VRS Aware provides ongoing visibility of vulnerability, rather than a perspective at one point in time, alerting organisations when a vulnerability occurs or changes.
For organisations, being alerted instantly to the fact there’s been a shift in a person’s circumstances can ensure any further communication or action is appropriate and supportive, without causing additional distress.
Financial vulnerability includes individuals in financial distress, with mental health problems, at risk of financial abuse, victims of fraud, and their representatives, such as those with power of attorney.
Paul O’Sullivan, Aryza Lending Division CEO, commented:
“We integrated the VRS to enable clients to check their customer base against the VRS database, and identify and better support vulnerable customers.
“In most cases these checks take place at the point of onboarding a new customer, to ensure the product is suitable for them. However, a customer can shift from being ‘OK’ to not being ‘OK’ very quickly, and vice versa. Everyone can go through periods of financial vulnerability. It can occur at any time, and many vulnerabilities are transient – a breakdown of a relationship for example.
“It’s important that lenders are alerted as quickly as possible when the circumstances of their customers change, to avoid causing further stress and we’re confident that the implementation of VRS Aware will ensure a more efficient process allround.”
Helen Lord, Director of The Vulnerability Registration Service continued:
“The VRS is the UK’s first and only central vulnerability database. It provides people with a single place to register their vulnerable status. The number of people registering with us has grown rapidly over the past year. It is very clear that people want their service providers to know about their vulnerable circumstances, but they don’t want to keep having the same difficult conversation about their vulnerability with multiple providers.
“VRS Aware enables organisations to be proactive and offer the right support at the right time when it comes to the complex and changing nature of vulnerability.
“We’ve seen an increase in the number of organisations joining the VRS which is a really positive step and we are delighted that our partnership with Aryza will give more organisations access to VRS Aware, and the ability to better identify and support the vulnerable.”