Shivali KukrejaHead of Risks and Compliance, NIB New Zealand: stimulation of customer -centered innovation and strategic impact in financial services.
Equitable driving – customer treatment in a fair, ethical and coherent – is not revolutionary. Companies had to do the good of their customers. But what is different today?
The issues are higher. In the financial services sector, regulatory expectations have refined in New Zealand, Australia, the United Kingdom, the United States and Canada. Customer requests have intensified. A fair driving is no longer a “pleasant to have” – it’s table issues.
A fair driving is not only compliance. It is a question of strengthening confidence. Confidence is difficult to win and easy to lose. Without confidence, you lose customers. Without customers, you have no business.
The role of leadership: equity begins at the top.
Each major organization is obsessed with customers. Each leader should ask for: What is in the best interest of our customers and stakeholders? If the answer is not clear, you do not move fast enough.
Boards of directors and senior officials must set the tone. A fair driving must be a defined principle, measured and integrated into your commercial strategy. What is not measured is not done.
A fair driving appears in commercial operations.
A fair driving is not theoretical. It is visible in each decision and action in your value chain. Here is where companies must concentrate:
Products: Do we solve real problems and get promises?
Price: Is our price transparent, without surprise?
Marketing: Do we clearly communicate, honestly and without spin?
Sales: Do our teams help customers make informed decisions?
Customer service: Do we quickly solve problems and do we deal with customers with respect?
Technology: Do systems and automation provide equitable results without an angle?
Vulnerable customers: Are we going and helps customers who need additional support?
Customer complaints: Treat complaints as a “gold dust” – essential ideas that stimulate improvement? Complaints expose gaps of equity and act on them strengthen confidence and loyalty.
Errors and problems: When errors occur, do we take responsibility, do we sincerely excuse and provide a fair and appropriate remedy to the customer?
Continuity of activities: Are we ready to maintain the results of fair customers during disturbances, guaranteeing a minimum impact on service and confidence?
Everything we do reflect equity – or its lack.
A fair driving is a catalyst, not an obstacle.
Some leaders believe that fair driving is a cashier exercise. This is not the case. A fair driving is a strategic catalyst that stimulates customer loyalty, operational excellence and growth.
Here is what it takes to do fair work:
Culture: Equity is everyone’s work and leadership establishes the norm.
Politics, executives and processes: Establish clear policies and robust frameworks to integrate equity at all levels.
Tools: Equip the technology and systems teams that effectively operationalize fair driving.
Training, education and awareness: Empower the employees of knowledge and tools to fill the gaps of equity proactively.
Data: Follow and measure equity between customer results to identify areas of improvement.
Responsibility: Make the leaders responsible for the integration of fair driving and to obtain measurable results.
Conformity measurement and monitoring: Use specific measures and targeted audits to ensure that the principles of fair driving are maintained and usable information is acquired.
Continuous improvement: Listen to customers. Adapt. Improve. Always.
If you are not working to improve every day, you are delayed.
A fair driving is the compass that guides us.
Consider equitable driving as the compass of your organization. It indicates the real North – your customers of your customers. When you lose sight, you lose your way.
The companies that win are those that prioritize equity, strengthen confidence and remain tirelessly on customer results. Good conduct is not only the foundation of a trusted business; It is the foundation of a large company.
So ask yourself: do we treat customers fairly in each decision, every day? If the answer is not a resounding yes, it is time to repair it.
Because equity is not optional. That’s it.
The information provided here is not investment, tax or financial advice. You should consult an authorized professional to obtain advice regarding your specific situation.
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