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.
How we can help
KPMG have a team of specialists with deep local and global expertise in practical approaches to conduct. We balance commercial sustainability while driving the positive outcomes that customers and regulators seek.
KPMG can support you with specific areas of regulator focus as well as helping you to develop and implement your broader conduct and customer strategy with the objective of clearly identifying your risks and having a vision and strategy for assessment, management and control of those risks.
We have deep experience in assisting clients with their response to conduct regulatory requests, developing initiatives such as conduct frameworks, customer outcomes measurement programmes, risk culture measurement and improvement, and conducting gap analysis assessments against customer outcomes and designing approaches for improvement or customer remediation.