Navigating Consumer Duty

Savanta’s Consumer Duty Communications Testing Framework. 

At Savanta, we have developed a cutting-edge framework for Consumer Duty Communications Testing that draws on our decades of financial services expertise and conversations with clients.

Our mixed method approach ensures that we can implement a quantitative process at scale for simple testing, whilst also being able to deliver against the more challenging areas such as accessing vulnerable customers and understanding lengthy, complicated communications through in-depth qualitative analysis.

Designed to be flexible and easy to use, our communication testing framework consists of three service levels offering complete flexibility of sample across customers and prospects. Within our tiers of delivery, we are able to assess not just stated understanding, but genuine understanding and comprehension, which is essential for fulfilling Consumer Duty requirements.

This tiered approach ensures Consumer Duty testing is integrated with best practices for communications evaluation and optimisation, meaning we can drive efficiencies and value for organisations against wider business objectives as well.

More from the series:

This article is part of our series – ‘Navigating Consumer Duty: a Savanta series’, which aims to help financial services professionals prepare for the new FCA regulations coming into effect this year. We provide guidance and advice to help your business plan, test and evidence compliance to meet the new standards.

To access more articles from the series, click the links below:

• Consumer Duty: everything you need to know
• Navigating Consumer Duty: qualitative or quantitative – what is the right approach?
• Navigating Consumer Duty: do you speak finance?
• Navigating Consumer Duty: the importance of value-driven partnerships

If you want to learn more about our Consumer Duty Communications Testing Framework and how it works, please download our overview and feel free to get in touch with us.