Consumer Duty Programmes
While Consumer Duty places a regulatory onus on businesses to think about customer outcomes, we have always believed that putting the customer first also delivers long-term commercial benefits. Companies that see the world through the eyes of their customers deliver better customer experience, customer retention and business outcomes.
We’re experts in bringing the customer perspective into your business. With over a decade of experience talking to customers and connecting them with the industry, we can support your firm’s delivery against the four Consumer Duty outcomes. Whether you are a manufacturer or distributor, we can deliver insight that engages at all levels and helps you to evidence progress. We have experience working through the value chain.
From the Board down, the implications of Consumer Duty have been felt across organisations – through risk and governance, insight and marketing, product design and client service delivery.
As Consumer Duty best practice evolves, we can help to build out appropriate/proportionate programmes to support your commercial goals and regulatory commitments. Whether you’re looking at your end-to-end customer journey, defining target market, thinking about customer cohorts, plugging data gaps or setting up sentiment tracking, we can give you the insight you need.
“We debriefed the findings to our iNEDs and the Board really appreciated our insights. Testing the KID with TWC helped us to understand what good pre- and post-purchase journeys should look like. We’re looking to implement the changes TWC recommended to improve our customer experience.”
Global Asset Manager
Senior Management Accountability
- KPI tracker and evidence of outcomes
- Relevant and actionable MI highlighting areas of risk
- Voice of client roundtables
- Consumer closeness sessions
Product & Service Governance
- Product/proposition development & innovation
- Define target market for new products & demand reads
- Understand your distribution to fit with target market
- Test understanding of product communications
- Feedback on value assessment
- Profiling & understanding legacy books
Customer Experience Framework
- Quality of service – what you offer versus customer expectations
- Test understanding of key communications across a client journey
- Understand drivers of value and where to improve
- How you support vulnerable customers
From sentiment trackers and proposition development to understanding legacy books and testing key communication documents, we can deliver the insight you need.
Talk to us to find out more about our range of solutions.
Most firms would acknowledge that good customer experience and subsequent retention flow through to profitability and business performance. For customers who take advice. this has historically been about a long-term relationship with an individual adviser – and their personal brand has been pivotal in acquiring and retaining clients. A wave of adviser retirements and significant industry consolidation are challenging this model. How do firms build a brand that talks to the personal connection clients want?
The foundation stone has to be through delivering a consistent, quality customer experience. Successful firms engender a culture that builds practices to treat clients well – so they stay with the firm and reinforce the brand halo when they refer friends and tell others about the brand..
So what does it take to deliver success. It is estimated that it takes 12 positive experiences to make up for one unresolved negative one.
Context
A boutique asset manager was keen to test a new product at pre-launch stage as they recognised that some technical elements of the proposition might be unfamiliar to mass market retail investors. The insight would help to shape the product and inform the distribution strategy.
Our approach
Develop educational-style explainers to clearly articulate the underlying characteristics of the product to retail investors to allow them to assess risks and appeal; conduct depth interviews with retail investors representing a range in terms of experience and financial literacy – testing for clarity of the proposition, any challenges in consumer understanding, expectations around support and overall appeal.
Outcome
Confirmed the firm’s hypothesis that the product should primarily be an intermediated sale; changes were made to the product design before submission to the regulator for authorisation.
Value to Client
Ability to refine proposition ahead of launch.
Context
A protection product was closed to new business but still had a live customer base, including orphaned and advised clients. The firm needed to understand the potential for foreseeable harm and understand the possible impact on customer outcomes.
Our approach
Using CitizeniQ we mapped the customer base, profiling against TWC’s vulnerability matrix and proprietary indicators, without sharing PII. Performed proprietary clustering analysis to highlight risk profiles.
Outcome
Helped identify that the key risk was product misalignment with changing customer needs. Supported board-level Consumer Duty reporting and ongoing comms planning.
Value to client
Enabled them to assess product suitability and potential for customer harm in legacy or closed books without the need for deep CRM data.