Breaking Down the Hallmarks of Customer Service Excellence

Financial Services Compensation Scheme, otherwise known as FSCS: the brand whose logo you may well see dotted throughout your financial services ecosystem – across your online banking webpages, on the welcome screen of your banking app, and adorning the signage in your local branch. They occupy a unique space in the financial services sector as an independent organisation, established by government, and funded by the industry itself. Their mission is to provide financial protection for consumers when financial firms fail.

This positioning translates into some rather tough customer service and customer experience challenges. At the centre of it all is the fact that every single one of their customers arrive to them in times of personal crisis and potentially extremely vulnerable financial circumstances. FSCS is essentially tasked with restoring consumer confidence in an entire industry. Here, we speak with the Chief Customer Officer at FSCS, Sarah Marin, who dissects all the strategies they use to tackle that mandate.

We dive into:

• How FSCS drives customer satisfaction scores of 90% (in seemingly impossible conditions)
• Where technology fits into their organisation
• How they get on the front foot around trust and transparency
• How they build the concept of vulnerability into their work
• The drivers behind why their staff turnover is just 10% (well below the UK average)

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