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V2.0 – the evolution of our Financial Vulnerability Assessment

Updated: Sep 22, 2023

Ever since we launched our first vulnerability assessments, our clinical and product teams have been busy looking at ways can enhance to better support both our users and their clients.

Since our launch in 2021, we have seen a fascinating evolution of our first ‘product’ (which still underpins everything since). This started with the development of the intervention log, allowing users to record actions taken against each identified vulnerability, to our email link for assessments and most recently, the launch of our Vulnerability Support Framework.

Alongside these improvements, it has long been our goal to create an even more sophisticated assessment that goes beyond identifying all the vulnerable risk factors and can confirm whether a person is actually vulnerable based on the combination of factors we have identified. Welcome V2.0!

User Determined or System Determined

The best way of showing the difference between our V1 and V2 assessment is to think about the final output.

Our V1 allows users to consistently and objectively identify a full range of vulnerable circumstances. It then provides a framework for users to discuss with clients and allows the user to make that final decision whether the vulnerable factors are leading to an actual vulnerability (Tim’s much mentioned 'Causative Nexus'). We call this 'user determined' as the user (be it adviser, admin or customer support) makes the final decision, albeit within a clear framework.

V2.0 goes one stage further and through significantly more complex assessment algorithms and logic, (no AI I’m afraid, as that seems the buzz word of the moment), it is able to determine whether the vulnerable circumstances are having a impact on the client and therefore make that final decision – hence 'system determined'.

Although the behind-the-scenes bits are much more complex, the front end question set is significantly shorter, creating a better experience for clients (although our V1 users still achieve an assessment completion rate in excess of 98% on average). We do this through a dynamic question set that only requires further questions if a vulnerable circumstance has been identified. This means that often no two assessments will be the same. It doesn't provide a ‘progress bar’, as we do with V1, but I am reliably informed by our psychometric testing experts that this poses no issue as the questions asked will feel more relevant to those completing the assessment.

A further benefit of V2.0 is that the report moves from vulnerability centric to client centric.

So instead of detailing each vulnerability and how to support, we are able to look at it holistically and provide suitable ‘what next’ steps. This not only provides a shorter report as no duplication, but clearly states at the top whether the client is vulnerable.

V1 or V2.0, which is right for your business?

Both V1 and V2.0 assessment types are available to all our users and have seen what option taken is down to personal choice or operating model. For advisers, who hold a strong relationship with their clients, V1 works well as it still allows then to make that final determination with the support that Comentis offers. For clients with a more digital or transactional based service, where those dealing with clients are more removed, V2.0 will be a lot better fit as it does not rely on an individual to make the decision.

It also comes down to appetite for risk, are you happy to leave that final determination to a person?

Our V2.0 assessment has also allowed us to develop new assessments for more transactional verticals such as consumer finance, where a V1 approach with 20 plus questions would never work.

Is there going to be a V3.0?

The short answer is undoubtedly yes and we already have some idea what that is going to look like. However, given the complexity we have seen in developing V2, this is still someway off on the horizon. There is definitely an exponential curve in levels of complexity for each new assessment set, but it’s a challenge we are keen to accept!

I must also not fail to mention that both our V1 and V2.0 are already significantly ahead of the curve and provide a validated tool to identifying and supporting vulnerable clients.

For more information on our V2.0 Assessment please contact our customer support team: if you are an existing user, or our sales team if not yet a user. Alternatively complete the enquiry form below.

Jonathan Barrett

CEO, Comentis

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