What does the Financial Advice Market Review mean for your digital business?

What does the Financial Advice Market Review mean for your digital business?

by 1890 Posted on Mar 16, 2016

This week the FCA and Treasury published the joint Financial Advice Market Review (FAMR). The main conclusion is that the new technology could play a major role in driving down the costs of advice. There are some 28 Recommendations in the Report covering Affordability, Accessibility and Liabilities and Consumer Redress. The FCA has also said it should also set up a new advice unit to help firms set up the automated programmes – robo-advice.

The Report says that many consumers did not want to pay for full regulated advice, but simply want more informal guidance, and recommended ways in which employers could be encouraged to give such guidance, The Recommendations are intended to help increase both the accessibility and affordability of the advice and guidance to ensure that consumers get the help they need.

Whilst there is still a lot to be discussed before the final shape of the new rules has been decided, it is already clear that digital channels and chatbot analytics are going to continue to grow in importance when it comes to giving Customers information and advice, and companies have already started to put some of the essential technological building blocks in place.

The development and evolution of digital channels is something that we at Glassbox have long anticipated and have developed solutions to support and enable. Specifically in the context of the FAMR Report, Glassbox can support companies in 3 main areas:

  • Record Keeping
  • Compliance Monitoring and Audits
  • Customer Service and Support

Let’s touch on the first topic of Record Keeping: 

The growing sophistication of web design means that every Customer session is tailored and personalised to the specific circumstances and situation of each individual Customer; what Customers see can be affected by the device, operating system, version, location, demographics, etc…

Every Customer potentially receives different offers, warnings, disclaimers, messages, caveats depending on what they are trying to do and what they are interested in. Web layout and content changes constantly and up to now, there was no easy way to be certain what a Customer has actually been seeing while browsing your website.

Glassbox can support enterprises in maintaining robust records of every Customer session by recording every session exactly as seen by the Customer, regardless of whether they are using desktop, mobile or native apps.

The information is tamperproof so can be used to resolve complaints and disputes that may arise in the future. Glassbox’s proprietary storage capabilities require only 5% of the original data storage space so it is viable to keep the data for the life of a product – useful if there is no time limit of liability on financial advice.

The FAMR also affects Compliance Monitoring and Audits

From time to time it may be necessary for digital businesses to be audited, reviwed, or investigated to ensure digital compliance with current regulations.

Glassbox’s solution for digital analytics can automate much of this activity by enabling the free text search of the data to find and replay every session that meets the criteria. Specific funnel reports can be defined to run routinely or ad hoc to identify every session meeting the criteria for further investigation or review.

Lastly, there are implications for Customer Service and Support departments

Some Customers may need help to navigate their way through the questions required to provide the necessary information and guidance. In addition, there may be issues with ease of use or bugs within the website.

Glassbox records every session as it happens, so that if a Customer encounters difficulty and needs to speak to your contact centre, the agent can immediately find and replay the session to see what the problem is and help solve it. By doing so, Glassbox helps break down the functional silos that so frequently affect Customer’s satisfaction and loyalty and will in the long run, improve the customer experience digitally.

In case of software issues, once call centre agents have resolved the calls, they can send recorded digital sessions to IT to fix, ensuring a continuous improvement of the digital channels’ performance,

If you’re keen to understand how Glassbox’s solutions can help you take full advantage of the robo-advice revolution, get in touch in touch today and let’s discuss.

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