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Sopra Steria: Banking for a Better World.

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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.

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