Supporting your customer service obligations under the new FCA Consumer Duty
The purpose of the new regulation by the FCA is to supply higher and clearer consumer protection expectations. Financial, FinTech and E-money institutions place a more heightened focus on customers’ needs. The Duty means consumers should get communications they can understand, product and services that meet their needs and offers fair value, and get the customer support they need, when they need it.
The Consumer Duty's will be in effect from July 2023 for existing products and services and July 2023 for closed products and services. With the deadline fast approaching for open products firms needs to stand ready for the implementation of the Duty.
There are four outcomes regarding the four key areas of the customer relationship:
- Products and services outcome
- Price and value outcome
- Consumer understanding outcome
- Consumer support outcome
Financial service organisations throughout the UK need to spend some time reflecting on whether their products and offerings are fulfilling the needs of their customers and the guidelines as set out within the duty.
Focusing specifically on the 4th outcome, Consumer Support, businesses need to ensure they have measures in place that:
- provide access to support across multiple channels and when they need it
- ability to actively monitor those support channels
- be able to analyse the customers' use of products and services and;
- analyse MI around contact resolution rates and the times associated to resolve complaints.
Customer support must represent a key strategy in building strong and long-term relationships with your customers and fundamentally each business will already have elements in place that meet the Duty, it is around identifying what businesses already have in place and what key components are missing.
At Dialect, we offer 24/7 customer support via multiple channels including voice, Email, live chat, and social media messaging through Facebook and WhatsApp. Through offering a seamless customer experience our solution enables our clients to see all customer touchpoints, analyse their needs based on what drives an interaction, and any gaps or challenges resulting in not getting access to the right information whilst also accessing rich MI and data to understand how queries are resolved.
The duty is also focussed on ensuring that the real and diverse needs of consumers are considered. Including those in vulnerable circumstances. At Dialect our team are fully trained to handle clients' differing vulnerable queries such as cost of living but can extend out much further than that and underpinned with the need to ensure the customer has the information they need and when they need it.
Dialect can support financial services businesses every step of the way in designing, implementing and monitoring a consumer support strategy that fundamentally delivers an exceptional customer experience whilst also meeting the obligations of the duty. We provide guidance, consultancy every step of the way.
So, with the July 2023 looming organisations should be looking at all four of the outcomes of the Consumer Duty, and when it comes to the customer support element Dialect are here to help!
For any queries, do not hesitate to contact us! :)
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