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70% of buying experiences are based on how the customer feels they are being treated ~ McKinsey
Treating Customers Fairly (TCF) is an outcomes based regulatory and supervisory approach designed to ensure that specific, clearly articulated fairness outcomes for financial services consumers are delivered by regulated financial firms.
Organisations are expected to demonstrate that they deliver the following 6 TCF outcomes to their customers throughout the product life cycle and that these principles are central to their culture.
All the desired outcomes as well as the overall corporate culture
Customer surveys to obtain their expectations and perceptions
An organisational audit that covers the end-to-end product value chain and all the steps in the customer journey
TCF index (score out of 100) for each business unit and its contribution to the overall organisational score
Working collaboratively with experts to become TCF compliant, treat your customers better and to gain a competitive advantage
Use the assessment to build trends over time. Monitor areas for improvement where gaps exist
TCF is a legislative requirement in the financial services industry but a set of principles by which every serious business should strive to abide by. A customer might not remember an interaction, but they will never forget how you treated them.
