Contentsquare, the global leader in digital experience analytics is partnering with leading UK financial services firms to help teams accelerate digital transformation and build better online experiences. As well as managing rising customer expectations, businesses across the sector are also working to meet new Financial Conduct Authority (FCA) regulations that will come into force in July 2023. Designed to empower the customer, the FCA’s new Consumer Duty sets out higher standards of consumer protection and requires businesses to optimise the end-to-end customer journey to deliver better outcomes for consumers.
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“We want to leverage innovation to prepare businesses today for the privacy expectations of customers tomorrow. Digital experience analytics (DXA) helps accomplish this, not only by enabling financial services firms to understand how customers navigate through their website or app, but also indicating why experiences work, or don’t”
An audience survey conducted at Contentsquare’s financial services September 2022 event found that only 23% of respondents had either started preparations or internal discussions around the new Consumer Duty, while 35% of attendees said they hadn’t started, and a further 42% weren’t even aware of the regulation.
By enabling firms to see where customers struggle online, digital experience analytics (DXA) can support firms to prepare for the new Duty. Contentsquare’s unique customer experience insights have been helping leaders in financial services to identify friction points in the customer journey and understand how to optimise the online experience so customers can pursue their financial objectives more seamlessly. With a holistic view and analysis of the digital customer experience, Contentsquare can potentially assist in the strategy and development of each of the core areas that the FCA’s rules outline — consumer support, consumer understanding, price and value, and products and service — allowing brands to take their cue from the customer to understand what is working and what is not, and how to best improve the customer journey.
By using digital experience insights, HSBC improved customer understanding on their current accounts pages across their brands’ sites. Initially, they noticed that customers weren’t spending time reading the Terms and Conditions (T&Cs). To ensure a better level of awareness, First Direct’s (a division of HSBC) T&Cs were summarised into six key points with the option to read all. Customers now have a clearer understanding of terms without being overwhelmed with heavy legal text.
“We want to leverage innovation to prepare businesses today for the privacy expectations of customers tomorrow. Digital experience analytics (DXA) helps accomplish this, not only by enabling financial services firms to understand how customers navigate through their website or app, but also indicating why experiences work, or don’t,” said Duncan Keene, UK Managing Director at Contentsquare.