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A Stockbroker
The Challenge:
This D2C High-Net-Worth Stockbroker had brilliant one-to-one relationships with its wealthy customers, and had never needed to evidence its CX performance.
Consumer Duty changed all of this though. The firm not only needed to now set up a Voice of the Customer programme, but also find a way to identify which customers should and shouldn't be served by them, to align to their Target Market Assessment.
The Solution:
We worked with them to deliver Journey Mapping workshops to identify and map their customers' most high-risk journeys with them.
This led to assisting with their Target Market Assessment while we also set up an always-on automated monitoring solution of assessing customer outcomes versus the Four Outcomes of Consumer Duty as customers passed through these critical points.
Feedback from the Chief Risk Officer:
"From the outset we have found the implementation process very simple. James has been fantastic in helping us ensure our customer journeys are documented as robustly as possible and our customer questionnaires are designed and effectively aligned to the FCAs customer outcomes.
"This type of feedback is invaluable to us in being able to confidently attest that we are complying with the FCA’s Consumer duty requirements, but more importantly in giving us greater assurance that our customers understand what we are doing with them"
A Challenger Bank
The Challenge:
The client wanted to find a way to measure and evidence the experience they offer to their customer base versus the Four Outcomes of Consumer Duty (Products & Services, Price & Value, Consumer Understanding, and Consumer Support).
They wanted to do this in a way that gave a view of the experience over the longer term, to consider vulnerability, and whether the experience was as good for existing customers as it was for new ones.
The Solution:
We ran an insight exercise which identified which part of the product lifecycle each customer was on (e.g. new / existing / exiting customer), and then asked how well the brand performed against the Four Outcomes.
The results evidenced the delivery of great experiences across the Four Outcomes, while proving the experience for longer term customers actually betters that of new customers.
Feedback from the Head of Customer & Conduct Risk:
“The whole process has been seamless, taking responsibility for the communication and gathering of responses.
"Whilst these surveys focused explicitly on the four outcomes, this also provided valuable insight into our vulnerable customer population and also a view on the overall product lifecycle.”
A Debt Resolution Agency
The Challenge:
Our client was a Debt Resolution Agency who despite having customers who are in financial difficulty, and are unable to leave them, take great pride in the customer experience and levels of care they offer.
They wanted to be assured that their Consumer Duty plan was heading in the right direction, and was consistent with what we were seeing other Financial Services execute in the run up to the 2023 deadline.
The Solution:
We ran an internal 'gap-analysis' of the plan, taking what we believe to be the twenty key internal drivers of Consumer Duty performance (i.e. culture, strategy, third party suppliers etc.) and assessing performance from employee feedback.
This was followed up with a session with the Customer and Compliance teams, where they presented their plan and monitoring approaches to us, allowing us to feed back with improvements and insights they would have been unable to gather internally.
Outputs were presented back to the Board and used for the Board Report to the FCA.
Copyright Duty CX 2025