Contentsquare, the global leader in digital experience analytics, partners with leading UK financial services companies to help teams accelerate digital transformation and create better online experiences. In addition to managing rising customer expectations, companies in the industry are also scrambling to comply with new Financial Conduct Authority (FCA) regulations that come into effect in July 2023. consumer protection and require companies to optimize the journey end-to-end client to deliver better results to consumers.
An audience survey conducted at Contentsquare’s September 2022 financial services event found that only 23% of respondents had started preparations or internal discussions around the new consumer duty, while 35% of attendees said they had not started, and an additional 42% were not. t even aware of the regulations.
By enabling businesses to see where customers are struggling online, digital experience analytics (DXA) can help businesses prepare for the new Duty. Contentsquare’s unique customer experience insights have helped financial services leaders identify pain points in the customer journey and understand how to optimize the online experience so customers can more seamlessly pursue their financial goals. . With a holistic view and analysis of the digital customer experience, Contentsquare can potentially help in the strategy and development of each of the key areas defined by the FCA rules – customer support, consumer understanding, price and value, and products. and services – allowing brands to learn from the customer to understand what works and what doesn’t, and how to best improve the customer journey.
Using digital experience insights, HSBC improved customers’ understanding of their current account pages on their brand sites. Initially, they noticed that customers didn’t spend time reading the T&Cs. To ensure a better level of awareness, the T&Cs of First Direct (a division of HSBC) have been summarized in six key points with the possibility of reading everything. Clients now have a clearer understanding of terms without being overwhelmed by heavy legal text.
“We want to leverage innovation to prepare today’s businesses for the privacy expectations of tomorrow’s customers. Digital Experience Analytics (DXA) helps accomplish this, not only by enabling financial services firms to understand how customers navigate their website or app, but also by showing why experiences are working or not working.” , said Duncan Keene, UK Managing Director of Contentsquare.
Contentsquare is dedicated to helping brands across all industries create better, more human digital experiences for their customers. In 2021, Contentsquare launched the industry’s first cookieless experience analytics solution to help businesses address their customers’ privacy concerns and build digital trust. The company also has numerous security and privacy certifications and reports, including ISO 27701, ISO 27001, and SOC2 Type I & II.
To learn more about how Contentsquare can help businesses prepare for and comply with FCA’s new Customer Duty and deliver an accessible, customer-centric digital experience, please see the Financial Services Digital Experience Benchmark Report 2022.
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