Glassbox Announces Partnership With UK Finance
Partnership brings UK Finance members discounted Glassbox software to meet the requirements of the Consumer Duty for their digital channels
London – Glassbox (TASE:GLBX), a leading provider of digital experience analytics for web and mobile applications, today announced it has entered into a partnership with UK Finance to make its award-winning digital experience solution available to UK Finance members at a preferred rate. The new Consumer Duty published by the UK’s Financial Conduct Authority (FCA) has been described as the biggest change in financial services in a decade, and it requires firms to put the customer at the heart of the organization. Consumer Duty also requires firms to be able to prove to their board and the FCA that their customers are achieving good outcomes. Glassbox’s Digital Experience Intelligence (DXI) platform analyzes customer visits on web or mobile apps, enabling firms to be alerted to customer struggles as well as collect the data needed to test and prove that customers are getting good outcomes.
“Customer-centricity and great digital customer experience (CX) always make good business sense, but with the impending implementation of Consumer Duty and the increased level of scrutiny from the FCA, CX has become a regulatory imperative,” said Yaron Morgenstern, Glassbox CEO. “Glassbox leads our industry in customer satisfaction as well as number of security certifications. From our earliest days, the world’s leading financial firms have used our solution, and we look forward to the new relationships we will build through our partnership with UK Finance.”
The FCA reviewed the Consumer Duty implementation plans of some of the larger financial firms in the UK at the end of last year. Solid progress was noted in the following report, but the FCA also highlighted areas for improvement ahead of the new Consumer Duty rules taking effect in July 2023. The FCA is concerned some firms are not prepared for the new standards or are not taking them seriously, stating “we saw some plans that suggested firms may have considered the requirements superficially or are over-confident that their existing policies and processes will be adequate.”
“Consumer Duty expects firms to prioritize deeper understanding and insight into their customers' digital experience to know if they are achieving good outcomes,” continued Morgenstern. “Our solution is fast to deploy, easy to use and provides real-time information to understand a customer's digital experience, allowing our customers to quickly identify struggles, barriers or inefficiencies that are impacting their customer outcomes and quickly address them.”
In addition to the preferred rate, Glassbox will continue to provide UK Finance members with information about how technology can ready firms for the new regulations. Glassbox and UK Finance are holding a joint webinar May 24th to educate firms on how the new regulations will impact digital channels.
Dina Magdovitz, PAN Communications for Glassbox