The product development challenge is as tough as ever
Every financial services firm wants to make commercially successful products that meet customer needs. But regulation designed to protect customers can stifle innovation because it's often difficult to interpret the regulator’s intent. When this happens, compliance teams can adopt a defensive stance that unnecessarily constrains commercial thinking.
Many of our clients describe tension between their commercial and compliance teams – a tension based on the belief that they are inevitably at odds. Talking to many, you wouldn’t think that commercial and compliant could be achieved in the same product.
But it needn't feel like a tug of war
There is a way to satisfy both regulatory requirements and commercial strategy.
We call it Evidence Based Compliance. It’s a collaborative, customer-centred design methodology that unlocks the elusive sweet spot for both compliance and commercial teams.
Putting the customer at the heart of the process aligns your company with the regulator’s mission. And it results in financial products and propositions that people need, value and buy.
We guided the RAC through a regulatory minefield, creating an evidence trail that demonstrated positive customer outcomes.
6 week turnaround.
An innovative focus on ethics, honesty and a transparent customer experience delivered dramatic results.
‘Loving your Customer’ award at the UK Financial Services Experience Awards.
Our latest thinking
How do you align commerciality compliance and the customer's best interests when designing financial products?
How we devised a process to help our financial services clients innovate in a heavily regulated environment.