25 surefire ways to improve customer satisfaction
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August 23, 2022
Ninety one percent of UK households reported their cost of living had increased in July 2022, with costs reaching crisis levels for the poorest and most vulnerable – and there’s still more to go with an 80% predicted increase on the energy cap in October 2022. This, coupled with predictions that inflation will likely reach a 40 year high of 8.7% by the end of 2022, will only increase vulnerability across the UK and around the world.
With such stark statistics, it’s essential for organisations to act – to not only remain resilient and compliant, but because it is the right thing to do. People don’t forget the brands that stood by them and treated them with respect, dignity and understanding, especially when times were tough.
Following the recent announcement from the UK’s Financial Conduct Authority (FCA), consumers have (hopefully) been put back in the driving seat. The new requirements promise to fundamentally improve how organisations serve consumers, demanding a higher and clearer standard of consumer protection across financial services.
The introduction of the FCA’s new Consumer Duty is one of the biggest shake-ups to retail financial services regulation in over 15 years and organisations have until 31st July 2023 to ensure they’re meeting the mandate and putting customers’ needs first.
In short, the FCA has stated: “Our rules require firms to consider the needs, characteristics and objectives of their customers – including those with characteristics of vulnerability – and how they behave, at every stage of the customer journey. As well as acting to deliver good customer outcomes, firms will need to understand and evidence whether those outcomes are being met.”
With nearly 28 million people in the UK displaying one or more characteristics of vulnerability, organisations need to ensure they have the right tools and people in place to correctly identify and respond to those consumers.
The number one priority is customer communication, and understanding behaviours, patterns and even sentiment triggers to identify vulnerability. This includes:
To learn more about identifying, supporting and retaining vulnerable customers, you can download our recent whitepaper: The Vulnerability Blueprint.
In addition, join me for a session on how technology can assist organisations to manage regulatory obligations at Credit Connect’s Online Lending Technology Think Tank 2.2 on 6th September at 1pm BST.
Register your place today: https://www.credit-connect.co.uk/online-lending-technology-think-tank/
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CallMiner is the global leader in conversation analytics to drive business performance improvement. Powered by artificial intelligence and machine learning, CallMiner delivers the industry’s most comprehensive platform to analyze omnichannel customer interactions at scale, allowing organizations to interpret sentiment and identify patterns to reveal deep understanding from every conversation. By connecting the dots between insights and action, CallMiner enables companies to identify areas of opportunity to drive business improvement, growth and transformational change more effectively than ever before. CallMiner is trusted by the world’s leading organizations across retail, financial services, healthcare and insurance, travel and hospitality, and more.