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Gone are the days of NPS scores being the benchmark of good customer service. Come July 2023, FSI firms will need to comply with new Consumer Duty standards that put the customers’ best interest front and centre of every retail financial service firms provide.
So, FSI businesses will need to overhaul how they sell financial products and services. Agents will need to gain an in-depth understanding of what customers really need to provide services that meet their specific needs.
Now’s the time to get preparations underway, and this eBook will put you on the front foot by taking you through the steps you need to take.
After reading this Smart Guide, you’ll understand:
- What the Consumer Duty is and what it means for your firm
- How you’ll need to adjust your approach to your product and service offering
- Embedding processes that will mean you always come out on top
Key takeaways
Understand the requirements of the new Consumer Duty and how you can use call intelligence to ensure you comply with the new standards
Learn how you can monitor all calls at scale so you can ensure every single agent is doing everything required to maintain compliance
Know how to leverage these insights to quickly spot and address compliance issues at scale as well as at an individual agent level
The new Consumer Duty will be enforced on 31st July 2023 and will apply to new and existing products. This means now is the time for firms to get preparations underway to make sure they don’t fall short of the new standards.
But 2023 isn’t the only year when firms will be expected to take action. As of 31st July 2024, the new standards will also be applied to existing products as well as those no longer available but still in use.