The level of detail requested could be dynamic to reflect any faltering attention span by the client and data must frequently be auto-saved, so that should there be any connectivity hiccups the client knows that having invested lots of time and given up quite a lot of data, their time will not be wasted.
Technology can be a double-edged sword. If executed well, it makes access to useful information much easier and quicker. If applied poorly, it only adds to confusion and frustration.
It can even precipitate the purchase of products that are inappropriate or do not fit the risk appetite of the customer.
Ultimately, consumers want their problems solved quickly and effectively.
They want to receive support that meets their diverse needs.
They need to know the costs of all product charges.
The FCA will expect firms to ensure customers are supported throughout their relationship with them.
They need to consider the best ways to engage, including digital and non-digital communication channels.
To borrow a concept from online shopping known by web designers as an ‘abandoned basket’ intervention, technology can be set up to track existing customers that have picked up their pension plan, looked at it but then put it down again without taking any action.
Once identified, these users can be sent a time-limited special offer, and you will be amazed how often even a small incentive prompts people to go back and complete a task, whether that be completing that online purchase or topping up your pension contribution following a pay rise.
The FCA also wants to stimulate more competitive financial product markets in which it is as easy to switch, cancel or register a complaint about a product or service as it is to buy it in the first place.
And the regulator will also be monitoring exit fees and transfer speeds to ensure they are reasonable if consumers do decide to move their money elsewhere.
That means providers and advisers alike may need to focus on completing transfers faster, for example, and charging less to complete them – and technology must be put to work to enable these sorts of efficiencies.
Again, this presents scope for conflict between adviser and provider. If providers' back-office administration is poor and/or expensive, this creates a frustrating bottleneck for advisers trying to do the right thing for their customers, especially as they are often the bearer of the bad news about the length of time things are taking and how much they are going to be charged to complete a change.
