Good conduct and delivering ‘good customer outcomes’ is at the top of the agenda for financial institutions. As regulators make clear their expectations for change, boards look for insight and customers demand trust, it is more important than ever before to act proactively to embed conduct and customer focus into long term strategy.
In reaction to the Australian Royal Commission and the weaknesses in conduct governance and management identified by the New Zealand regulators thematic review, financial institutions are working through a process of identifying conduct weaknesses in their business and initiating large programmes of uplift.
The challenge now is to navigate large volumes of priorities and ensure that change is meaningful and sustainable in a world of changing technology and new ways of banking. Institutions need to be taking the opportunity to proactively review all their processes, products and services and focus their efforts on resolving key customer hotspots. Crucially, firms need to ensure they consistently deliver good outcomes at every customer touchpoint and can demonstrate this through robust measurement and insightful reporting that supports continuous improvement.
