In today's hyper-competitive business landscape, standing out amidst your competition requires more than just delivering a good product or service.
Solidifying your understanding of every aspect of Consumer Duty, is the key to flawlessly evidencing it…
How can you expect to accurately measure your client outcomes, if you can’t even define the precise metrics you’re measuring against?
At IIC we believe in the logical approach to Consumer Duty.
Before you can even begin to measure the success of your CD, you must first understand exactly which metrics you are using...
CONSUMER UNDERSTANDING
In today's age, complex decisions involving personal finance and wealth management are frequently navigated through a smartphone.
Hence why it is vital that all information regarding your product or service is clear, concise and effortless for your customer.
So your consumer can focus on what really matters.
Something to keep in your thoughts...
Are you able to demonstrate that your consumers have a seamless understanding of their product/service, even as their circumstances change?
PRODUCTS AND SERVICES
Does your firm consistently offer products that are perfectly suited to your customers needs?
Or
Do you tend to lean towards products that benefit your business over your customers?
Pushing consumers into high risk investment, and high cost audit , without good reason, is something the FCA would absolutely not approve of!
It is essential that you understand your customers' requirements exactly, and you offer your services in accordance...
CONSUMER SUPPORT
Customers want their problems solved quickly and with zero complications.
Obviously...
Being able to support your consumers throughout their journey both digitally and non-digitally is mandatory if you want to provide optimal consumer support.
But there is something many firms often miss...
You must also be able to reassure your customers that they are safeguarded against making the wrong decision.
But more importantly you must be able to evidence this...
PRICE AND VALUE
Are you certain that your consumers know exactly what they are getting for their money?
Can you clearly evidence that your product is ‘worth its weight in gold’?
Customers jump when they see they are getting great value for their hard earned money.
Therefore, demonstrating your product's ‘worth’ should be at the forefront of your priorities.
This means being transparent about pricing, delivering on your promises and not misleading consumers about the value they can expect...
Understanding the ‘ins’ and ‘outs’ of consumer duty is the only way to measure and evidence your consumer outcomes with impeccable accuracy.
And in turn, your only chance to pass through the dungeon doors of the FCA, untouched.
You have to get it right the first time.
Goodluck…
Latest From The Blog
In the endless quest for customer retention, companies often rely on tried-and-true tactics to retain their customers.