Glassbox announces partnership with UK Finance
Glassbox (TASE:GLBX), a leading provider of digital experience analytics for web and mobile applications, today announced that it has partnered with UK Finance to make its award-winning digital experience solution available to UK Finance members at a preferred price. 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 organisation. Consumer Duty also requires firms to be able to prove to the Board and the FCA that their customers are achieving good results. Glassbox’s Digital Experience Intelligence (DXI) platform analyzes customer visits on web or mobile apps, enabling businesses to be alerted to customer struggles, as well as collect the data needed to test and prove that customers are getting good results.
“Customer-centric and good digital customer experience (CX) always makes 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, CEO of Glassbox. “Glassbox leads our industry in terms of customer satisfaction as well as the 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 for some of the UK’s major financial firms at the end of last year. Solid progress was noted in the following report, but the FCA also highlighted areas for improvement before the new excise duty rules come into force in July 2023. The FCA is concerned that some firms are not prepared for the new standards or are not taking them seriously, stating ” we saw some plans suggesting that firms may have considered the requirements superficially or are overconfident that their existing policies and processes will be sufficient.”
“Consumer Duty expects firms to prioritize deeper understanding and insight into customers’ digital experience to know if they are achieving good results,” continued Morgenstern. “Our solution is quick to deploy, easy to use and provides real-time insights to understand a customer’s digital experience, allowing our customers to quickly identify issues, barriers or inefficiencies impacting customer outcomes and quickly address them.”
As well as the preferred price, Glassbox will continue to provide UK Finance members with information on how technology can prepare businesses for the new regulations. Glassbox and UK Finance are holding a joint webinar on 24 May to educate firms on how the new regulations will affect digital channels.
