The Banking Code Compliance Committee (BCCC) is taking a closer look at how to deal with vulnerable customers including factors such, as family or domestic violence, people with limited English skills, and people living in remote communities. 

A spokesperson from the BCCC said, "The Code calls out assisting customers in remote communities in recognition of the unique needs and accessibility challenges that these customers may face, whether it be reliable access to internet, distance to physical branches, or the different ways of banking or level of support needed."

To further assess how banks need to improve their strategy when working with vulnerable people the BCCC has called for anyone who is or has been in a vulnerable situation to fill out their survey. 

The survey asks a range of questions about a customer’s interactions with banks while experiencing vulnerability.  

It is a response to a 2021 report published by the BCCC that found significant gaps in staff awareness and service delivery. 

According to the report "Consumer advocates shared recent examples of customers’ needs not being met, including cases of domestic violence involving breaches of privacy, ongoing inclusivity barriers experienced by non-English speaking customers, Aboriginal and Torres Strait Islander people living in remote communities being asked to travel hundreds of kilometres to the nearest branch for identification purposes, and people on a low income not being told about their eligibility for a basic, no or low fee transaction account."

The withdrawal of face to face banking services is putting vulnerable people at greater risk. PHOTO SOURCED

The main risk areas the BCCC is focusing on are financial abuse, when someone takes away another person’s access to money, manipulates another person’s financial decisions, or uses another person’s money without their consent and lack of access to interpreters that creates a language barrier and can lead to confusion, distress, and poor outcomes. 

“Customers experiencing vulnerability have important needs, and we want to make sure that banks are adequately addressing them,” Chair of the BCCC Ian Govey said. 

“We hope that hearing directly from customers will provide us with valuable insights that can lead to improvements in the industry. 

The 2021 report added, "Vulnerability is not something you 'are' but something that can happen to anyone at any time."