We’ve been involved in a number of programmes to enhance and improve our work with our customers
SUPPORTING CONSUMER GROUPS
We are the only Financial Services provider which supports and funds the National Consumer Federation (NCF) conferences. The NCF represents consumer interests and aims to make the financial services industry more transparent. In 2011 we sponsored their annual conference and shared with them our insights from the Money, Money, Money programme into the way that “Generation Y” views its consumer rights..
This joint research showed that 78% of young people would complain directly to the products or service provider, while only 6% would complain to a consumer group, and 5% would use social media to complain. There are clear implications here on how the next generation uses consumer rights.
Improving Customer Communications in Savings
Our role with savings customers is to provide investment and savings products, which
allow individuals and families to plan for the future. With stock market volatility higher it is essential that we provide customers with a clear understanding of which funds they are invested in and how much their money is worth.
Work has continued to improve the financial statements available for customers holding our products investment products. In 2011 over 407,000 customers were provided with better investment statements on top of the 141,000 provided in 2010. Over 80,000 of our customers have been involved in the feedback so far. In 2012 we are hope to extend this initiative, providing better information to over 1m of our clients.
YOUR VOICE: PRODUCT AND CONCEPT TESTING WITH CUSTOMERS
Your Voice was created in March 2011 to provide a way of testing future product trends / ideas and concepts out with our customers as well as seeking their opinions on important issues. Over 1,000 customers have shared their views, interacting with the site over 7,500 times. We have run over 20 topics with members, from short 4 question surveys to multi-stage pieces involving methods such as in depth telephone interviews and online chats.
Community members range in age from 18-80, and include people with various levels of confidence in financial issues.
Examples of some of our topics are:
The protection gap (June 2011)
For those who don’t feel adequately covered through other means, the common sense behind life cover, critical illness cover and income protection is unquestioned
Communication and statements (pensions and investments) (June 2011)
Statements are important to our customers: a good statement plays a clear role in financial planning for many, particularly those who have reached retirement. Some of our statements were seen as unclear and overwhelming, making them less useful than they could be. This is an area where we’re hoping to see improvements as our new-style statements are rolled out more of our customers.
Structured products awareness and understanding (February 2012)
Just under half of our panel members claim to have some awareness of structured products, but only 11% provided us with a knowledgeable definition. This highlights the need to demonstrate the role the product could play for customers.