MorganAsh has added an upgrade to the algorithms behind the MorganAsh Resilience System (MARS) to improve how it supports clients with multiple vulnerabilities.

The new update allows users of the MARS digital vulnerability platform to better manage multiple characteristics and life events, while generating a single, objective resilience rating.

The rating is similar to a credit score but for vulnerability, with each circumstance given a severity weighting to reflect the impact on the consumer.

It comes as research from the Financial Conduct Authority highlighted the compounding effects of multiple vulnerabilities and how this needs to be considered by firms. The FCA found that consumers with multiple vulnerabilities often suffer disproportionately more than those with single issues, across finance, health or lifestyle.

MorganAsh said it was now not only possible to identify these vulnerabilities through the digital journey, but users can now scale and represent this management information, which is needed to analyse the impact of vulnerability on outcomes to meet Consumer Duty.

Managing director at MorganAsh, Andrew Gething, said: "We know from our own work looking after ill people, that having multiple issues has a compounding effect, and while humans are great at recognising this on an individual basis, it is challenging to replicate digitally.

"The MARS development team has worked incredibly hard to model our algorithms to match reality, over many months, back-testing against real data. I am delighted this has now come to fruition – and is being released for our customers, to further improve customer vulnerability management without increasing costs.”

Compliance manager at Guarantor My Loan & Share My Loan, Chris Markland, added: "Having the ability to not only identify vulnerabilities, but to also truly recognise and understand the impact that multiple issues may have on our customers is a great feature and its value cannot be overstated. With MARS triggering targeted support treatments, our teams have never been better equipped to provide dedicated, individual support channels to our customers. We can’t wait to incorporate these new features into our processes."

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