[INSIGHTS]: Vulnerability Inclusion Handbook

External Links:

https://moneyadvicetrust.org/wp-content/uploads/2023/03/100_01466_VULNERABILITY_HANDBOOK_EXTERNAL_015.pdf

Summary

The Financial Health Report 2023 by Equifax Debt Services provides insights into the The Vulnerability Inclusion Handbook is a comprehensive guide that provides insights and principles on how to embed a culture of vulnerability in an organization to improve outcomes for vulnerable customers. The handbook offers practical advice on how to identify and address the common challenges associated with vulnerabilities, how to simplify the approach to make it accessible for everyone in the organization, and how to create products and experiences that benefit not just vulnerable customers, but all customers.


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Key Points

  • Vulnerabilities can be physical, social, or financial.
  • Vulnerabilities can be temporary or permanent.
  • Vulnerable customers may exhibit behaviors such as confusion, anxiety, or mistrust.
  • Understanding the types of vulnerabilities and associated behaviours can help you design products and services that meet the needs of vulnerable customers.
  • Personas are fictional characters that represent different types of vulnerable customers.
  • Personas can help you develop empathy for your customers and make decisions on what they need.
  • The document provides three personas to help bring all 10 behaviours to life.
  • Personas can be used as a tool to paint a picture of a person and their needs.
  • The document outlines five simplicity principles to help you design products and services that are easy to use and understand.
  • The five principles are: clarity, transparency, flexibility, ease of access, and consistency.
  • The principles can be used to create a safe and supportive environment for vulnerable customers.
  • The principles can be applied in many ways to your day-to-day work to find ways that work for you and your team.
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Key Take Aways

  • Understand the needs of vulnerable customers and design products and services that meet those needs.
  • Identify and address the common challenges associated with vulnerabilities, such as stigma, shame, and lack of trust.
  • Use empathy and understanding in designing products and services for vulnerable customers.
  • Simplify the approach to make it accessible for everyone in the organization, including using personas and simplicity principles.
  • Involve vulnerable customers in the design process and use their feedback to improve products and services.
  • Measure the impact of products and services on vulnerable customers and use that data to drive continuous improvement.
  • Create a safe and supportive environment for vulnerable customers, including effective communication and building trust.
  • Train employees to be more empathetic and understanding of vulnerable customers.
  • Create an inclusive organization that values vulnerability and empathy, with strong leadership and culture.
  • Work with partners and stakeholders to create a more inclusive ecosystem that benefits vulnerable customers.
  • Continuously learn and improve to create products and services that meet the needs of vulnerable customers.
  • Use case studies and examples of products and experiences that benefit not just vulnerable customers, but all customers.

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