Evidence Based Compliance

Design brilliant financial products that delight customers and make the regulator happy

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.

RAC

We guided the RAC through a regulatory minefield, creating an evidence trail that demonstrated positive customer outcomes.

6 week turnaround.
Compliance, assured.

Benefits across the business

Evidence Based Compliance treats design as a collaborative problem-solving exercise rather than a thing to be delivered. This leads to fast turn-arounds, better business performance and happier customers.

  1. EBC provides assurance


    • Compliance with both the spirit and letter of the regulation
    • Clear rationale and an evidence-trail demonstrating positive customer outcomes
    • Rigour that builds the regulator's trust
  2. It's customer-centred


    • Design based on true customer insight
    • Great customer experiences that build trust in your brand
    • Products and propositions that customers understand, value and buy
  3. Better commercial results


    • Improved conversion and sales
    • Better, faster, cost-efficient product innovation
    • Licence to explore a wider set of opportunities
"Through an exemplary focus on regulatory compliance and customer outcomes, cxpartners helped us achieve improvements in commercial performance."Thomas Foster
Director of Acquisitions, RAC
Cooperative Bank

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.

Find out how we did it

Compliance is a process, not a point of view

The best way to identify the ‘sweet spot’ that truly benefits both customers and your business is through user-centred design. Evidence Based Compliance cuts through the conjecture and enables customer-centred innovation in tightly-regulated environments.

Work with us to:

  1. Evaluate

    Evaluate


    • Distill the spirit and letter of the regulation into testable outcomes
    • Validate an existing product or service with customers and reveal the gap
    • Secure internal alignment and an agreed plan
  2. Innovate

    Innovate


    • Reimagine your products and services
    • Understand your customers, bring better products to market
    • With an evidence trail and compliance assured
  3. Embed

    Embed


    • Evolve your risk management models
    • Build a platform around customer insight
    • Become a truly customer-centred organisation

Meet the EBC experts

We’re a dedicated, 25-strong Financial Services team with a breadth of sector knowledge and product strategy expertise across insurance, wealth and banking.

We've been developing Evidence Based Compliance over the last four years through our work with compliance and commercial teams across the sector.

Here's the full story.

Mark Hicks

FS Strategist

Stu Charlton

Experience Strategy Director

Sophie Grencis

Strategy Director

Contact us to discuss your challenge
ebc@cxpartners.co.uk

Sign up and receive a free copy of our EBC brochure

Inside the PDF, we explain how Evidence Based Compliance can align teams in your organisation and how it can deliver better results, fast. You'll discover:

  • What's involved
  • Why EBC beats traditional assurance
  • How your organisation can benefit

We'll also send you occasional updates about EBC (no more than once per month).

By entering your email, you agree to our general privacy policy.

Our latest thinking