In an increasingly digital society, consumer data is one of the most valuable commodities that a bank encounters. Consumer data not only aids banks to better understand their consumer cohort (and their needs), but also aids in improving service offerings and the overall consumer experience. Due to its inherent value, there are strict rules in place about how consumer data can be collected, stored and used by banks. These rules are currently being challenged by consumer advocates and industry bodies who expect banks to record certain data so that the right level of support is provided to consumers experiencing vulnerability at the right times.
In this blog, we explore the rising expectations related to recording vulnerable circumstances and the different types of system flags available to record extra care needs. We also explore what the future landscape looks like in this space and how we can support banks in this ever changing environment.