Enhanced Consumer Insights: Introducing the Vulnerability Registration Service, Evolving Data Strategies and Credit Week

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TransUnion Business Insights

TransUnion

26 episodes

8 months ago

Get an insider’s view into data, business strategies and trust. In each episode, industry experts join us to discuss key talking points in the world of technology. We’ll share new insights and perspectives on topics, such as how fraud is challenging FinTech growth; ways to develop award-winning, consumer-centric lending platforms; or the product set needed to optimise customer onboarding. You’ll learn more about the inner workings of TransUnion — one of the world’s leading insights and analytics companies — and how we bring our purpose of Information for Good® to life for individuals and communities.

All content for TransUnion Business Insights is the property of TransUnion and is served directly from their servers with no modification, redirects, or rehosting. The podcast is not affiliated with or endorsed by Podjoint in any way.

Management

Technology,

Business

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Enhanced Consumer Insights: Introducing the Vulnerability Registration Service, Evolving Data Strategies and Credit Week

TransUnion Business Insights

28 minutes 12 seconds

1 year ago

Enhanced Consumer Insights: Introducing the Vulnerability Registration Service, Evolving Data Strategies and Credit Week

Ever wondered what type of consumer data points could have a transformative impact on transactions between consumers and businesses?

In this episode Gareth Howell, Head of Data Solutions at TransUnion in the UK, talks with Helen Lord, CEO of the Vulnerability Registration Service (VRS) about the power of new types of consumer insights, the evolution of the data ecosystem and the regulatory drive to improve customer outcomes.

A non-profit organisation, VRS was established in 2016 and allows individuals with different vulnerability types (both financial and non-financial) to self-register issues such as financial vulnerability (for example an ‘unpaid carer’ flag), physical disabilities or addictions (including drugs and gambling), and appends that information to files with actions, such as requesting lenders decline them for credit, or informing a provider that they need more support for access to products or services (circumstances in this scenario could include impaired sight or hearing).

Gareth and Helen discuss why understanding behaviours and vulnerabilities that are typically ‘unseen’ when making credit decisions has the potential to create better outcomes for consumers and businesses, and walk through how this can be turned into reality.

We close with Gareth signposting his keynote at Credit Week (June 17-19, 2024). Credit Week is a key event for industry leaders to come together and discuss their latest challenges and emerging topics, shape opinion, and share and learn from best practice examples. The agenda’s focus on consumer vulnerability aligns with innovative work TransUnion are doing with data, product development and consultancy work, and more broadly our commitment to using data and insights to drive financial inclusion and consumer empowerment.

Further reading:
[* A Compelling Human and Economic Case for Transforming How We Understand Consumer Vulnerability

* Open Banking: Unlock the Potential of Your 2024 Customer Strategy