The New Automotive World Community Round Table
Written by Jason Craker on
Earlier this month, we hosted our second ‘The New Automotive World Community’ round table in partnership with Kind Consultancy at the ArvatoConnect HQ. We welcomed motor finance providers and OEMs from across the sector to facilitate much-needed discussions on how to drive positive customer experiences in a very complex environment.
Here at changemaker, we believe the key to a successful round table is a great icebreaker - this time, it was 'two truths and a lie'! This lighthearted activity not only helped to break the ice and build relationships, but gave people the confidence to lead discussions later in the session.
Now, with everyone fully engaged, we could move on to the fun part...
To kick off the main event, Joseph Jack, Head of Compliance at ArvatoConnect, led a session on the post-sales customer care journey. The key takeaways from this discussion were:
- The best results are seen when we break down silos and work with the customer's intention at the heart.
- One of the major challenges is to win the hearts and minds of the organisation. We must now prioritise working on culture, behaviours and mindset.
- Outcome testing exercises and walkthroughs, such as customer journey mapping, performed with the right mindset (i.e. rewarding great outcomes rather than highlighting issues) can engage a 'working together' approach and help to foster the mindset needed to deliver exceptional experiences.
- Our services and products can be complex, so we must work to provide simplicity and access to the right resources when consumers need to get in touch.
- Having KPIs that focus on consumer outcomes as opposed to the revenue of the business helps to drive the right behaviours. Unfortunately, this is not yet common practice.
- Those who hold the Significant Management Function (SMF) are taking ownership and tracking back through committees.
- Now more than ever, customer care must be proactive.
Next, there was a discussion around discretionary commission arrangements led by experienced Advisory Consultant, Paul McDermott. The main takeaways from this session are outlined below:
- Following the FCA’s DCA announcement, we have a period of preparation before they announce their findings. The consensus is that there will be a redress with a sensible timeline and scope to avoid many financial organisations collapsing. Remember: if you can show your data subject requests have increased substantially, you can request to change your response time from 30 days to 90 days.
- It is important to use this period to focus on risk evaluating your cohorts, as there will be different levels of investigation dependent on harm. Scenario planning is therefore essential. Prepare for the increased loads when the CMC (Claims Management Companies) start to get more involved and expect more complex and in-depth enquiries.
- There was a debate around the potential impact of this investigation on the UK market, as it is already one of (if not the most) complex from a financial regulatory perspective - could the barrier to entry be getting bigger? We know that lending will be more expensive, but what will this affect in the long term?
If you can relate to any of these challenges or wish to discuss the above further, do reach out to Jason or Justin directly.