Fair4All Finance: Developing a segmentation to define financial vulnerability in the UK to drive system-wide change

Fair4All Finance, a not-for-profit, collaborated with CACI and Trajectory to employ a blend of traditional and innovative research approaches to understand the needs of financially vulnerable customers in the UK, and work with mainstream financial institutions (banks, insurers) to embed this understanding, enabling them to serve underserved groups at scale.

Summary

As an under-served and excluded consumer group, it was critical to define and understand people in financially vulnerable circumstances to drive system-wide change in financial services.

Through a collaborative partnership, we developed the first segmentation available for application across the financial services market which focuses explicitly on financially vulnerable groups.

Using strengths from three organisations ensured:

  • expertise and understanding of the financially vulnerable and access to financial service providers
  • detailed insights into this group's financial circumstances, needs and awareness through research that reached marginalised groups through taking research directly to them
  • a segmentation sized across the UK that can...

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