Transforming the digital financial industry for the vulnerable with IBVA
Detecting vulnerability and protecting online users of financial services
Today, nearly 28 million people in the UK public are classed as vulnerable due to personal and financial circumstances, mental capacity or a number of other factors. These numbers are rising, as are the number of online users for important services such as financial journeys.
Aware of the consequences for such users, The Financial Conduct Authority (FCA) are demanding financial services serve vulnerable customers better, with severe regulatory action imposed for those who do not take responsibility.
Yet no RegTech solutions exist online to detect vulnerability. A game-changing solution was required. But how do you determine whether someone might be vulnerable, in real-time, within a financial services journey?
Our Services:
Audience research and insights
Behavioural psychology
Neuroscience
Research
UI/UX
Academic Partnerships
A concept overlaying psychological mapping to intra-browser traits, to identify vulnerability
Partnering with leading academics and industry bodies, LAB’s behavioural insights specialists developed a research methodology to underpin dynamic UX and choice architecture adaptation, creating our unique Intra-Browser Vulnerability Assessment (IBVA) tool.
LAB Group’s IBVA tool is a pioneering SaaS browser-based solution that indicates whether patterns of kinetic behaviours presented online can reliably indicate whether or not a consumer is deemed as vulnerable, and so adapt online financial services journeys in real-time to better serve them.
This new RegTech tool will enable financial services to meet regulatory reform online by addressing new digital challenges people face today. It offers the financial services industry an easy-to-implement RegTech tool that enables firms to get ahead in safeguarding their vulnerable customers in order to meet the current FCA regulation.
Digital vulnerability requires scientific rigour and a willingness to sacrifice small degrees of optimisation efficiency in order to prioritise the needs of vulnerable customers. The next five years is the time for firms to find this courage and embrace the opportunity that vulnerable customers could present to them as well as understanding the risks.
Adrian Webb
Our Partners
Innovate UK
Ignition House
City London University
Critical Research
