Inheritance Recovery Specialists
Following the introduction of Consumer Duty in 2023, The FCA have investigated how banks and building societies are supporting bereaved customers or those registering a power of attorney.
Having completed their investigation the investigation the FCA have issued a press release ( FCA probes banks on bereavement and power of attorney policies | FCA )
stating “firms are making a real difference with clear policies and procedures and actively using data to better identify needs and support their customers. However, some firms’ staff are unclear on the actions they need to take and how quickly.” Alongside the press release they have also published details of good practice and areas for improvement in the treatment of customers in vulnerable circumstances (FCA probes banks on bereavement and power of attorney policies | FCA)
Improving customer journeys for the bereaved
Finding 4 of the report states the whilst “Firms generally considered how they might adapt their bereavement/PoA customer journeys to help ensure they are as straightforward and flexible as possible.” There is a need for Financial institutions to “continue to design their customer journeys with customers in vulnerable circumstances in mind, particularly for critical services such as bereavement”.
How can VerifyExec improve customer journey’s?
VerifyExec by Inheritec provides customer facing businesses who need to validate a legal representatives authority to manage a deceased customers account with the ability to obtain probate documentation digitally and independently from the legal representative. Removing the need for the Legal Representative to provide physical documents by post, often delaying companies abilities to update records and act on instructions.
VerifyExec integrates with business operational processes and CRM’s to give businesses the ability to obtain Probate documentation quickly and efficiently. Obtaining electronic Government issued documents removes the need for Executors and Administrators to provide sensitive personal documents in physical format, enhancing customer service at a time when every customer interaction matters. Removing document management from operation processes also delivers cost savings.
To find out more about how VerifyExec by Inheritec can improve your customer service for the recently bereaved and deliver process improvements and cost savings visit VerifyExec by Inheritec | Inheritec or contact us below.