The new FCA Consumer Duty – CACI is ready to help

The new Consumer Duty is an important directive from the FCA to protect consumers. It recognises the need to focus on consumer outcomes and to put these outcomes at the heart and centre of the organisation.

For financial services organisations to achieve the requirements of the Consumer Duty, there is a need for change. Change will require overcoming common obstacles around data, communication plans, marketing goals and working practices.

To be in line with the Consumer Duty, firms need to know their customer, adapt their products, and use data to drive messaging.

CACI is here to help

The result is that Financial Services organisations will need to improve consumer understanding, have a complete view of the consumer lifecycle and journey, revisit the selection and messaging used in communications, and establish new means to measure.

Operational siloes, fragmented data, incomplete consumer profiles, product-oriented campaigning, and slow/linear working practices all create barriers to achieving the FCA’s directives. Our experience has been that firms may be dealing with several of these blockers at one time, requiring more holistic solutions than a traditional agency or consultancy can provide.

CACI’s unique positioning in the market as part agency, part consultancy, part data provider and part system integrator ensures that we can really drive value for your business. Our services and data products have always been there to connect firms with their customers. Some of the ways we can help:

• Enriching consumer data – Nationwide rely on CACI’s demographics and lifestyle data variables to provide deeper insights on who their customers are and the size of the market opportunity
• Segmenting and insights on consumer audiences – the Money and Pension Service have used CACI’s services to build a profile of the nation’s wealth and indebtedness
• Fixing data quality and fragmentation – working alongside their own data teams, CACI are improving the quality, latency, and reliability of the data that Bupa holds and uses in marketing
• Improved marketing and communications tools – Virgin Money have invested in market leading communication tools, CACI has designed bespoke customer journeys to leverage this new technology
• New reporting and measurement – from attribution through to complex propensity models, CACI can visualise and report on the KPIs that really matter
• Efficient operating models – through improvements in the people and process side of marketing operations, CACI can strip out 80% of the time required to launch a campaign from idea through to results. This will enable you to send more targeted campaigns to the right consumers
• Product insights – our Retail Finance Benchmarking services provide vital insights into the market for personal loans, current accounts, savings, and mortgages which supports and enables product design, proposition development, and provides an objective measurement of market performance.

The Consumer Duty is an important directive with vital intention to build trust between financial institutions and consumers. For help with your journey to compliance, please contact either Paul Sene or Cara Bramwell to find out more.

Further reading:

• Segmentation in financial services
• Challenges in achieving personalisation
• FCA guide to the new consumer duty