Do you feel vulnerable when it comes to Vulnerable Customers?

 

The Ingeni team do a lot of on-site training, were you get a lot of insight as well as immediate feedback. We've noticed that many people working in motor dealerships say that they get anxious at the prospect of dealing with somebody who’s got a vulnerability. They would rather stop the sales process rather than continuing trying to make a sale. They're nervous that they'll do the wrong thing, or say the wrong thing, or might even get into trouble for selling to somebody who is obviouly vulerable. 

 

 

Consumer Duty requires us to work in the customers' best interests, putting their needs and understanding at the heart of the process as a means of providing good consumer outcomes - for every single customer. But working to help each customer achieve their desired financial outcome (getting a loan to buy a new car, for example) does demand a better understanding of what vulnerability looks like, and a better understanding of how to be supportive. 

 

 

So, what does a vulnerable customer look like? The answer is, they look just like you and me! Anybody can be vulnerable, whether it is a temporary problem, or a long term issue. The newly-qualified driver buying his first car is unlikely to have entered into a finance agreement before. His inexperience is a temporary vulerability. Or, what if the person you're talking to is dyslexic and has real trouble reading information? They're always going to need complex documents explained verbally and in detail.  

 

But unless you specifically ask the right question - questions that might seem rude, or intrusive - how would you know for sure? 

 

 

The Ingeni Transaction Manager gives you the knowledge to understand your customers' specific vulnerabilities - without impacting on their privacy or the need for intrusive and inappropriate questions. The system gives the customer the opportunity to answer a few confidential questions about themselves so the sales exec talking to them can be given some specific guidance and tips on what extra support that customer might need.  

 

All the tips are based on what the customer themselves has indicated may be an issue for them. Your sales exec doesn't need to know the details of the vulnerability - they just need to know that this customer needs extra support in certain areas, with suggestions as to how to provide that extra support. 

 

In this way, motor dealers can provide a better, more nuanced service for their vulnerable customers, without feeling that they have to 'stop the sale', or worrying that they might be taking advantage of someone.  

 

Vulnerable people still want to finance their new cars after all, and it is the job of motor dealers to help with this. Here at Ingeni we're happy that we are able to to help our motor dealer clients find a way to promote good outcomes for all.