The mortgage lender Stonebridge has announced the addition of new AI functions within its Revolution platform. These new features are designed to make it easier for advisors to spot vulnerable clients.
Research that was carried out by the Financial Conduct Authority last spring found that close to half of all adults in the UK were showing at least one characteristic that would mark them out as vulnerable. The 47% that this applied to was an increase on the number for the early part of 2020 – just prior to the start of the Covid-19 crisis – and means that an additional 0.9 million people are now classed as vulnerable.
The AI feature that has been added to Revolution by Stonebridge will work by questioning mortgage advisors about whether possible vulnerability indicators in a particular client are something that they are aware of. Advisors will need to keep a record of potential client circumstances that could increase their vulnerability, as well as what help they are providing these clients with.
In addition to adding this feature, Stonebridge is equipping appointed representative firms with an improved version of its Vulnerable Customer Guide. Speaking to Financial Reporter, its chief executive Rob Clifford said that the company wished to make sure the public remain at the heart of mortgage advice, adding:
“It is evidence of our ongoing commitment to support those customers who are identified as being in vulnerable circumstances.”
Even advisors who have done CeMAP courses can do with extra help when it comes to supporting any clients who may be struggling.