited and reliance is placed on customers’ own accuracy and honesty. A small data population and the reluctance of customers to update their status as their situation changes further limits this approach.
VULNERABILITY INDEX
• A daily propensity for financial resilience/ vulnerability score applicable to all customers in the UK
• Use to rapidly screen accounts for appropriate treatment
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elanev Resilience is built from an extensive set of dynamic UK financial indicators overlaid with daily outcomes. Outcomes include validated assessments of vulnerability made by trained agents against regulator approved drills e.g. TEXAS. This means it is more relevant and current than the alternatives. What’s more it applies to all customers in the UK. These include prospective, new and current customers as well as both the credit active and inactive.
VULNERABILITY ASSESSMENT
• Assess individual customer financial vulnerability
• Align the assessment to your processes with a scorecard
• Receive a I&E in real-time via an open-banking journey
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A customer consented open banking journey removes the ambiguity associated with self-declaration. elanev Data on savings, assets and equity extends open banking transaction data to give a holistic view of financial circumstance not available with other approaches. Uniquely we also provide the assessment against a configurable scorecard so you can tailor to your internal policies.
For our public sector, utility and water company clients we also provide elanev DEEAR which includes the rate of change of affordability at the household level.
HOUSEHOLD AFFORDABILITY
• Identify households moving into financial vulnerability
• Used by councils in emergency accommodation response
• Used by utilities to identify appropriate social tariffs
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Identify customers likely to be financial vulnerable as well as those moving towards financial vulnerability. elanev DEEAR is widely used across UK councils to define emergency accommodation needs. It allows them to support the right households at the right time and better manage the associated costs. It is also used by a large Water Company to pro-actively manage social tariffs and leading lenders to reduce the likelihood of causing unintended financial harms to customers.
