The Financial Conduct Authority (FCA) has whipped up some new regulations called the Consumer Duty, and let's just say, it's got the industry buzzing louder than a hive of caffeinated bees! But fear not, my friends, because where there's a challenge, there's also opportunity to shine brighter than a freshly polished penny!
So, picture this: You're in the captain's seat of a financial institution, sailing through the choppy seas of regulatory compliance. The Consumer Duty hits like a storm rolling in to rock the boat… but fret not! We've got you covered with just the tool to navigate these waters: Objectives and Key Results, commonly shortened to OKRs.
But how? I hear you cry. Well let's review the path shall we:
Step 1: Assess the Situation (Where are we today?)
First things first, let's take stock of where we're at with this whole Consumer Duty business. Are we sailing smoothly, or are we adrift in a sea of confusion? Gather your crew (or team, if you prefer corporate lingo) and embark on a voyage of discovery. What are our current practices when it comes to delivering good customer outcomes? Are we hitting the mark, or are there leaks in the hull that need patching?
Step 2: Chart the Course (Where do we need to get to?)
With a clear understanding of our current position, it's time to set our sights on the horizon. Where do we want to be in terms of compliance with Consumer Duty? Picture the destination like a treasure island gleaming in the distance. Do we want to be the gold standard of good customer outcomes, or are we content with simply staying afloat? Set your sights high, my friends, for the sky's the limit!
Step 3: Hoist the OKR Sails
Ahoy! It's time to unfurl the sails and set our course to delivering industry leading customer outcomes, with OKRs as our trusty compass. Objectives, those lofty goals that inspire us to reach for the stars, and Key Results, the tangible waypoints that mark our progress along the journey. Together, they form a powerful duo that will steer us through the turbulent waters of regulatory compliance.
Yet this all sounds rather confusing, even with the nautical theme. So what might this look like in practise? Well we've got you covered there too, with a Blue Peter style, "here's one we made earlier!"
Objective:
Ignite awe and admiration among our customers' social circles through the delivery of extraordinary customer outcomes. (It's aspirational; it's purposeful; it's downright inspirational - That'll get your staff motivated!)
As measured by…
Key Result 1: Increase Net Promoter Score for customers from 17 to 43.
Key Result 2: Reduce customer complaints related to misleading information from 7 to 1 per annum.
…And so on and so forth. (Clear, outcome based and measurable - What more could you ask for?)
Step 4: Sail into the Sunset
With our OKRs set and our course plotted, it's time to set sail towards our Consumer Duty utopia. But remember, my fellow sailors, the journey is just as important as the destination. Stay agile, adapt to the changing tides, and celebrate every small victory along the way!
So, there you have it, folks! Even with the FCA's Consumer Duty regulations well upon us, there's no need to fear when you've got a plan. Embrace the challenge, seize the opportunity, and let OKRs be your guiding star in this grand adventure we call compliance. Fair winds and following seas, my friends!
If you'd like to know more about how OKRs could make your Consumer Duty story a best seller, why not get in touch for a no obligation chat!