Data On Demand & Lendology announce “ID.VU” partnership agreement to help better identify and serve vulnerable customers.
Lendology disrupt traditional lending with their decisions powered by partnerships and people, enriching homes and lives through affordable finance. Working with council partners, Lendology provide homeowners with access to low cost, responsible finance. Established in 2005, Lendology have lent over £17million and are committed to bringing finance to people who may experience barriers to borrowing whilst offering everyone the same fixed interest rate.
Data On Demand are an alternative provider of UK consumer data supporting UK business that services end consumers to deliver better customer outcomes. Our “ID.VU” solutions helps businesses to identify and monitor characteristics and trends of vulnerability within their customer base including declared consumer vulnerability flags via our partnership with Vulnerability Registration Service.
Partnership Objective: With the well documented pressures on consumers driven by the aftermath of the pandemic and compounded by the spiralling cost of living, Lendology were looking for a data partner to help them better understand and serve consumers in need.
The partnership with Data On Demand will focus on 2 key objectives:
- Better Outcomes for Existing Customers – Lendology will utilise Data On Demands unique consumer insights to help identify existing and emerging signs of vulnerability within their customer base. This will enable the business to provide support to customers when they need it most, ensuring better customer outcomes and aligning with regulatory requirements.
- Regional Analysis of Areas Most at Risk – Taking a step back from existing customer support, Lendology are committed to identifying councils and communities where their services can make the biggest impact to peoples lives. Using the real time data insights and historical trends available within Data On Demands “ID.VU” solution they are able to do just that, presenting compelling evidence at a demographic level of the need for support in targeted areas of the country.
Lendology statement “We know from our experience, social impact reporting and consumer feedback that we are supporting a broad range of people, many of whom are excluded from mainstream finance options. However, we lacked demographic data to underpin our working knowledge, and our new partnership with Data on Demand will be key to supporting us to support our growing and complex customer base, as well as provide evidence to existing and new council partners of the need in their local areas”.
Emma Lower, CEO, Lendology CIC
Data On Demand statement – “We’re really excited to be working with the Lendology team and look forward to growing our partnership over the coming months and years. As a not for profit Social Enterprise Lender they are at the leading edge of supporting UK consumers and we are very pleased to be able to help them do this. We created our “ID.VU” solution to help businesses better understand and service consumers in need. Their focus on supporting the most vulnerable and the synergy in terms of our objectives makes this an ideal partnership.”
Simon Gregory, Sales Director, Data On Demand