Summary
To tackle the needs of their vulnerable customers, banks must develop tailored solutions that go beyond the products and services they currently offer.
Financial services firms should partner with fintech companies to develop innovative capabilities that address financial vulnerability: UK digital bank Monzo created a gambling block feature to help customers overcome their gambling addiction.
Banks should provide digital tools to help people look after financially vulnerable relatives and friends in a convenient yet secure manner; Kalgera enables older or vulnerable customers to share their transaction history with relatives without giving them their account details.
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