ACHIEVE CONSUMER DUTY REQUIREMENTS
The FCA’s Consumer Duty represents a critical change in the regulatory landscape, requiring adaptations that impact people, policies, processes, and technology. To help you navigate these changes, Jaywing has adapted our tried and tested customer engagement methodologies to meet the new requirements.
Expert consultants, here to help
For almost a quarter of a century, Jaywing has helped hundreds of organisations adapt to changing customer preferences, communication channels, and regulatory requirements.
With expertise in behavioural science, user experience, and credit and regulatory risk, we offer flexible arrangements and have a proven track record of success. Using our suite of creative, data and technology solutions, we’ll help you implement your Consumer Duty plan swiftly and effectively.
Scroll down to find out how, or click below to discuss your Consumer Duty goals and challenges with Jaywing.
Request a no-obligation meeting with our expertsWebsite Assessment: Fuelled by Behavioural Science
Your website and mobile apps are key gateways for your customers to connect with you, to learn more about your offerings, apply for your products, and reach out for support. Because of this, they’re your most powerful source of customer data, and are critical in ensuring compliance with Consumer Duty.
Using cutting-edge behavioural science methodologies, Jaywing has developed tools and technologies which optimise customer journeys, improve user experience, and effectively engage customers. By collecting data on how your customers feel throughout their journey - from acquisition to account servicing and beyond - your organisation gains a powerful method for measuring customer outcomes and a deeper understanding of your users.
This is a regulatory win-win, providing better customer experiences and continuous opportunity for improvement, all whilst ensuring your processes and communications align with Consumer Duty requirements.
Vulnerability Identification: Powered by Predictive Modelling
The FCA sets out clear expectations that firms must protect vulnerable customers, particularly focusing on “preventing harm before it arises”. This requires firms to review and improve their policies and practices, and implement more robust and considered vulnerability detection measures to prevent harm.
This can be achieved through a combination of discreet, accessible communications alongside predictive modelling techniques which detect financial distress - one of the leading drivers of vulnerability.
Predictive modelling is already a core part of the financial services marketplace, from understanding audiences and granting credit to finding the best fit and price points for products. Consumer Duty wants to understand many of the same processes, but with consumer well-being at its heart. Our award-winning team of predictive modelling experts can help you identify vulnerability within your customer base, enabling mitigating actions to be deployed to prevent any foreseeable harm.
Data and Reporting: Optimised for Continuous Improvement
The Duty brings about a significant increase in data requirements, particularly in product features, customer journeys, product communication and customer scenarios, which are unlikely to be supported by current data strategies and systems at the frequency required.
Ensuring that you have the right data and reporting is essential to achieving a successful Consumer Duty framework that can truly improve consistently over time, as the regulation demands.
Having spent over 20 years specialising in data, modelling and reporting solutions for banks, financial services and other high volume, highly regulated environments, our consultants can work as an extension of your team to help you track and evidence consumer outcomes.
The Consumer Duty deadline has passed, but the required improvements are on-going.
Request a no-obligation meeting with our team of marketing, risk and data science experts. After your fill out this form, our specialists will be in touch to schedule this at your convenience.
The regulations apply to all firms that are supervised by the FCA and deliver retail customer outcomes, even if they have no direct customer relationship. This not only includes individual customers, but also entities such as SMEs and local authorities.
The implementation deadline for new and existing products or services that are open to sale or renewal was the 31st of July 2023.
With lots of regulatory changes happening simultaneously, a lack of in-house specialist resource, and a tight deadline, firms are struggling to act quickly and transform data into valuable information to better support customers.