MorganAsh will use Moneyhub’s platform to access customers’ financial data to demonstrate a real-time assessment and monitoring of vulnerability. This will be used alongside the MorganAsh Resilience System (MARS) to produce a resilience rating which is similar to a credit score.
The MARS tool was launched in March this year to help advice firms assess and monitor their clients’ vulnerability and adhere to regulatory requirements.
Moneyhub will also join MorganAsh on its next webinar at 2pm on 10 November, where they will explore the use of Open Finance data to meet the monitoring requirements of Consumer Duty.
The Consumer Duty rules require firms to avoid foreseeable harm for clients and businesses will have to reassess how they identify and monitor vulnerability through a product and relationship lifecycle.
‘Consumer Duty…heralds a new era’
Andrew Gething (pictured), managing director of MorganAsh, said: “Consumer Duty adds the onerous task of monitoring customers through the product lifecycle to ensure the product is still suitable.
“While our MARS tool can capture any direct contact from consumers and we can email consumers for annual updates, the potential to receive real-time data from Moneyhub will enable real-time monitoring, so we can proactively contact consumers when their circumstances and needs change. This delivers real competitive advantages to our customers.”
Vaughan Jenkins, business development director of Moneyhub, added: “Consumer Duty and Open Finance herald a new era of customer-focused firms and financial resilience. Smart, forward-looking businesses will seize this moment and benefit from it.
“By truly understanding consumers and their ongoing needs, efficiency, productivity, and compliance will become positive side effects.”
