The Vulnerability Registration Service (VRS), a not-for-profit company providing the UK’s first central vulnerability database, has partnered with Data On Demand, an alternative consumer data specialist that aims to improve service providers’ engagement with customers.
Thanks to the partnership, the Vulnerability Registration Service’s database will feed into Data On Demand’s existing data insight to offer organisations a powerful new approach to proactively identify both emerging and existing vulnerability within their customer base.
Data on Demand’s IdVu service helps organisations identify ‘potential’ and ‘emerging’ consumer vulnerability by examining existing triggers or sudden changes in personal circumstances. These include short term finance requirements, loss of income or employment and changes to relationship or residential status. The service helps businesses gain a better understanding of potential vulnerability in their customer base to help drive effective communication strategies, while ensuring fair treatment.
Simon Gregory, Sales Director at Data On Demand, said: “Various forms of support that people relied on during the pandemic have now stopped and organisations are acutely aware of the rapidly growing levels of debt and vulnerability. Regulators, including the Financial Conduct Authority, have made it very clear they expect firms to have a coherent strategy to address this, specifically for a better understanding of changing circumstances where their customers ‘might’ become vulnerable.
“That’s why this partnership is the perfect match for us and helps us to deliver a better service to our mutual clients. The Vulnerability Registration Service has an incredible and unique database of ‘known’ vulnerabilities. Together we will be able to give organisations that take the fair treatment of customers seriously, the ability to spot the early signs of an emerging vulnerability, as well as a clear view on where a vulnerability currently exists.”
Helen Lord, CEO of the Vulnerability Registration Service, said: “With more people expected to fall into vulnerable circumstances over the coming months, we too are seeing a steady increase in organisations now re-evaluating how they approach the challenge. The work of Data On Demand is enabling early warning signs for vulnerability and we are very happy to partner with them and reach more organisations who are serious about addressing vulnerability.”