FCA: Digital design in customers’ online journeys: good practice and areas for improvement
FCA has published this review as part of its strategic focus on helping consumers navigate their financial lives and as part of its ongoing commitment to share more information on how firms are embedding the Consumer Duty. It includes examples of good and poor practice with lenders to help firms better support their customers. FCA found some lenders were using shorter, simplified language and providing explainer videos that helped customer understanding, but the design of some digital loan processes lacked “positive friction”, which slows decision-making, and excluded information consumers needed, for example, on costs. Alongside the review, FCA has published a research note on the consumer impact of sludge, deceptive design, timeliness and simplification.
