Clocktower Support has adopted the MorganAsh Resilience System (MARS) to enhance financial inclusion for its vulnerable customers.
The company, which specialises in short-term loans for foreign nationals from Asia, introduced MARS to better assess and support clients who often lack local support networks and may struggle with language barriers.
The Surrey-based firm identified that 80% of its customers were considered vulnerable, significantly higher than the 50% average expected based on the Financial Conduct Authority’s (FCA) Financial Lives survey.
MARS enables Clocktower Support to create detailed reports on individual customer vulnerabilities and help them address any relevant issues.
Andrew Gething (pictured), managing director of MorganAsh, said: “The success of Clocktower Support helps to disprove the narrative that you cannot work with vulnerable customers.
“As Danny and his team have shown, having the right technology and processes in place unlocks the data necessary to better understand customer vulnerabilities and deliver a far greater service – especially to those who may not be able to access support from other providers.”
Gething added: “With the FCA’s ongoing review of how firms approach customer vulnerability and an increasing focus on improving financial inclusion in the UK, businesses need to understand who their vulnerable customers are, what outcomes they receive and how they compare to non-vulnerable customers.
“With this knowledge, financial services firms can offer a service that is not just compliant, but far more personalised and inclusive, and one that fosters loyalty from grateful clients finally receiving the support they need and deserve.”
Danny Thomas said: “The assessment gives me a good idea of any vulnerabilities, based on many parameters.
“The clients see that we do it to care for them, rather than just lend and take the profit. It’s not seen as intrusive.
“They appreciate that we do it to look at their circumstances and make sure what we do is affordable for them and doesn’t cause financial or mental distress.
“Assessments are easy. People are happy to fill it in and we’ve never had anyone who has refused.”
Thomas added: “We get to know them quite well; we can ask each person if there is anything they need, based on the data MARS provides.
“It’s very straightforward. Setting up a new case is very easy and it’s easy to navigate and use. It would be very difficult and time-consuming to do the same thing without MARS.
“The push towards supporting vulnerable customers is a good thing for the industry. In some ways we were doing it, but now we can quantify it and demonstrate it.”
