In the latest issue of online publication Global Banking & Finance Review, Bob Schumacher, Managing Partner of Bold Insight, details ways that fintech and financial services firms can best prepare for the Financial Consumer Authority (FCA) Consumer Duty that will come into effect on 31 July 2023. In the article, How financial services firms can prepare for the impending FCA Consumer Duty, Schumacher shares how user research can be used to improve products and help to ensure that the FCA Consumer Duty requirements are met.
The upcoming FCA Consumer Duty implementation sets higher and clearer standards of consumer protection across financial services. The Duty requires financial services firms to put the needs of customers first. In all aspects of business, products and services must be fair, clear, and accessible.
“While the new set of rules is a significant change for financial services firms, improving how firms interact with their customers is also an opportunity,” said Schumacher. “Firms ensure trust is built with their customers by carefully researching and then building on the learning. This is key to driving loyalty and ultimately business success.”
About Global Banking & Finance Review
Global Banking & Finance Review is a leading online and print magazine, which has evolved from the growing need to have a more balanced view for informative and independent news within the financial community. Their experienced contributors provide this quality and in-depth insight in a clear and concise way, providing leading players and key figures with up-to-date information within the finance sector.
About Bold Insight
Bold Insight is a user experience and human factors research agency. Based in London and Chicago, our work spans the product development life cycle – from early product design to global human factors validation – all to ensure the user experience is useful, usable, and satisfying. We work with digital, next-generation technology including medical devices, mobile apps, in-car systems, home appliances and more, delivering research-based insights to empower confidence in design.