Customer journey monitoring solution


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The Customer Journey starts before the sales process and finishes way after the product has been supplied. Many UK authorised firms do not attempt to measure this, and therefore have no evidential provision to confirm their compliance with the requirements of the regulator.

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Customer journey monitoring solution

  1. 1. CUSTOMER JOURNEY MONITORING Is Everything Alright? In the ever changing world of regulation, it is always essential for a firm’s senior management to be able to identify the risks posed to it by the people that represent it. SYSC 5.1.1 A firm must employ personnel with the “…enforcement needs to get further up skills, knowledge and expertise necessary the chain of command – to look for the discharge of the responsibilities allocated to them. increasingly at those in senior In an evolving regulatory environment there management who fail to recognise and is an increasing need for all firms to gather evidence on whether their sales procedure manage the risks their firm is running” and other marketing initiatives have had the intended outcomes and whether retail firms Tracey McDermott 2nd July 2012 treat their customers fairly.You Never Get A Second Chance To Make A Good First ImpressionWe all know how vital that initial impression is geenrally and more so in the world of financial services where you are instantly trying tobuild trust and rapport with the potential client. There are the rules that have to be adhered to on disclosure and the ensuring that theclients realise that any comments are just generic advice and not specific personal recommendations.You have set the policy, written the manual, recruited the people, got their buy in ….. BUT WHAT DO THE ACTUALLY SAY TO CLIENTS? To Reduce Your Risk … Turn Here
  2. 2. TCF OUTCOME 1 Consumers can be confident that they are dealing with firms where the fair treatment of customers is central to the corporate culture.REPUTATIONAL RISK The FCA’s approach will be to go a step further, so we can join the dots – is what your senior management commit to consistent with the customer experience in reality. And we will use specialist teams to look at what you are doing in detail, in a range of ways, including talking to your front line staff, mystery shopping, or in-depth reviews. Martin Wheatley, MD Conduct Business Unit FSA at the British Bankers Association Jan 2012 Your company reputation can be damaged by any regulatory scrutiny applied for failing to adhere to its own rules and policies. Not only does Senior Management have a responsibility to state how the company will be run, but it also has responsibilities under TCF outcomes 1, 2, & 3 as well as SYSC requirements to test and monitor the “Customer Journey” and make amends to areas that are found to be lacking. This is not only for the firm concerned but for any Appointed Representatives or Tied Agents it may have as well. The Market Research Society (MRS) defines mystery shopping or ‘mystery customer research’ as: ‘The use of individuals trained to experience and measure any customer service process, by acting as potential customers and in some way reporting back on their experiences in a detailed and objective way.’ Mystery shopping is a long-established research technique and is used extensively in many industry sectors, to measure the quality of service provided.
  3. 3. Correct Disclosure Clear, Fair & Not Misleading Correct Range of Services and CALL 0800 689 9 689 With your clients becoming more demanding in the new world of Financial Services you have to make sure that you have everything right. The “Customer Journey” is an important process that most firms are good at once a client is on-board. Many firms do not monitor or assess their various stages thoroughly and rely on the old world methods of sales and replacement business to provide some sort of measure of their prowess in TCF. We can provide you with two critical and important areas that will demonstrate to the regulator that you have it covered, but more importantly you will be able to demonstrate as responsible and effective management that you will monitor and assess the customer experience throughout their journey. Telephone - Inbound“The job of enforcement is to help the FSA change behaviour by making it clear that there are real and meaningful consequences for those firms Our Consultants make calls pretending to be customers and report back on how the call was Tracey McDermott acting director of the Enforcement and Financial handled. We can provide digital recordings of every call to help you coach staff towards excellence. They can test how professionally your staff transferred calls as well as the regulatory disclosure requirements. We provide you with a completed questionnaire that monitor all the points necessary from a or individuals who don’t play by the rules.” sales and TCF perspective. You can then use this management information to present to your senior management your level of compliance. Crime Division 2nd July 2012 Customer Satisfaction Research We can also interview your customers by telephone, on site or using our online survey feedback facility that is provided using your firm’s name. We can tell you what they think of your service and what they would like you to change or improve. This invaluable feedback provides you with areas that may need to be made more robust and even provide areas of service that they would like to see more of Business-to-Business We can usually find ways of simulating a business calling your lines, though you may need to help us generate realistic scenarios. What Gets Measured Gets Managed! Peter Drucker
  4. 4. Do es fac yo ing ur bu Ar s it s in ey ua esW ou t io sh rs ns av eo taf .... ? et ffe f co oc om ra mp p ly tai lyi ng to lor to FS ed th es Ar ule pa er s in ck ule ag s.. c li en e .? t Th Audio es monit tra es oring il a er for in vic and s boun ca nd es urvey d call nb wi comp s ei ca sale p letion th nb rovid post nt ou eo es top eg tco ra ffe monit and ta te m re oring il dt es di soluti ou an nr ons se dM ea in an lis su ag t ic bs em sc eq en ue en ar nt tI io s t ra nf wi or th ini m cle ng at pr ion ar og to au Mobile Site Droid Code ra be dit mm us es ed . e, od the C s& et ail ou an Sc ou rD ToY ey ck CEI Compliance Limited av Ba Le et ll G Wi We Tel: 0800 689 9689 Cell: 07801 864980 Fax: 07092 289901 0800 689 9 689 To Discuss Your Firm’s Needs