Advanced open finance technology to allow real-time monitoring of consumer vulnerability
Support services provider MorganAsh and payment platform Moneyhub are to work together to strengthen the ability of firms to understand, monitor, and deliver good outcomes for vulnerable customers, in line with the requirements of Consumer Duty.
The partnership will see MorganAsh use Moneyhub’s advanced open banking and open finance platform to access customers’ financial data with their explicit consent, to assist with the real-time assessment and monitoring of consumer vulnerability.
It will be included within the MorganAsh Resilience System (MARS) and will help determine a customer’s ‘Resilience Rating’ – much like a credit score.
MorganAsh launched its MARS broker tool in March to enable firms to assess and monitor consumer vulnerability and stay compliant with the FCA’s upcoming Consumer Duty regulation.
The newly accessible data will help highlight changes in behaviour and specific lifestyle indicators such as gambling or changes in employment, which can all be triggers for intervention by financial services firms. Real-time monitoring of income, expenditure, assets, and liabilities can alert firms to changes in circumstances and identify vulnerable characteristics.
“Consumer Duty adds the onerous task to monitor customers through the product lifecycle to ensure the product is still suitable,” said Andrew Gething (pictured), managing director at MorganAsh. “While our MARS tool can capture any direct contact from consumers and we can email consumers for annual updates, the potential to receive real-time data from Moneyhub will enable real-time monitoring so we can proactively contact consumers when their circumstances and needs change. This delivers real competitive advantages to our customers.
“We are delighted to be working with Moneyhub as they share our same vision and complement our aims for the MARS tool.”
Vaughan Jenkins, business development director at Moneyhub added that they were proud to be working together with MorganAsh to “shine a light on the hidden value technologies can unlock and ensure no harm is caused to any customers, especially the most vulnerable.”
“Consumer Duty and open finance herald a new era of customer-focused firms and financial resilience,” Jenkins said. “Smart, forward-looking businesses will seize this moment and benefit from it. By truly understanding consumers and their ongoing needs, efficiency, productivity, and compliance will become positive side effects.”