Consumer Duty marks one of the biggest shakeups in standards for financial organisations in a decade.
And its aim. To shift the culture of financial organisations to one that puts the customer firmly at the heart of everything – from product design and pricing, to communication and support.
For financial organisations these new regulations are a chance to further strengthen their relationships with customers, build trust, increase loyalty and create future revenue opportunities – especially within customer communications.
At Signal we believe Consumer Duty will give financial brands the push to move from a communications approach that focuses on simply getting something out the door (Customer Communications Management (CCM)), to one that proactively plans, co-ordinates and processes communications in a way that enables better customer outcomes (Customer Experience Management (CXM)).
Many of the financial organisations we work with are already on this journey, and we’ve seen the hugely positive effects it can have on brand experience.
The good outcomes the FCA want to see fall into four areas:
And within these outcomes are detailed rules that will enable financial organisations to raise the bar and create the shift in customer experience the regulator is seeking.
This is the FCA outcome focused on customer communications. It is here that we find rules and guidance to help create and deploy communications that support customers and enable them to make informed decisions about their financial products and services.
What the FCA want to see from organisations in this area: