Report highlights financial services ongoing commitment on improving customer outcomes

Scotland’s financial services sector has launched its second Changing Customer Needs report spotlighting the sector’s ongoing commitment to improving customer outcomes against a backdrop of changes to the economic, regulatory and industry landscape. 

The report highlights the financial services sector’s response to evolving customer requirements across Scotland, and examples of collaboration and innovation that are already making a difference to customer outcomes. 

Research in the report highlighted that Consumer Duty is generally viewed as having a positive impact on both firms and their customers, with around 70% reporting that the Duty has had a positive effect, while just under 30% indicated that it has had no material impact either way 

The report also underscored the industry’s commitment to helping customers navigate the challenges posed by the digital transition, financial vulnerability and the need for greater financial inclusion. This sits alongside a collaborative programme of activity led by SFE to improve access particular challenges in the unbanked population across Scotland. 

Commenting on the launch of the report, Emma Noble, Chair of Lloyds Banking Group’s Scottish Executive Committee and Chair of the SFE Changing Customer Needs Group added: “Scotland’s financial services sector thrives when we tackle challenges collectively. By leveraging our diverse ecosystem of expertise, we can solve complex problems and ensure fairer outcomes for every customer. 

“SFE will continue to work with our members and partners to improve financial inclusion in Scotland, including through our school leavers bank account pilot which will launch this year with the aim of ensuring all children are connected to the financial system when leaving school.”  

SFE Chief Executive Sandy Begbie CBE FRSE added: 

"Meeting evolving customer needs is a cornerstone of our growth strategy and a shared priority for firms across our sector. While we value our partnerships across the industry and celebrate the progress firms have made in supporting vulnerable clients, we recognise there is more to do. 

“As households face ongoing economic uncertainty, sector-wide collaboration is vital to spark innovation. This report reaffirms our commitment to delivering better, more resilient outcomes for everyone."