Stonebridge launches new AI functionality to further support ARs when advising customers with vulnerability

21 March 2023

Stonebridge, the national mortgage and insurance network, has today (21st March 2023) announced the introduction of new functionality to its wholly-owned Revolution system to help AR firms and advisers identify and support customers in vulnerable circumstances.

In May 2022, the FCA reported 47% of UK adults showed one or more characteristics of vulnerability, up from 46% in February 2020, which equates to an increase of 0.9 million adults from 24 to 24.9 million over the period1 and influenced the Stonebridge investment in this new technology.

Working as a series of prompts for advisers to follow, Revolution will now identify any indication of potential customer vulnerability through answers provided within the factfind.

Revolution will ask advisers if they have considered the indicator of potential vulnerability and they will need to record whether the customer’s circumstances make them more vulnerable to harm, along with the support provided.

This is a further deployment of artificial intelligence to support mortgage advisers, including prompts for the adviser completing the factfind or the customer using Revolution’s client portal. It allows the customer to self-record any additional indication of vulnerability as a way to seek support.

Where a customer agrees to be recorded as vulnerable, the new functionality will make it easier to identify and provide any additional support needed.

To support this new tech advancement, Stonebridge has provided all AR firms with step-by-step guidance and additional information on supporting customers in vulnerable circumstances via an enhanced Vulnerable Customer Guide.

The network said the new functionality was the latest demonstration of Stonebridge’s ongoing multi-million-pound investment in its dedicated software platform for member firms.

Revolution’s in-house developers operate a multi-phase approach to enhancements and new capability and functionality to the system, with further developments due to be announced throughout the year.

Rob Clifford, Chief Executive of Stonebridge, commented:

“Following the publication of the FCA's research highlighting the rise of UK adults showing one or more characteristics of vulnerability, we all have a duty to continue ensuring those in vulnerable circumstances receive an outcome that is just as good as those who aren’t.

“The FCA has introduced specific policies to ensure supporting customers in vulnerable circumstances is a key theme of Consumer Duty, which we welcome. From the conversations we have had, we believe Stonebridge is the first network in the UK – after the publication of the final Consumer Duty rules - to launch such functionality to help our AR firms and individual advisers to deliver a positive outcome for them.

“This enhancement to Revolution is not just about delivering additional support and efficiency to our AR firms to be ready for the implementation of the Consumer Duty rules from July, but to also help keep customers front and centre of the advice process. It is evidence of our ongoing commitment to support those customers who are identified as being in vulnerable circumstances.

“We continue to prioritise investment in Revolution, and to develop market-leading enhancements such as this for the benefit of all our AR firms and their customers.”

1 FCA Financial Lives Survey 2022 research.

To find out more about Stonebridge or if you are interested in joining their AR proposition visit: www.stonebridgegroup.co.uk/join-our-network