Insights dated January 2023

“(Consumer Duty) sets higher and clearer standards of consumer protection across financial services, and requires firms to put their customers' needs first.”

The new rules for Consumer Duty come into force soon (31 July). Our recent research shows that many firms are progressing well in meeting the deadline.

However, if you are experiencing challenges within your Consumer Duty change project, a bethebrand system can help:

• Consumer Duty assets can have the same lifecycle management and control as Financial Promotions;
• Easily identify impacted assets;
• Obtain early notification of testing requirements;
• Manage the testing process and outcomes;
• Manage the lifecycle of test results;
• Create Consumer Duty reporting / MI provision specifically designed for your business;
• Create a complete audit trail of in scope content management.

Here are some of the key considerations in looking at how your bethebrand system can support your Consumer Duty change project:

• Are there any assets which need to be brought into lifecycle management, have a stricter control environment and / or a controlled frequency of review e.g. customer communications / letters, etc.?
• Can you utilise your existing Financial Promotions workflow(s) for your Consumer Duty tasks, or is a new Consumer Duty specific workflow required?
• Do you require any specific changes to be made to your asset data to support Consumer Duty?
• Is a checklist in existence / needed to support Consumer Duty? (Checklists / questions can be factored into
• workflow tasks where required.)
• Does testing need managed via a specific testing process?
• Do you want to manage your test results as assets?
• Are there any new reporting requirements?

Possible Configuration Changes to Consider

Asset Level

• Configure asset metadata to record if testing is needed for that asset - contingent logic can ensure only relevant data fields require to be completed.
• New Consumer Duty fields can be added as search filters in the Asset Store, for ease of searching.
• bethebrand can update all required information, for active assets, via a bulk admin exercise.
• Amend timescales for assets moving to red and / or amber status, to allow extra time if testing is required.
• Email prompts sent for Consumer Duty assets / test results as they approach their expiry date.
• Store test results as assets, with full lifecycle management functionalities.
• Test result assets can be linked to the assets they provide testing for.
• bethebrand can configure rules to auto-populate other new (dropdown or toggle) Consumer Duty fields, based on pre-determined matrix supplied by the client.

Reports / MI

• Customised reports can be created at asset and / or workflow level for Consumer Duty assets and / or test results e.g.
• Asset level report to enable easy visibility and tracking of Consumer Duty testing data.
• Workflow level report to enable monitoring of Consumer Duty workflows and tasks, including data from forms and checklists.

Workflow Level

• Inclusion of a Consumer Duty checklist / confirmation question / check-box e.g. “I confirm Consumer Duty testing is available / attached for this asset.”
• Inclusion of test results within workflows.
• Addition of tasks and / or forms to existing workflows - prompting and enabling testing to be briefed and results to be checked / uploaded as verification for the asset in question. Test results would then be part of the workflow for the relevant asset(s) for audit purposes.
• Forms can be multi-tab to cater for multi-asset workflows, where assets have different testing requirements.
• New workflow to manage the Consumer Duty testing process, and the briefing of it (either initially, or for re-
• testing).
• Auto-generate a mini workflow to manage Consumer Duty testing tasks.
• Create a new workflow to manage quality / spot checking / sampling of Consumer Duty test results.
• Include links at relevant stages to download documents to inform or guide users regarding process, best practice, etc.

Process Management

• Review, approval and communication of test results, if required.
• Uploading of test results in a workflow can be optional until the point the workflow is sent for Final Approval, at which point it can become mandatory, ensuring Consumer Duty test results are uploaded for audit purposes.

Operational Challenges

Perhaps the first and most common issue bethebrand sees in supporting clients obtain the right digital asset management solution for their financial services business is expiration dates.

Without a financial services specific Digital Asset Management Solution driving a process to keep on top of expiration dates, keeping on top of them is simply a matter of human will. In financial services, not managing expiration dates represents a significant risk as out of date compliance assets may continue to be used.

bethebrand Solution

With bethebrand, the Solution configuration can be set-up so that asset expiry is managed:

• Track an asset's ownership, approvers, version numbers, next review, live and expiry dates. There is a date field in the asset metadata that defines the use by/expiry/next review date. There is an Asset Lifecycle widget on the user's dashboard and there are reports available for specific assets or all assets;
• Set a RAG for each asset and programme the number of days that an Asset changes colour from Green to Amber or Red as it approaches expiration, bethebrand can add additional fields to the asset metadata which would enable different dates of review for different document types;
• Reports of expired/red assets can be emailed to SMT weekly so they can demonstrate oversight of the financial promotion management;
• Assets approaching expiry can be checked out into a workflows to create a new version;
• If a new version is not required then expiry date extension request can be made and an audit trail of the decision recorded;
• Emails can automatically be sent for action to be taken, such as to encourage removal of out of compliance content from use;
• Single use assets can be automatically archived;
• Workflows can be generated automatically to manage what happens next (remove from web, destroy stock etc);
• Integrated systems utilising the asset will learn of its status change via the API;
• Where assets are accessed via links, the out of compliance asset will no longer be available to download;
• Image rights can be actively managed;
• Expired items are automatically locked down and can't be downloaded, shared or printed. Items no longer required can be archived and / or retained in the Solution.

Would You Like to Know More?

If you would like to master marketing asset expiration for your organisation contact Chief Executive Adam Hainsworth at adam@be-thebrand.com.

In our continuing series examining the possibilities of how you can configure and utilise the bethebrand system, this time we are looking at how bethebrand can help you utilise assets most effectively in terms of time and marketing resources. In other words, how you can spend less time on traffic control and more time on value creation.

Operational Challenges

If great marketing starts with inspiration, then it is perspiration that makes it come to life. Solid project management is a core skill in a busy marketing department. Without the right tools, the 'crosstown traffic' of emails, meetings and conversations can cause congestion and create errors and omissions risks.

If marketers can become more operationally efficient with the help of the right tools, they can spend more time looking forward than having to look down. The ratio of time spent on admin against value creation can then permanently swing in the right direction.

bethebrand System Solution

Once an asset is signed off and ready to be set to work, the bethebrand system will also get to work:

• Print Quote - Request and obtain a quote from your printer, at any time, without the need to check an asset out. This workflow could be configured for other quote requirements e.g. design, photography, etc.
• Send to Print - Brief the printer, and manage your print order, directly from a workflow.
• Channel Distribution - Post check in, send an asset to one or more teams or channels for them to fulfil their responsibility e.g. upload the asset to the website, update social content, etc.
• Auto Generated Workflows - Ensure archived assets are removed from websites, have a workflow automatically created when an asset expires, or generate a post check in workflow to distribute the latest asset e.g. to salesforce, etc.
• Data Request Workflows - Obtain analysis / data for mailings or whatever information you require from another team in a non-asset workflow.
• Layout of Forms - Work in a way that suits your needs, with a variety of ways to configure data layout.

Let's look at channel distribution in a little more detail, as an example.

Post check in, it's possible for an owner to send a deliverable to different channels, at the same time, for them to take the appropriate action e.g. upload to the website, etc. Here's a sample workflow to show you what we mean:

The job owner will select which channels the deliverable should be sent to, ensuring users are assigned to each channel before the deliverable is sent. The channel roles are entirely configurable to a particular business.

The channel will then confirm that the appropriate action has been taken, with evidence if applicable, to ensure the audit trail is complete.

This system enhanced approach delivers speed without complication, an audit trail of end-to-end asset management activities and acts as an important compliance risk management tool.

Would You Like to Know More?

If you would like to unlock the potential of brand management for your organisation contact Chief Executive Adam Hainsworth at adam@be-thebrand.com.