In working with our Financial Services clients, we’ve gained some priceless insights into what’s needed to effectively deal with “consumer vulnerability” as published in the FCA’s white paper highlighting the issues.
What we’ve found is that the majority of organisations have a raft of processes, procedures, strategies and policies in place, which improve awareness in the organisation … and yet, in many cases, further frustrates customers.
Whilst changing strategies, processes and policies is vital, our clients have discovered there is one game-changing element that brings everything to life and dramatically improves performance, enhances the customer experience and drives up commercial results.
According to the FCA*, when considering ‘what good can look like’ for customers – one of their principle recommendations is:
“Being able to talk to someone who will take the time to listen, who is flexible enough to let the conversation take a natural course, and who is sufficiently trained to spot signs of vulnerability and refer on to specialists where necessary.”*
What organisations have discovered is that in order to deliver this – and other recommendations in the report – on a consistent and daily basis, a shift is needed in the mindsets and attitudes of people at all levels of the organisation.
One of our clients put it very succinctly: “Trying to change the way a business operates, without changing the way people in it think first, is as futile as it is costly.”
Changing the way people think is specialist work – work for which we have become renowned – and when done effectively, causes seismic shifts in performance and results.
Sewells is helping clients gear up to the challenges by making sure that customer facing teams have the mindsets and attitudes – as well as the necessary skills – to ensure their approach identifies vulnerable customers and listens to their particular needs and concerns.
If you’d like a confidential discussion about our effective approach to dealing with consumer vulnerability, or find out how we can enhance the performance of your team, contact us today for a no-obligation chat. You’ll be really glad you did!
*Source – FCA Occasional Paper 8