Behaviour change for financially vulnerable customers for Fair For You

Our client, Fair For You, a social lender that provides an alternative to high-cost credit and loan sharks, approached us with a unique challenge.

How do you engage and motivate behaviour change from customers in financially vulnerable circumstances at a point in which they are the most vulnerable, that is, when they are unable to repay?

Our task was to create a new customer journey that made customers want to turn towards their lender at a time of hardship, rather than away. To compassionately inform them that getting in touch and being honest about their difficulties will result in support, help and guidance.

Our solution was to create a new customer journey that’s designed using behavioural science and the psychology of financial vulnerability; created in partnership with real-customer feedback and insight. We ran a suite of live tests to understand what insights changed behaviour within our audiences, and notably, we saw statistically significant shifts in customer behaviour. This meant that more customers opted to turn towards their lender, and as a result, improved their personal financial situation.

As the next steps, the complete customer journey will go live in 2024, and a sector-specific report will be widely available in the coming months.

This project was made possible in part by the generous support of the NatWest Development Grant.