Enhanced Consumer Insights: Introducing the Vulnerability Registration Service, Evolving Data Strategies and Credit Week

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May 24th, 2024

28 mins 12 secs

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wellbeing mental health government e-commerce utilities banking financial services big data digital inclusion financial inclusion customer strategy customer experience data strategy business strategy business processes b2c b2b

About this Episode

Ever wondered what type of consumer data points could have a transformative impact on transactions between consumers and businesses?

In this episode Gareth Howell, Head of Data Solutions at TransUnion in the UK, talks with Helen Lord, CEO of the Vulnerability Registration Service (VRS) about the power of new types of consumer insights, the evolution of the data ecosystem and the regulatory drive to improve customer outcomes.

A non-profit organisation, VRS was established in 2016 and allows individuals with different vulnerability types (both financial and non-financial) to self-register issues such as financial vulnerability (for example an ‘unpaid carer’ flag), physical disabilities or addictions (including drugs and gambling), and appends that information to files with actions, such as requesting lenders decline them for credit, or informing a provider that they need more support for access to products or services (circumstances in this scenario could include impaired sight or hearing).

Gareth and Helen discuss why understanding behaviours and vulnerabilities that are typically ‘unseen’ when making credit decisions has the potential to create better outcomes for consumers and businesses, and walk through how this can be turned into reality.

We close with Gareth signposting his keynote at Credit Week (June 17-19, 2024). Credit Week is a key event for industry leaders to come together and discuss their latest challenges and emerging topics, shape opinion, and share and learn from best practice examples. The agenda’s focus on consumer vulnerability aligns with innovative work TransUnion are doing with data, product development and consultancy work, and more broadly our commitment to using data and insights to drive financial inclusion and consumer empowerment.

Further reading:
[* A Compelling Human and Economic Case for Transforming How We Understand Consumer Vulnerability

* Open Banking: Unlock the Potential of Your 2024 Customer Strategy