Companies need to deliver revenue that increases profitability; however, this should be linked to the way a company treats their customers with the aim not only to fulfil the standards demanded by the FSA, but also to build credibility in long term relationships with their customers.
Every company should be asking themselves, “are we looking at TCF implementation holistically in our work streams? Are our current TCF activities a part of our strategic planning? Are we achieving the six TCF outcomes in the right way?”
Many would answer, “we are creating satisfied customers but we’re not embodying TCF outcomes in all our interactions with our customers.” This was the case for our client, the retail division of a UK bank, who needed to apply a different TCF strategy to truly engage with their customers.
To meet this challenge, it was necessary to develop a multi–work stream programme across a huge range of areas: governance and stakeholder management, product design, marketing, post-sale service and customer service, management information, people and communication. By incorporating all these areas into the project, Huntswood had a great deal of clarity on how TCF was previously being addressed and were able to detect relevant weaknesses in the processes, such as significant flaws in TCF MI.
After Huntswood evaluated the situation, it was identified that TCF needed to be implemented as a commercial opportunity through the business, rather than a regulatory hindrance. Of course the main objective of the process was to meet the FSA requirements, but thanks to the implementation of a holistic programme the client was able to use TCF to significantly strengthen its relationships with customers.
Download the following case study, and learn more about how to improve TCF compliance in your business.
By Erika Raigoso, Digital Marketing Assistant, Huntswood
