Fast, consistent, and reliable assessments for identifying vulnerable customers
Cutting-edge digital platform designed to provide dealerships and dealer groups with a robust solution for identifying and supporting vulnerable customers.
IDENTIFY AND SUPPORT VULNERABLE CUSTOMERS
FAST, CONSISTENT, AND RELIABLE
InsightTrak is ComplianceTrak’s cutting-edge integrated digital platform specifically designed to help dealerships and dealer groups identify and support vulnerable customers. With the FCA's new Consumer Duty regulations, dealerships and dealer groups are now more than ever challenged to ensure they deliver good outcomes for their customers, especially those at risk of vulnerability.
InsightTrak meets this challenge head-on by offering tools that not only identify vulnerable customers but also effectively support them, document the outcomes, and provide comprehensive management information (MI) data.
The FCA’s Consumer Duty Challenge
The Financial Conduct Authority (FCA) has introduced stringent Consumer Duty regulations requiring dealerships and dealer groups to act in the best interest of their customers. One of the key challenges this presents is the identification and support of vulnerable customers.
Dealerships and dealer groups must now:
1. Identify Vulnerability: Businesses are required to proactively identify customers at risk due to factors such as cognitive decline, financial difficulties, or mental health issues.
2. Support: Once identified, customers must be supported with appropriate measures, ensuring they receive the help they need without delay.
3. Document Outcomes: It is crucial to maintain detailed records of the actions taken, the support provided, and the outcomes achieved.
4. Provide MI Data: Businesses must deliver robust management information (MI) data to demonstrate compliance and ensure good customer outcomes.
How InsightTrak Addresses The Challenges
Features and benefits
Identify
InsightTrak uses assessments to quickly and accurately identify vulnerable customers. The assessments are designed to flag potential issues in a consistent and objective manner, reducing the risk of oversight.
Document
InsightTrak generates detailed, ID-stamped reports that meet regulatory requirements. These reports include a comprehensive overview of the assessment process, the support provided, and the outcomes achieved.
Support
InsightTrak provides actionable insights during the assessment process, guiding users on the best steps to support vulnerable customers. This includes logging actions taken and tracking ongoing support efforts.
MI Data
InsightTrak offers in-depth analytics reporting, allowing businesses to monitor their duty of care efforts in real-time. This data is essential for demonstrating compliance with FCA regulations and ensuring that all customers are receiving the best possible outcomes.
Seamless Integration with our ComplianceTrak platform
InsightTrak is fully integrated with ComplianceTrak, creating a seamless, end-to-end solution for managing compliance. This integration ensures that all compliance processes, from the initial identification of vulnerable customers to the final reporting and data analysis, are managed efficiently and effectively. By integrating InsightTrak with ComplianceTrak, businesses can confidently meet the FCA’s stringent Consumer Duty requirements, minimising risks and ensuring positive outcomes for all customers.
Request a demonstration today and see how our solutions can benefit your business
Get a demonstration of ComplianceTrak over the internet at a time that suits
What to expect
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30-minute video meeting with one of our team
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Discuss your current processes & requirements
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Carry out a tailored ComplianceTrak system walkthrough