User experience and human factors research agency Bold Insight has launched its Check UX: Consumer Duty service to fintech companies and financial services ahead of the Financial Conduct Authority’s (FCA) new rules, which come into effect at the end of July.
When implementing the duty, firms must consider customer needs, objectives, and capabilities, as well as behaviour at each stage of the user journey.
Bold Insight’s Check UX: Consumer Duty service identifies where business can make simple changes to digital products and services to align with the principles of Consumer Duty.
Dr Robert Schumacher, managing partner at Bold Insight, said: “With a short time left until the FCA Consumer Duty rules are enforced, firms are in overdrive to begin the process of adhering to these new requirements.
“Undergoing a review of your product’s user experience can help ensure you de-risk your company in light of the obligations of the Consumer Duty.
“Furthermore, this is an ongoing requirement – so improving before the deadline is important, but it’s only the beginning.”
According to the FCA’s finalised guidance: “One question all firms can ask themselves is whether they are applying the same standards and capabilities to delivering good customer outcomes as they are to generating sales and revenue in comparable areas.”
The FCA suggested that Consumer Duty will lead to a major shift in financial services, setting higher standards for consumer protection.
