Episode 108
Andrew Stevens is the principal for banking and financial services for Quadient, an international company specialising in business process automation & customer experience management. In this episode, we discuss the major problems in customer education within the financial sector and the reasons this could create failure demand.
Episode 108
Described as one of the biggest curveballs that authorities have ever thrown at banks, consumer duties are the regulations and responsibilities that banks and financial institutions have towards their customers. These duties revolve around ensuring fair practices, protecting customers’ interests & providing them with adequate information and support. Andrew walks us through these regulations, the reasons they are set in place, detailed explanations of what they entail.
Andrew Stevens also reveals some frightening information regarding customer understanding. According to Andrew, 39% of customers think they have a good understanding of financial matters. With more than half of customers not trusting their own financial knowledge, Andrew talks to us about how banks can change this. Andrew talks to us about just how devastating this can be, creating failure demand & potentially leading customers to switching banks.
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This article summarises podcast episode 108 "Innovating Customer Communication in the Financial Sector" recorded by CX Insider.
Written by Octavian Iotu