elanev Resilience is proven as a highly predictive financial vulnerability index which applies to all UK customers and is refreshed daily
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.
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 the credit active.
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.
In live applications our award winning customer financial vulnerability index identified 85% of known vulnerables within the top 10% of scores and that the highest 10% at risk 45% were vulnerable.
“elanev Resilience is the best-in-class. It is the only practical approach to independently verifying customer financial vulnerability and resilience. It benefits from a well-designed data layer and impressive update frequency”
Eleanor, Head of Governance, Metro Bank.
We are supporting clients with daily updates of elanev Resilience so they can better support their customers through the crisis.
No IT change required – we deploy using our secure software as a service (SaaS) approach.
No GDPR implication – no need for you to share personal identifiable customer information.
Save on OPEX – elanev Resilience will increase your operational efficiency so you can reduce costs, provisions and losses and increase profit.
Experience the significant business benefits of elanev Resilience for yourself. Contact us to request a no obligation pilot. You could be live within a week.
What is elanev Resilience? elanev Resilience is an account level measure of customer financial soundness.
How is elanev Resilience derived? elanev Resilience consists of a foundation data layer, an observed data layer and an analytics layer. An exhaustive set of dynamic UK indicators including financial, socio-economic and geodemographic data forms our foundation layer. Over this we apply consented outcome data which includes validated up to date financial assessments, including vulnerability. Using the latest AI, the observed data is applied to the foundation layer to provide the elanev Resilience measure. elanev Resilience is updated daily.
What about GDPR? We are not party to any personal identifiable customer information in the observed data helping to keep us, and you, GDPR compliant. There is no additional GDPR implication to you from using elanev Resilience.
Are the vulnerability assessments made on a sound basis? Yes, the vulnerability assessments within the consented outcome data are performed using standard drills such as IDEA, CARERS and most notably TEXAS. These drills are referenced in the FCA Consumer Vulnerability Paper No. 8.
The FCA has identified four key characteristics that they believe signal potential consumer vulnerability. Does elanev Resilience cover them? Short answer: We capture all the financial characteristics; we are the only approach to assessing customer resilience that does.
….and the long answer? As you know the characteristics are:
1. Limited financial resilience;
2. Low financial capability;
3. Suffering a recent life event;
4. Suffering health-related problems;
Characteristics 1 and 2 are present within the foundation data and the observed data. Characteristic 3, is present in both data layers when financial, socio-economic or geodemographic, e.g. redundancy. When non socio-economic, characteristic 3 is present in the observed layer. As elanev Resilience is a measure of financial soundness, we deliberately do not capture or store characteristic 4. That said, the effects of COVID-19 and other geodemographic health issues will also be present within the foundation layer.
What about other measures of vulnerability? The FCA is requiring firms to have a better understanding of their customers calling out the need to understand customer propensity for vulnerability and to harm. The FCA expects firms to predict behaviour and monitor outcomes recognising the need for data to support this. Common data sources include:
What data do need us to provide? An inventory file; a simple daily extract from your system of records, for example, at the beginning of the day. No personal identifiable customer information is required within the file. We append our elanev Resilience score to your inventory file and return it prior to the start of your day’s operation.
How is this data transferred? Both files are simple text (CSV) files transferred using secure file transfer protocol (ftp).
Did you pay for your awards? Our success is dependent on our integratory so, no. We do not participate in pay for entry industry awards or where there is an implicit assumption that we will provide sponsorship.