A cultural revolution
Ultimately a firm’s success at meeting the consumer duty requirements will revolve around obtaining regular insight into the whole customer experience and then instilling or reinforcing a culture that focuses on the customer’s needs at every interaction and contact point.
Delivery will require the commitment and leadership of the firm’s board or management team; they set the culture by example.
As chair of a customer insight business I never cease to be amazed at the number of businesses that shy away from obtaining regular insight into the views of their customers and of their staff.
But I have also seen numerous examples of the positive impact such insight can provide, not just for boards and management teams but also in providing real motivation for staff.
I am very fond of the quote by Arthur Nielsen: “The price of light is less than the cost of darkness”.
Consumer duty should be the catalyst for businesses to shine a light on their customers’ experiences and the four prescribed outcomes.
There will be a cost, but when the customer experience is lifted beyond the ordinary they will tell others about it and new revenues will flow and profitability will grow.
And importantly this will define a culture for the firm and become a benchmark for its competitors.
John Moret is chair of Investor in Customers
