Sopra Steria, a technology consultancy, has highlighted the crucial role that banks can play in supporting vulnerable citizens. By prioritising the financial wellbeing of those in vulnerable situations, banks can fulfill their ethical duty and contribute to economic stability. The Financial Conduct Authority expects banks to signpost customers to third-party providers of support for all vulnerabilities, not just financial ones. However, banks can go beyond signposting and offer tailored services and support to help individuals manage their personal finances and mitigate against the ongoing cost-of-living crisis. Technology can play a key role in this, allowing banks to use customer data to identify vulnerabilities and provide personalized recommendations. Collaboration between banks, government agencies, and non-profit organizations is vital to create a comprehensive support system for vulnerable citizens. Once banks have the right safeguards and processes in place, the challenge is to maintain support for vulnerable people in a sustainable way. Regular training for employees, investing in technology like AI and data analytics, and ensuring that support is easily accessible to customers are all important steps for banks to enhance their efforts in this area.
Sopra Steria: Banking for a Better World.
Latest from News
Gen Z FinTech Prograd Announces Expansion To US After Successful UK Launch
London, April 2024 – Prograd, the UK’s leading financial literacy platform for Gen Z, has today announced that it is expanding to the US
eKYC revolutionizing FinTech with advanced identity verification technology.
Article Summary TLDR: The traditional KYC process is being replaced by eKYC solutions in the FinTech industry eKYC streamlines customer verification, reduces time and
Zed launches game-changing no-fee credit card, secures $6m funding.
TLDR: Philippine neobank Zed introduces a “no-fee” credit card, marking a significant shift in financial services in the region. Zed secures $6m in funding,
SmartSearch finds critical business verification checks neglected by regulated firms.
TLDR: SmartSearch survey reveals regulated firms are neglecting critical business verification checks Over half of firms do not complete verification checks on new business
German fintech Xaver announces €5M pre-seed funding for B2B AI platform addressing pension gap.
TLDR: German fintech Xaver secures €5M pre-seed funding for its B2B AI platform The platform aims to address Europe’s pension gap with innovative private