- Concern that Covid is driving “hidden vulnerability”
- FCA issued guidance to firms to take action to protect vulnerable customers
09 September 2021 London – Today, Kalgera announces the launch of its new platform designed to help banks and financial institutions identify and protect vulnerable customers from financial harm.
This comes against the backdrop of increasing concern about the financial stress brought about by the impact of Covid-19 lockdowns and the forthcoming end of the furlough scheme at the end of next month.
Kalgera’s platform integrates with banks’ existing systems to enable them to securely access, filter and evaluate customers’ transaction data using advanced AI and cutting-edge cognitive neuroscience.
Partnering with the Kalgera platform enables banks and financial institutions to manage risk and comply with recent FCA guidelines for protecting vulnerable customers while also providing enhanced levels of service to customers.
Founded by Chief Executive Dr Dexter Penn, a doctor and UCL dementia researcher, Kalgera was born out of the need to better recognise the serious issues facing vulnerable people.
During the pandemic, one in three (31%) of adults have experienced a drop in household income with 14.2 million now having low financial resilience (an increase of 3.5 million between March and October 2020), according to FCA research*.
Dr Dexter Penn said: “Unfortunately, an increasing number of people now find themselves in a financially vulnerable state as a result of the Covid-19 pandemic. It is more important than ever that banks and all financial institutions identify and protect their customers who are at risk of being harmed. We believe the hidden vulnerability revealed by the pandemic shows that anyone has the potential to be at risk.” Earlier this year, the FCA issued its latest guidance for firms to take actions in four areas; understanding the needs of vulnerable customers; making sure staff have the right skills and capability to recognise and respond to the needs of vulnerable customers; respond to customer needs throughout product design, flexible customer service provision and communications; and monitor and assess whether they are meeting and responding to the needs of customers with characteristics of vulnerability.
“Our platform has been designed to help banks meet and surpass the Regulator’s guidance, while also integrating seamlessly and securely with their existing systems to help identify potential issues like financial abuse. Using our proprietary algorithms, the platform improves the efficiency of current systems – which saves considerable time and cost compared with building in-house capabilities from scratch.”
The launch comes after Kalgera recently announced the appointment of five new members to its Advisory Board. Click the link to the announcement made in July of 2021.
For more information about Kalgera’s Vulnerability Platform, please visit www.kalgera.com/product.
NOTES TO EDITORS
* FCA Financial Lives 2020 survey: impact of coronavirus
Kalgera was born from a desire to better protect the financially vulnerable. It is designed to have the greatest impact for the widest possible community. The company does this by enabling banks and other financial institutions to identify and protect vulnerable customers from financial harm through its Artificial Intelligence platform. The platform uses cutting-edge cognitive neuroscience research to analyse financial behaviour captured in transaction data. This is processed with ‘deep tech’ data science to interpret financial behaviour. This proprietary process automatically self-improves using AI.
The RegTech was founded by Chief Executive, Dr Dexter Penn, who is also a clinician at the UCL Dementia Research Centre. The company was in the elite cohort on the National Cyber Security Accelerator Programme by Wayra as well as taking part in the FCA’s Digital Sandbox Pilot.
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