Delivering high-quality service during crisis

On Wednesday, 25th November TISA hosted an all-day virtual conference on Vulnerable Customers. The conference was a great success, attracting more than 50 attendees from across all sectors of the financial services industry. Improving access to financial guidance and support of vulnerable customers is one of TISA’s core missions. The Covid-19 pandemic has a significant impact on these groups, and it is imperative for the financial services industry to assess the effects of the crisis accurately and to recognise the challenges that people are facing to respond to their concerns effectively and ensure fair treatment.  

High profile speakers from the financial services industry, who shared their experience and insights included Debbie Bullock, Wellbeing Lead, Aviva, James Coburn, Group Head of Customer Experience Strategy, Legal & General, James Edmonds, Head of Customer Experience, James Hay Partnership, Michael Hilton, Director, Three Hands, Sarah Murphy, Associate Director for Advice, Information & Training, Mental Health UK, Sacha Romanovitch OBE, CEO, Fair4All Finance, Kathryn Townsend, Head of Customer & Client Accessibility (Vulnerability), Barclays and more.   

During the conference, speakers discussed several issues, including the impact of Covid-19 on vulnerable groups, what firms should consider when digitising their services to ensure that vulnerable customers can harness the benefits or how the industry can better engage with the third sector in reaching vulnerable customers and best practices. From our speakers, we found out that young people age 17-24 are worst affected by Covid-19, with 75,000 more unemployed than the previous year. We also discovered that the impact has been greater on those with pre-existing mental health issues. It has become clear that many people hadn’t recognised they had mental health difficulties until the lockdown which made them particularly apparent and hard to ignore.  

The pandemic has demonstrated just how quickly customers’ needs can change. Businesses with the most flexible and progressive cultures are performing the best during this testing time, some having made three years worth of innovations in just three months, to reflect the changing demands of their customers. The financial services industry plays a strong role in our society and we will continue to support the industry to better serve all consumers, but especially those who are vulnerable.