Vulnerable Customers Experience: Detect & protect customers who are more susceptible to harm

Vulnerable customers* can be up to 50% of your whole base and up to 30% less satisfied than the average customer. Regulations and the overall public expectation for fair and equal treatment are on the rise. Our Vulnerable Customer Experience Solution captures vulnerability signals in your existing text data, like survey responses or complaints, and gives you a clear picture of how many of your customers may be susceptible to harm and why. It helps you drive focused improvements on the organisational level and improve the individual treatment of customers-at-risk.

*As defined by UK Financial Conduct Authority, vulnerable customers are defined as such due to their personal circumstances like health challenges, poor emotional resilience or decreased capabilities.

Understand customer vulnerabilities and provide inclusive experiences

Provide inclusive experiences

Understand the specific needs of vulnerable customers across their entire journey and adjust your processes and procedures for increased inclusivity.

Increase overall customer satisfaction

Understand why vulnerable customers are less satisfied and target the real reasons why their satisfaction score never goes up.

Comply with regulatory requirements

Ensure compliance with existing regulations for your industry and reduce the risk of legal actions and fines.

Fortify your brand and reputation

Demonstrate in a transparent way your ethical responsibility towards customers and protect your brand from undesired publicity.

Improving Bpost Overall Customer Experience by Utilizing Existing Data for Vulnerability Detection

We helped BPost improve their overall customer experience by utilizing existing data for vulnerability detection. By analyzing customer feedback and transaction data, they identified areas of customer dissatisfaction and provided actionable insights to address them, resulting in improved customer satisfaction and loyalty.

How does the Vulnerable Customer Experience Solution help you provide inclusive experiences?

Quantify customer vulnerabilities among your base

Identify how many of your customers belong to the main vulnerability categories, such as “Health”, “Digital Capability”, “Resilience” and others relevant to your business context.

Understand the specific drivers and potential harms

Understand what signals speak for each type of vulnerability, what customer experience issues are triggered as a result and the potential harms to customers.

Link vulnerabilities with impact on satisfaction and business

Evaluate the impact of vulnerabilities on key metrics, such as NPS, customer satisfaction, average customer lifetime value and more.

Detect vulnerabilities in real time

Link vulnerability detection to your existing customer service systems, allowing frontline employees to get signals in real time and protect customers from harm.

The Vulnerable Customer Experience Factor: Why is it important to measure and improve the experience of your most fragile segment?

Many factors add up to an individual becoming susceptible to poor decisions and payment problems, especially in cases when met with aggressive promotions and sales techniques.
See why it’s important to deploy vulnerable customer experience management within your existing CX program and protect that segment of your customer base.

How does the Vulnerable Customers Experience solution work?

The Vulnerable Customer Experience solution is powered by a text analytics engine, which relies on a specific ontology/taxonomy to identify vulnerability signals in the open-ended texts customers write in complaint forms and satisfaction surveys. The tool classifies each piece of text according to vulnerability categories, specific signals for each category and potential harms. As an output, companies get an aggregated strategic level analysis of vulnerabilities and their impact on satisfaction, as well as vulnerability flags on an individual customer level.

FAQ

Who is a vulnerable customer?

A vulnerable customer is an individual who, due to personal circumstances or life events, may face challenges or difficulties in accessing, understanding, or effectively engaging with a product or service. These customers may require additional support or a tailored approach to ensure they have a positive experience and their needs are met.

Vulnerabilities can stem from various factors, such as:

Physical or mental disabilities: Customers with sensory, mobility, or cognitive impairments might require specific accommodations or support.
Language barriers or low literacy levels: Customers who struggle to communicate effectively or comprehend written materials may need additional assistance.
Financial difficulties: Customers experiencing financial hardship might require flexible payment options or support in managing their financial commitments.
Age-related factors: Elderly customers or minors might have unique needs or challenges in accessing and understanding products or services.
Life events: Customers going through significant life changes, such as bereavement, divorce, or job loss, may be temporarily vulnerable and need extra support.

Identifying and addressing the needs of vulnerable customers is crucial for businesses to ensure an inclusive and satisfactory customer experience for all.

Why is it important to identify and address the needs of vulnerable customers?

By understanding and catering to the unique needs of vulnerable customers, businesses can provide a more inclusive and personalized experience, leading to higher satisfaction levels. Identifying and addressing the needs of vulnerable customers not only improves customer experience and satisfaction but also contributes to long-term business success through increased customer loyalty, compliance with regulations, a positive brand reputation, and corporate social responsibility.

What types of data do go into the model?

Example types of data that go into the model:

Open text data: This includes any unstructured text data that can provide insights into customer sentiments, experiences, and potential vulnerabilities.
Surveys: Feedback collected from customers through targeted surveys can help identify vulnerable customers and their unique needs or challenges.
Transcribed voice data: Customer interactions via phone or voice-based platforms can be transcribed and analyzed to reveal patterns or concerns related to vulnerable customers.
Social media posts: Comments, reviews, or messages on social media platforms can offer valuable insights into customer experiences and help identify vulnerable customers.
Complaints: Analyzing customer complaints can help uncover common issues faced by vulnerable customers and inform appropriate support measures.
Ratings & reviews: Online ratings and reviews can provide additional perspectives on customer experiences and help businesses identify areas where vulnerable customers may require more support.
Other unsolicited data: Any other forms of unsolicited customer feedback, such as emails or support tickets, can be used to further understand the experiences and needs of vulnerable customers.

What industries/business models does Vulnerable Customers Experience Model work best for?

The Vulnerable Customer Experience Model is versatile and can be applied across various industries and business models that interact directly with customers. It is particularly beneficial for industries where addressing the unique needs of vulnerable customers is crucial for providing a positive and inclusive experience. Some examples include:

Financial Services: Banks, insurance companies, and other financial institutions must ensure that vulnerable customers have equal access to services and can make informed decisions about their finances.
Healthcare: Healthcare providers need to address the unique needs of patients with varying degrees of vulnerability, such as those with disabilities, chronic illnesses, or limited health literacy.
Telecommunications: Telecom companies must consider the accessibility and usability of their products and services for vulnerable customers, including those with disabilities or facing financial hardship.
Utilities: Providers of essential services, such as electricity, gas, and water, should address the needs of vulnerable customers to ensure uninterrupted access and fair billing practices.
Retail and E-commerce: Businesses in these sectors should ensure their products, services, and customer support are accessible and tailored to the needs of vulnerable customers, such as those with disabilities or language barriers.

By adopting the Vulnerable Customer Experience Model, businesses in these industries and others can effectively identify and address the needs of vulnerable customers, leading to a more inclusive and satisfactory experience for all.

What is the timeframe and pricing for a vCX project?

Both depend on the amount of data, markets, business units, products or other details you want to delve in. A standard delivery timeframe would be between 4 and 6 weeks. As to pricing, we offer a flexible model with one-time set up fees and quarterly subscription for updates afterwards.