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.
Vestigium Services helps your customer-supplier relationship to function correctly
Staying abreast of your customers' changes in circumstance will help ensure your service wraps around their needs. Any customer can become vulnerable at any time. Keeping in touch allows you to ensure if, or when, your customer becomes vulnerable, that you are there for them with suitable advice, products, and services.
For financial institutions:
- Meeting TCF (FCA regulations);
- BCBOS regulations around ‘lost and dormant accounts’ (FCA regulations);
- Maintaining accurate data (GDPR and TPR regulations);
- Reducing liabilities – Vestigium’s work often results in the release of excess reserves;
- Selling further products to recently engaged customers on the back of doing something good;
- Improved brand reputation;
- Allows for the release of certain assets to Charity where customers are signed off as ‘untraceable’).
For the consumer
The consumer benefits from a concerted opportunity to receive their money from caring Financial Institutions, with Vestigium’s help.
For Her Majesty’s Treasury
Westminster is as sensitive about this issue as the Industry’s Regulators. There is a significant fiscal dividend when this issue is treated with the necessary resource and approach.
Assets are taxable under IHT and, in the case of pensions, upon drawdown.
Re-entering £Bn’s of previously "lost" assets back into the economy also aids economic prosperity and growth.