February 16, 2024

February 16, 2024

February 16, 2024

Consumer Duty and Customer Experience: Insights from Leading Forums

Consumer Duty and Customer Experience: Insights from Leading Forums

CourtCorrect's digest on the recent Consumer Duty Forum and Future of Customer Contact Conference.

CourtCorrect's digest on the recent Consumer Duty Forum and Future of Customer Contact Conference.

Amir Ali OBE from our advisory board and Leo, our Legal Data Associate, recently represented CourtCorrect at the Consumer Duty Forum and the Future of Customer Contact Conference. It was an incredible opportunity for them to engage directly with industry leaders from organisations such as Zurich Insurance, Moneybox, NatWest, and the AA. More than just attending, Amir and Leo had enriching discussions with our existing clients, deepening relationships and exploring new opportunities for collaboration. It’s safe to say, their time at the conferences has sparked some exciting conversations here at CourtCorrect, and we’re eager to translate these insights into actionable outcomes for our team and the clients we serve. Now onto our events summary.

The Consumer Duty Forum

Lauren Long, Ombudsman Leader of the Financial Ombudsman Service (FOS) highlighted the nuanced impact of Consumer Duty, focusing on addressing the "lawful but awful" behaviour that was seen to be creeping into financial services. This approach has not significantly shifted the volume of complaints but 4 nuanced themes can be drawn from these new Consumer Duty cases.

Consumer Duty: A Detailed Perspective

  • Elevating Customer Service: Highlighting the need for flexibility, Long noted that a quarter of complaints were upheld due to excessive service rigidity. Far too often complaints are upheld by the FOS because firms still to standard processes’ for too long, and do not adapt to non-standard customer scenarios.

  • Personalisation at the Forefront: The emphasis on vulnerable customers was a significant focus, with Long stressing the necessity of customised support and a "human approach to solving problems."

  • Clarity and Transparency: Consumer Misinformation remains a significant issue, with a call for firms to ensure clear, accurate communication, especially post-sale, to prevent complaints. One particular issue was firms relying on terms and conditions agreed to at the point of sale to justify misleading information provided at a later date.

  • Holistic Complaint Handling: The approach to complaints should be integrated within the wider customer relationship framework, focusing on resolving issues while considering the customer's broader needs to prevent future complaints.

Good Outcomes through Monitoring

The forum's discussions on monitoring and data utilisation underscored the shift towards more regular reporting on consumer duty, highlighting the role of live feedback mechanisms in improving consumer duty compliance. This can be done with the implementation of key controls such as 4 eyes checks on complex Final Response Letters. The creation of these controls can help ensure firms move to the idea of “Treating Consumers Fairly+”.

Future of Customer Contact Conference: Key Highlights

The conference underscored the transformative role of AI and data analytics in customer contact, with a strong focus on personalisation, efficiency, and the seamless integration of technology in customer journeys.

Innovation and AI in Customer Contact

  • Gen Z's Engagement with AI: The increasing reliance on AI tools by younger consumers points to a shift towards more autonomous, tech-enabled customer interactions. Davies Hickman reporting that as many as 39% of GenZ have used ChatGPT to make templates for complaints. This suggests an increasing capability of consumers looking to claw back money from firms.

  • The Drive for Hyper-Personalisation: Derek McWhinnie of Zurich Insurance emphasised empathy and efficiency in customer care, reflecting a broader industry trend towards creating continuous improvement cycles in complaints.

Transformative Impacts of AI

  • CX Transformation through AI: Eric Jorgensen's insights into the role of AI in enhancing customer experience highlighted the critical importance of personalisation and omni-channel support. Creating a seamless experience across as many platforms as possible is a key way to improve customer experience.

  • Pragmatic AI Strategy: Matt Bramley of Freshworks discussed the necessity of data integrity and ethical AI use, pointing to the potential of AI in revolutionising customer satisfaction metrics. CourtCorrect has already taken steps towards this goal with our AI Safety Policy and pursuit of ISO 27001 certification.

CourtCorrect: Embracing AI for Superior Customer Service

Drawing from these forums, CourtCorrect reaffirms its commitment to leveraging AI for enhancing complaint management and customer satisfaction. By aligning with the discussed trends and insights, we're poised to lead innovation in customer service.

The Consumer Duty Forum and the Future of Customer Contact Conference have illuminated the path forward for customer service, highlighting the critical roles of technology, transparency, and personalisation. For CourtCorrect, these insights fortify our resolve to harness AI in creating more responsive, empathetic, and personalised customer experiences, setting new benchmarks in complaints management and customer engagement in the process.

If you would like to learn more about what CourtCorrect can do for your organisation, please request a free trial of the CourtCorrect Platform here, fill out our contact form here or simply drop us a line at hello@courtcorrect.com.