Financial Conduct Authority’s Post

#CaringIsSharing 💚 I've been impressed with the FCA's forward thinking in respect of Digital Assets and Fintech 2.0 (aka Open Finance). There are still some large Blind Spots in UKFS, despite these being known for over decade and I'm still not seeing SMCRs engage on really key issues affecting ~40m Double Defaulters. #CultureFailure remains a big problem and Web2 Innovation remains stuck in the 20th Century, leading, I believe, to £1 trillion financial harm for 9 in 10 workers by 2025. It's time for a cleaner, fairer and more equitable financial eco-system. #BUOM

Some key messages from the FCA here that firms should have front and centre of their go forward operating model: - focus on data - the consumer duty provides commercial opportunities - be proactive - don't wait for the regulator to intervene - lead from the front #consumerduty #fca

Consumer Duty assessment can be a daunting activity to drill down into, with cross cutting obligations, outcomes and elements all to be understood and assessed. But the outcomes are important and clear. Super little video for anyone looking for a quick overview of what the industry is looking to achieve.

Can't wait for the #TrustInAction webcast on May 1, where we'll hear more about the findings in our 2024 Trust Survey and the opportunities leaders have to build trust every day. Registration is free and easy via the link below. #TrustLeadershipInstitute

When building customer trust, handling personal data responsibly must be considered throughout the data lifecycle. At the point of collection this means placing transparency and choice at the forefront

Did you know? Research reveals that 8%-10% of customers open and close financial accounts monthly, with 15%-20% moving money after bank failures in 2023. Discover how customer loyalty and trust in financial services can be unlocked through a closed-loop process in Jennifer Passini's latest blog >> https://okt.to/syqZIk #CustomerExperience #CXStrategy #FinancialServices

The Consumer Duty sets higher standards of consumer protection for financial firms. It focuses on consumer understanding, suitable products and services, fair pricing, and effective customer support. Compliance requires proactive communication, fair routing, agent assist tools, speech analytics, and training to enhance customer centricity and build consumer trust and loyalty. Learn more below. #ConsumerDuty #ContactCentres  

We gathered some incredibly insightful data on what matters most to customers of financial services based on 2.6M reviews: Customer service has emerged as the single most influential factor in financial services, with 20% of all Trustpilot reviews mentioning customer service experiences in 2023. As “value for money” was mentioned less with a 9% decrease, “contact” was mentioned 3% more, as customers are becoming less sensitive to price, and more concerned about being able to reach customer service staff when needed. To help your brand stand out and establish itself as helpful and reliable, brands need to take every opportunity to highlight their own stellar customer service.  #Customerservice  #consumertrends  #customerexperience

Your customer complaints are early indicators of looming problems. Are you listening? As early as April 2020, PositivityTech® identified spikes in customer complaints to the Consumer Financial Protection Bureau (CFPB) about government benefit cards during the pandemic. Now, those complaints have led to big fines. As we shared in a prescient FrameWork over a year ago, “Early warning signals extracted from what our customers tell us make it possible for us to identify, understand, predict, and prevent growing customer issues.” Don’t miss out on the intelligence that’s right in front of you. If your customers are complaining, it’s worth it to listen. Thanks to Chelsey O. Cox at CNBC for the great coverage. Please find links to the CNBC article and Tal Solutions®, LLC’s FrameWork in the comments below. #NegativestoPositives #dataanalytics #customercomplaints #finserv #listening