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Navigating Consumer Duty

Optimising communication testing

Consumer Duty has been on the mind of financial services for months now, as firms strive to interpret, understand, and then crucially implement the processes to not only meet the Consumer Duty requirements but understand these in the wider context of varying business objectives. In our new series ('navigating Consumer Duty: a Savanta series') we offer guidance to financial services business to help them prepare for the new regulations.

Craig Tandy Director 21/02/2023
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:

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.

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