LSB looks at digital developments

LSB has reviewed its Standards to assess whether any amendments are needed to take account of various digital developments.  It considered the effects of digitalisation of the customer experience on the whole customer journey apart for credit card, loan and overdraft products. Key findings included:

  • firms increasingly use third parties to supply the required technology, and so need to make sure sufficient controls and checks are in place for their oversight;
  • most firms have introduced new mechanisms to support customers engaging with new technologies;
  • firms are looking to help vulnerable customers and those in financial difficulties to understand and engage using digital channels. However, some categories of customer, specifically those in the Armed Forces, are often forced to provide information by phone;
  • standard measures can make it easier for consumers to compare promotions for different products; and
  • increasingly customers are happy to receive statements digitally.