Following the launch of the Standards of Lending Practice, we have been keen to explore in more detail the opportunities and possible impacts of digital offerings, and more specifically, digitalisation and identification of customers in vulnerable circumstances. In recent months, we hosted two events around this topic and gained invaluable insight from our Registered Firms and FinTechs (in conjunction with Innovate Finance) into how the industry is addressing current issues and developing solutions – read more about the highlights from our previous events here.
We were keen to continue with the discussions and we hosted a further roundtable today at Capital One’s offices in Old Street in the heart of Tech City, London. At the event, we shared some of the good practice we are seeing and discussed what else can be done in the context of vulnerability and financial inclusion in the digital space. We believe great benefits continue to be gained by bringing FinTechs and mainstream financial product providers together to develop our thinking in this area.
As we heard from all those attending, there are opportunities and challenges in the digital space to exploit technology as part of a multi-channel approach to best serve the customer and provide sustainable products that are adaptable to customers’ circumstances – and this means that our work doesn’t stop here: we will continue to hold insightful discussions and encourage debate around this theme, while enhancing the Standards of Lending Practice, sharing ideas and best practice along the way to help ensure financial product providers always deliver fair customer outcomes.
A more detailed summary overview of the event will be published shortly.