EMBRACING CONSUMER DUTY AND AUTOMATION
A WIN-WIN FOR FINANCIAL INSTITUTIONS

ARYZA

Automation has become an integral part of nearly every facet of our lives. One area where automation is making significant strides is in the realm of the Consumer Duty. Automating these responsibilities not only enhances the customer experience but also brings a multitude of benefits to businesses.

AUTOMATION IS CHANGING THE CONSUMER DUTY LANDSCAPE

The introduction of the Consumer Duty by the Financial Conduct Authority stands out as the most substantial regulatory overhaul in the last two decades, signifying a fundamental shift in consumer protection standards. This innovative framework mandates financial institutions, encompassing banks, insurers, and investment firms, to prioritise delivering favourable outcomes for their customers and actively prevent foreseeable harm.

These regulations require companies to provide clients with clear, understandable information, offer products and services that genuinely benefit them, and provide support when required. With a strong emphasis on responsive customer service, the ultimate objective is to ensure that using a product, resolving an issue, or exercising the right to switch or cancel is as smooth as the initial purchase. The advent of the Consumer Duty is poised to revolutionise the financial services landscape, reshaping how businesses interact with their customers and paving the way for an ethical and customer-centric industry.

THE KEY TO SUCCESS

Going beyond the realm of obligatory regulation, a conscientious embrace of the Consumer Duty, further optimised through automation, can produce significant advantages for financial institutions. This approach not only upholds their reputation but nurtures enduring customer loyalty and stimulates economic expansion. Clients who experience authentic support during trying circumstances are more inclined to become loyal patrons, rendering it a strategic necessity for banks and lending institutions to incorporate these principles.

THE RIGHT SOFTWARE IS ESSENTIAL

The implementation of the Consumer Duty measures hinges on the discovery of the appropriate financial software solution that automates and simplifies consumer-oriented processes while enhancing cost efficiency by reducing time spent on manual tasks. Given the firm establishment of the Consumer Duty, businesses are compelled to explore software solutions that come equipped with the essential features for regulatory adherence. The pivotal factor is adaptability, enabling companies to customise payment arrangements and decision criteria to match the unique requirements of each customer. This guarantees that the customer remains the focal point of every business decision.

The Consumer Duty is not just a regulatory obligation; it’s an opportunity for financial institutions to create a brighter future for themselves and their customers. By embracing these principles and harnessing the power of automation, institutions can safeguard their reputation, foster loyalty, and contribute to business growth. In this new era of responsible banking, it’s not just about compliance; it’s about redefining the relationship between financial institutions and the people they serve.