Category Archives: Ethical Practice

Embedding ethical business practice

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How do big brands embrace ethical business practice? So, last week, on my first day back at work after the Christmas/New Year break, I was sitting on a bus mulling the big stuff (as you do at these times) – ethical business practices. I was thinking about the work we do to encourage businesses to become more adept at meeting customer needs by building: Authenticity, Transparency, Agility and Inclusiveness. I was wondering why sometimes companies try to embrace these principles but fail – or, if they do start to act more like this, why it can feel unsatisfactory – like nothing has…

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{Insert brand name} – where the customer comes first!

By | Ethical Practice, Social Customer Service | No Comments

I believe our newly connected, digital world has created a burning platform for traditional customer experience strategies. Businesses are facing a troublesome double whammy. There’s a newly empowered consumer base, with a loud voice and an unwillingness not to put up with the same old crap. Coupled with this, the rise of disruptive start-ups threatens the heart of our existing business models. Together, this means businesses have to reassess and re-evaluate their idea of the customer just to stay alive. Not convinced? Professor Richard Foster from Yale University estimates that: By 2020, more than three quarters of the S&P 500…

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At your service: 5 key points to help you on your own social customer service journey

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It’s customer service first and foremost Many businesses assume young people are best placed to deliver social customer service, as they are used to operating on social media and familiar with the technology.  This is a mistake. Supporting and helping customers is a skill in itself, whatever the medium.  It requires sensitivity, maturity and excellent problem-solving skills. Remember, social customer service is still customer service and the people that can deliver this best are your customer service agents. An understanding of social media is vital These agents will also require a firm grounding in social technology.  They will need training…

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A 10 step model for delivering an effective conduct risk culture

By | Conduct Risk, Ethical Practice | No Comments

The conduct risk imperative The FCA’s recent focus on conduct risk marks a significant shift in mindset for most financial organisations. Leaving the term ‘conduct risk’ deliberately undefined, the FCA has been clear that it is up to individual firms to decide what ‘good’ conduct and customer outcomes mean for them. Moreover, the onus is on firms to show that they have done this thinking and modified their business accordingly. There are no set procedures, policies and frameworks to follow; the FCA has said they will assess conduct risk by looking at areas across the firm’s business and behaviour to…

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What UK financial (and other types of) firms can learn from the FFIEC social media guidance

By | Banking & Finance, Conduct Risk, Ethical Practice, Social Customer Service | No Comments

The Financial Conduct Authority (FCA) has recently announced plans to release updated guidance for financial firms operating on social media. At the moment, there is no indication about what this might contain, however, recent US social media guidelines, released by the FFIEC, provide some good insight into regulatory and risk management best practice. With this in mind, I have created a briefing document to inform UK institutions about the FFIEC guidelines and what they can learn from them. [slideshare id=30577701&doc=ffiecbriefing-140129075722-phpapp02]

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