FlexMR Debuts Financial Services Compliance Tool

UK-based research tech company FlexMR has launched the Consumer Duty Programme, a service helping financial services clients comply with new UK Consumer Duty regulations.

The firm offers a platform called the InsightHub, supporting rapid online and mobile data collection, multi-language analysis and activation workflows. In January it launched an integrated generative AI-based text analysis tool called TextMR, and in May a new service based on the business technique known as sprint reviews, adding 'continuous streams of research with regular check-ins, adjustments and debriefs' to its ActivateMR tool. Five weeks ago it expanded its AI-powered survey offering with the addition of PromptAI, which generates dynamic probes in response to verbatim text answers.

The latest launch is a response to the publication by the UK's Financial Conduct Authority (FCA) of new rules and regulations for 'Consumer Duty', setting new higher and clearer standards of consumer protection for firms within the financial services industry. The Consumer Duty Programme allows firms to communicate with customers and consumers, and to 'test their marketing, communications and operational collateral for optimum understanding'. The programme defines three stages: Test - continuous research testing communications and customer-facing copy; Refine - using regular scheduled elements such as service/product/comms reviews, using the outcome data from the 'Test' stage; and Learn - deeper annual or semi-annual investigations to maintain business-wide alignment on what constitutes 'good' consumer understanding, and which elements need more focus.

FlexMR CMO Chris Martin says the framework 'provides financial services brands a way to integrate learnings into core business operations, and adds: 'The programme is designed to both leverage the benefits of an existing customer panel, and ensure insight is elevated from tactical feedback to strategic asset'. Client Relationship Manager Charlotte Duff (pictured) says the Programme has been designed to make research 'as easy as possible', the company having identified the best research tools, tactics and methodologies to make the connections and deliver the insights needed.

A free Consumer Duty Toolkit is also available for use alongside the Programme or elsewhere.

Web site: www.flexmr.net .