Signal co-host Consumer Duty 2.0 webinar to deep dive into research report

Friday 9th June 2023

Q. In Consumer Duty 1.0 is it fair to say that banks, building societies and other organisations treating this as a risk mitigation exercise and only looking at improvements for 2.0?

With the new Consumer Duty regulations coming into effect in a couple months' time. Signal teamed up with Quadient to produce an insightful research report and follow-up webinar named Comsumer Duty 2.0.  

The Consumer Duty regulations require banks to take better care of their customers, and improve their communications in a way that promotes the best outcomes for their customers. Since the announcement of the regulations, banks and FS firms have been working hard to make major improvements to their comms to mitigate any potential customer harm. In the wake of July 31st, the financial world needs to consider how they continuously measure and improve their communications beyond a sticking plaster solution. 
A major part of this is the Customer Understanding outcome. How well do consumers understand the comms they are receiving from their banks? 
Signal and Quadient put this to the test, with market research support from 2CV. They surveyed over 400 people on their comprehension of 2 financial letters, one industry standard and one best practice. 2CV then analysed the uplift in understanding across different aspects of best practice: design, content and personalisation. 
This research, enhanced by interviews with industry experts and insight from both Signal and Quadient communication experts formed the report Consumer Duty 2.0: Customer Understanding and Industry Expectation. 

At a webinar on the 25th May, Signal and Quadient did a deep dive into the research findings and how they were able to improve comprehension by utilising content and behavioural science best practice, they also discussed the ongoing challenges on Consumer Duty 2.0 and the role of tech in meeting the new regulator expectations. The webinar concluded with a panel discussion featuring communication experts such as Simon Farrar, Head of Comms Management & Specialist Services at Nationwide Building Society. 

The time is right now for customer first communications, truly revolutionising the experience that customers receive and everything is aligning such as the regulatory environment, consumer duty, how businesses are needing to evolve, technology advancements and most importantly the critical need to give the best experience we can to our customers.

Simon Farrar

Head of Comms Management & Specialist Services at Nationwide Building Society

The Consumer Duty 2.0 webinar

Available to watch on demand

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Signal consumer duty 2.0 webinar