Video: Monitoring Customer Outcomes for Consumer Duty

In June of this year, after a multi-firm review, the FCA concluded that financial organisations need to make improvements in their monitoring to determine whether they were in fact delivering good outcomes for retail customers. Of the firms reviewed the FCA felt that few were able to provide clear evidence of where the monitoring of outcomes had directly led to proactive action being taken to improve customer outcomes. Ultimately, they cited a focus on testing and processes completed rather than outcomes delivered.

Now the FCA Consumer Duty is pivoting focus to ongoing monitoring of customer outcomes. For retail financial brands this represents significant challenges. Customers can’t tell if they have got a comparatively good outcome and can often rely on gut feeling to inform any positive or negative statement.  We need to measure outcomes in a careful way, and not just ask about feelings. 

In this presentation we discuss the key metrics you need to measure ongoing customer outcomes effectively and how you can get beyond the emotional gut feel.