Making good on promises to vulnerable customers
Ensuring staff have the right skills to deliver positive outcomes for vulnerable customers will be critical in the wake of COVID-19, says Richard Whittington, Financial Services eLearning Product Owner at
COVID-19 has already been a test for financial services institutions and there will be more challenges to contend with as the recession bites. Most have set their stalls out, pledging to support those experiencing financial and mental distress – and their reputation depends on how well they deliver on their promises.
Those new to the market, like the challenger banks, are no different, as few have the experience of operating during a severe financial crash like the one last seen in 2007/08. With the number of vulnerable customers already at an all-time high and expected to increase, the , so firms need to make sure their business model does not fail the people who need more support.
I firmly believe it doesn’t matter how young or well-established a financial service provider is as long as your workforce has the skills and competencies required to assist anyone, especially those classed as vulnerable. Achieving the FCA’s gold standard of ‘’ is even more important in the current climate when a firm’s success depends on ‘effective leadership and governance’ and employees possessing ‘the necessary skills and capabilities.’
As is fitting for digital-only providers, the future of learning is also data-driven and available anytime-anywhere via an app. Having seen events and courses cancelled or move online due to the pandemic, firms are now realising the value of eLearning, not just as a substitute for face-to-face training but as a way to engage employees and instil the right competencies.
Compliance, HR and Learning and Development (L&D) teams can use diagnostic testing in their learning platform to identify skills and knowledge gaps among teams and individuals. Learners then receive targeted and role-specific content, with case studies, that fulfils the regulatory requirements in an easy-to-digest format, while managers gain performance metrics to identify development areas.
At a time when remote working has become more prevalent, and new-starters are joining firms without face-to-face support from colleagues, it’s essential that learning does not fall by the wayside.
Staff in customer services will already be hearing harrowing stories from customers experiencing job loss, bankruptcy, redundancy and so on. They can only deliver positive outcomes, and reduce the impact on their own mental health, if they have the knowledge to handle every enquiry with confidence and sensitivity.
Understanding the latest guidance on supporting vulnerable customers is not limited to front-line staff; it also informs policy, the development of new products and services and the firm’s strategic direction.
Last year, long before COVID-19 derailed our lives, Monzo, Revolut and Starling . For a segment driven by innovation, I am confident they will rapidly develop new products and services in response to changes in the market. In fact, it is a golden opportunity to reassure all customers that they can expect at least the same standard of service, if not better.
The Ultimate FinTech & InsurTech LIVE Event
From October 12th-14th, 2021, BizClik’s FinTech & InsurTech event will bring together influential executives from around the world. Streamed live from Tobacco Dock, London, this three-day event will be an excellent way to finish the year strong, gaining the confidence your company needs to move forward into the future.
With keynote addresses from global leaders, dynamic roundtable discussions, and extensive networking opportunities, FinTech & InsurTech 2021 will expand your network, deliver insight, and enhance your organisation’s reach.
Already confirmed speakers include Colin Payne, VP & NextGen FS Global Lead at Capgemini; Dipu KV, President and Head of Operations & CX at Bajaj Allianz General Insurance Company; Bryan Caroll, CEO at TNEX; and Lucy Demery, Managing Director at Barclays.
The event will include:
- Keynote addresses from respected industry leaders
- Dynamic live roundtables (inc. Q&A)
- Fireside discussions
- Inspirational Speakers & Presentations
- Extensive networking opportunities
Meet the Speakers
Each week, from now until the event, we’ll be announcing the latest speakers who are set to grace our physical or virtual stage, prepared to share their knowledge and insight with attendees.
Our second batch consists of:
Currently the Senior Vice President of Business Development & Fintech for Mastercard UK & Ireland, a position he’s held since 2014, Abraham describes himself as “a proven and successful senior sales leader with experience across a wide range of industries, sectors, and channels.”
Graduating from the University of Northampton in 1994 with a BA in Economics and Law, he worked for nine years at Sainsburys - eventually responsible for banking the company’s revenue and running its ATMs - and then Barclaycard for three years as Head of Client Management. In 2007, Abraham became VP of Client Management at American Express, and then VP and GM Global Supplier Relations EMEA in 2012.
In his current role at Mastercard, Abraham is accountable for the acceptance of all payments and products through all channels, devices, and technologies across UK and Ireland. In addition, he oversees the deployment of innovative new payment tech within the region.
Fraser-Hawkins’ role as CEO, UK Corporate, at Marsh McLennan is the continuation of a long and successful insurance career, which has included being London Sales Director for JLT Group and Branch Director for Willis Towers Watson.
Marsh prides itself on being a company that hires top-tier talent, does work that impacts peoples’ lives, and offers its employees the opportunity to make a difference. This is clearly an attitude that aligns with Fraser-Hawkins’ own values; regarding the insurer’s UK Young Professionals initiative, a support network to help young professionals in their development, he said:
"I am passionate about developing talent and our Young Professional CRG provides a brilliant community for our Young Professional colleagues to discuss key issues relevant early in their careers, as well as an environment to promote the skills, learning and network for success."
Massaro is currently the CEO of Boston fintech Flywire, a role he took on in 2013. He first joined the team in 2012 as VP of Business Development, but it wasn’t long before his entrepreneurial skills were redirected to leading the entire company’s high-growth strategy worldwide.
An expert in domestic and international payments and billing, enterprise technology sales, strategic alliances, enterprise software, SaaS, product management and marketing, and much more, Massaro is a consummate finance professional whose credentials befit the leadership of a prominent global payments fintech.
His previous positions include Consultant at PwC and Product Line Manager at Oracle, and he maintains a Mentor role at startup accelerator MassChallenge. He graduated magna cum laude from Babson College with a BS in Information Systems and Finance.
This event is set to be one of the year's most unmissable. If you want to get leading perspectives on the future of fintech and insurtech, go to Eventbrite and purchase your tickets now.