In terms of how CD impacts customer service operations, financial services providers need to look at both their policies and how these are implemented and delivered, when interacting with their customers.

Practically, this means regularly reviewing how they interact with their customers to identify where they might need to update their processes and delivery, to increase the likelihood of a positive outcome for the customer.

For example, using analytical tools to identify potential signs of vulnerability before a customer’s situation becomes critical, and proactively contacting that customer to offer help and support.

Another example would be to take stock of all the channels they have open to communication and assess whether all those channels are equipped to offer the same positive outcome to their customers.

Will it cost?

Banks and financial services providers should take a two-prong approach to ensuring they are meeting customer objectives without disrupting their operations.

First and foremost, making time to review customer feedback regularly will give a good indication of customer perceptions, and enable them to assess if they have been provided with a satisfactory outcome.

In terms of operational costs, organisations should look to maximise their business intelligence tools to enable them to demonstrate that appropriate action has been taken.

This includes leveraging tools like Analytics, CRM platforms and even coaching systems to add functionality that would enable the organisation to review and showcase its actions.

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What’s new?

The purpose of CD is to bring the focus back to customer outcomes, so many organisations will already have systems and policies in place to meet this goal.

What is different now is that the FCA requires banks and financial services providers to implement a methodical approach in order to ensure those positive outcomes are offered to all customers.

The idea here is to ensure that all customers including the most vulnerable get an equal opportunity to receive the best possible outcome.

An example would be making any key information available in multiple formats in a timely manner so that, if companies have a very comprehensive FAQ section on a dedicated smartphone app, this same information is also available to customers who don’t have the latest smartphone, and need to communicate by calling the customer services number, or using the chat feature on their websites.

Where can companies get help?

The governing body for the new CD principles and regulation (the FCA) has made available a variety of resources to help organisations meet its standards.

When it comes to assessing and making changes to the customer journey, a specialist customer experience provider will be able to offer advice and support.

Foundever — the global customer services provider that offers modular and end-to-end customer experience provisioning — has a dedicated team in the UK to deliver support for banks and financial services providers.

It supports over 750 brands and has a track-record — as well as the expertise — in supporting the banking, financial services, and insurance industries.

This means, whether organisations need a consultative partner to help identify areas of focus or a fully serviced solution, Foundever is ready to help them meet their customers’ needs, in the most seamless, agile and cost-efficient way.