Good Consumer Understanding is vital to good outcomes. And it underpins many of the FCA’s specific concerns today, including:
Investing & wealth: meeting the Price and Value outcome, and the effective delivery of Targeted Support
Protection: in its market study into pure protection insurance, the FCA wants to feel more confident that consumers understand the products they are buying
Consumer finance: do your digital tools sufficiently help consumers to understand credit agreements?
Vulnerable customers: especially supporting people with poor numeracy and literacy, and low confidence in managing their finances
Led by our Head of Design, Stuart Tayler, this series explored what it really means for consumers to understand the information you provide – and how you can achieve that in practice.
Part one: How to test for Consumer Understanding
When we test financial services journeys, we see that a lot of customers are confused.
The firms we work with are usually surprised by this. FS can be complicated, sure, but they don’t intentionally send customers things that they won’t understand.
They’re surprised because they hadn’t seen signs of poor understanding in their quantitative data.
In the first of two webinars, Stuart Tayler shares how we test for Consumer Understanding in an effective, impartial way, and shines a light on those blind spots. He talks through an approach to qualitative research that helps you align with the Consumer Duty principle, rules and outcomes.
Find out about:
Why it’s important to test for understanding
Why you may not be the best person to assess understanding
The details of our approach
How the approach can strengthen conversations with the FCA
How the approach can be applied at scale
Speakers
Stuart Tayler, Head of Design
Stu has over 15 years of experience in user experience and service design for a range of clients, including Google, Nike and The Co-operative Bank. He’s worked in-house for Nokia and Dyson on their electric car programme. This breadth of experience helps him to understand what makes organisations customer-centric. His work at CXPartners focuses on putting that into practice through designing and leading programmes to help organisations increase their customer centricity.
Stu Charlton, Experience Strategy Director
Stu Charlton helps organisations create impactful services by aligning business goals with real customer needs and consumer-focused regulations. Stu champions ethical, inclusive approaches to design in Financial Services, using research-driven methods to make the sector feel accessible and relevant.
