How many vulnerable customers have you got?

MorganAsh’s vulnerable customer calculator enables firms to gain a quick insight into how many customers – statistically speaking – have specific common vulnerabilities.

It’s often quoted that, according to the FCA’s Financial Lives survey, firms should expect that around half of their customers are vulnerable. And yet, many firms are only able to identify far fewer people – often in single-figure percentages.

It’s such a large gap that many firms can’t conceptualise how they could possibly have so many vulnerable customers.

To help, MorganAsh has created a simple vulnerable customer calculator. To use it, simply move the slider to show the number of customers your firm has.

The calculator takes known researched percentages of common vulnerability and provides a rough indicator of how many of your customers would fit into each cohort. For example, we know that if you have 1,000 customers, it is likely that around 440 of them will not understand detailed financial information.

We’ve only taken just over twenty of the most common vulnerabilities; of course there are many more. The point is simply for firms to have some rough insight into how their customers may be vulnerable. It’s not science, it’s a statistical indicator.

We know that when firms have started to use MARS, the MorganAsh Resilience System, it’s often the identification of hidden vulnerabilities which is an eye-opener. As an example, one firm had been working with a customer for years and found that the customer was unable to understand detailed financial information when it was presented as documents. The fix was easy: to go through the documents on video, which the client was able to more easily understand.