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When customers come first then processes, procedures and employee attitudes are all streamlined towards customer excellence
It’s a theme which is so obviously beneficial for the business and for its reputation but it seems as though treating customers fairly still doesn’t sit squarely at the heart every business. Whilst acknowledging that firms are starting to move towards increased levels of customer focus, a thematic review of payday lenders by the FCA has shown that too many firms are still failing to treat customers who are in arrears in a fair manner.
According to the FCA’s website, the review of payday lenders “found serious non-compliance and unfair practices in all firms that it reviewed, leading to poor outcomes for many customers and in some cases, serious detriment and financial loss.” This despite management changes, an increased focus on training and reviews of practices and procedures which have been put in place by many firms.
Whilst putting customer excellence first is a practice which doesn’t always sit easily in businesses which have traditionally prioritised profits before everything else, switching the focus can lead to ongoing benefits in the long term. When customers come first then processes, procedures and employee attitudes are all streamlined towards customer excellence. With product design being geared towards customer excellence there is likely to be a lowering of the chance of customer default or complaint. This in turn strengthens the customer relationship and business reputation which in turn attracts more customers in an ever strengthening spiral.