Vestigium Services raises the bar on tracing “gone away” customers and the beneficiaries of deceased customers.
The scale of “gone aways” is immense reflecting some +10% of all customers at Life and Pensions companies and +5% of all customers in Asset Managers and Banks. Our analysis indicates that this number is increasing yearly. Our evidence is also that 15% of these Gone Aways are in fact deceased. Records containing 'bad data' (i.e. incorrect names or dates of birth) will negatively impact mortality screening processes meaning that gone aways may be deceased, or, those picked up by mortality screening may not be the correct death
Vestigium has industrialised the process of forensic tracing for the purpose of asset reunification and/or re-engagement with Gone Away customers, specifically targeted to the Financial Services Industry. This reduces the scale of the issue, fast.
Vestigium provides a Live Archiving Repository which periodically re-researches currently un-found gone aways against continuously updating data sources including the Vestigium Services consumer database. Vestigium believes this on-going methodology helps institutions meet regulations including the FCA’s Principle 6, Treating Customers Fairly, and assists firms to meet the guidance set out on the fair treatment of vulnerable customers.
Why does it matter?
The benefits of a concerted effort to re-engage with lost customers are numerous. Not least to meet regulatory requirements, but to re-build consumer trust in the industry, and to re-engage with a forgotten customer base on the back of having done something good opens the door to cross selling opportunities.