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Key Takeaways
The Consumer Duty regulation has shifted focus towards customer centricity and achieving good outcomes for diverse customer groups.
Companies need to design processes that are truly accessible and inclusive for all customers, particularly those with vulnerabilities.
Empowering frontline employees with training on vulnerability and resilience is essential for delivering excellent customer service.
Organisations should build rapport and collaborate with regulators to establish higher standards for customer treatment.
Key Statistics
47% of consumers exhibit at least one characteristic of vulnerability.
47% of consumers used a digital wallet in 2022.
Key Discussion Points
The significance of designing processes for extreme accessibility to ensure inclusivity for all customers.
The effect of customer contact on the well-being of frontline advisors and the necessity for managerial support.
The shift towards customer centricity and i...
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