May 2023: Updates with a few months to go

Prepping for Consumer Duty: Evidencing Outcomes and Cultural Change
With annoucements coming thick and fast, and less than 70 days to go to live date for Consumer Duty, Kevin and Chris caught up on some of the latest developments and challenges, with a particular focus on evidencing outcomes.
Key Points

The financial services industry is undergoing a transformation to prioritize better customer outcomes.
Cultural shifts and training are crucial to aligning practices with customer-centric goals.
Monitoring and measuring customer outcomes require the use of appropriate metrics beyond traditional measures.
Engaging customers through their preferred digital channels can enhance the overall experience.
Allocation of cases and the granularity of treatment paths need careful consideration.
Data strategies and segmentation play a critical role in understanding customer behavior and vulnerability.
Affordability assessments and income optimization are important for sustainable payment arrangeme...