Users in vulnerable circumstances
Touco’s app is designed to help people who are unable to manage their own finances fully independently. These include people with mental health problems such as Bipolar disorder or Borderline Personality Disorder (BPD), as well as those with learning disabilities, dementia and other circumstances which affect memory, understanding or mental capacity.
These users are vulnerable in several ways: they are more likely to be spending compulsively or erratically, sometimes leading to problem debt; they are more likely to be victims of fraud, scams and financial abuse, since they are more easily taken advantage of, and they can be more prone to anxiety and distress than others due to their vulnerability.
The app is not only used both by the person who needs support (the ‘caree’), but also by the person who is giving support (the ‘carer’). Carers can also be vulnerable: many are on low incomes, juggling part-time work, families and their caring duties.
Designing for people in vulnerable circumstances presents both opportunities and challenges. Touco’s app was designed to help alleviate anxiety and stress for both carees and carers, using Open Banking to give the carer peace of mind through visibility of the caree’s financial situation. This visibility limits the potential for harm for the vulnerable caree, improving their financial and mental wellbeing.
However, setting up and using the app presented several challenges for carers and carees due to their vulnerabilities, which this paper explores. We hope that these findings can be used to help improve the implementation of Open Banking and Open Finance for users in vulnerable circumstances in future.