During Mental Health Awareness Week, Standard Life is urging the financial services sector to enhance collaboration in addressing customer vulnerability.
This initiative coincides with the annual focus on mental health from May 13th to 19th. Standard Life, part of Phoenix Group, has highlighted the significant role that financial services can play in supporting individuals who are particularly vulnerable due to various factors, including economic pressures and health issues.
Riffat Tufail, head of customer vulnerability at Standard Life, emphasised the critical nature of the issue: “This year’s Mental Health Awareness Week is a good time to reflect on the toll the pandemic and the cost-of-living crisis has taken on many of us, and an opportunity to consider how the financial services industry can come together to make a difference.
“We have a societal responsibility to ensure vulnerable people are getting good outcomes, and collaboration gives us the best chance of meeting it.”
The company’s report, ‘A coalition of the willing and determined,’ argues for a united approach across the industry to develop systems that better identify and support vulnerable customers.
It suggests leveraging technology, like artificial intelligence, and enhancing communication between firms to improve the identification and support of vulnerable individuals.
Standard Life advocates for the creation of a sector-agnostic set of Vulnerability Commitments and a consistent customer experience across the industry.
The report calls for a continuation of efforts such as the Vulnerable Customer Summit, which brings together experts across public, private, and third sectors to share insights and develop best practices.
