Key takeaways from the MorganAsh webinar: Consumer Duty outcome reporting
Key takeaways from the MorganAsh webinar: Consumer Duty outcome reporting
By Jess Trueman, Head of Business Development at Smart Money People
On Thursday 20 February, I joined James Edmond and Martin Grimwood for the latest MorganAsh webinar to discuss what businesses can be doing to improve their board reporting on vulnerable customer data. Here are some of the key takeaways from the session:
Understanding customers in vulnerable situations
Organisations must stop grouping all vulnerable customers together. Vulnerability can look very different - some customers may face financial hardship, while others may struggle with health issues. By understanding and categorising these different needs, businesses can offer more targeted support and ultimately improve outcomes for their most vulnerable customers.
Connecting data to real outcomes
Simply collecting data about customers isn’t enough. Businesses must link this data with real customer outcomes to see if customers in vulnerable situations are getting the same level of service and results. This helps businesses not only stay compliant with regulations but also take real steps to improve experiences for those who need help the most.
Using data to drive change
The FCA has been clear: data should drive action. It's not enough just to gather information; businesses need to use it to make meaningful changes. This means regularly reviewing customer outcomes, identifying where customers are not being properly supported, and taking action to fix it. Companies must be prepared to demonstrate that their strategies are making a real difference for customers in vulnerable positions. They must also show that they’re taking data-driven steps to improve outcomes.
Smart Money People’s impartial review data can help your company to evidence outcomes for Consumer Duty.
Plus, our bespoke surveys allow you to gather sensitive feedback securely – without the results being published on our platform – perfect for gathering insights from specific groups like vulnerable customers.
