MorganAsh has partnered with open finance platform Moneyhub to help it measure customer vulnerablity.
The partnership will see MorganAsh use Moneyhub’s 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 – which the firm equated to 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.
Andrew Gething, managing director of MorganAsh, (pictured) said: “Consumer Duty adds the onerous task to monitor customers through the product lifecycle to ensure the product is still suitable.
“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.”
Vaughan Jenkins, business development director of Moneyhub, added: “Consumer Duty and Open Finance herald a new era of customer-focused firms and financial resilience.
“By truly understanding consumers and their ongoing needs, efficiency, productivity, and compliance will become positive side effects.”