In January this year the Lending Standards Board (LSB) released a thought piece on the customer journey in the digital space, with the aim of promoting best practice and good customer outcomes in the provision of digital products.
This week the LSB has released Part 2 of this insight into the customer journey, following a workshop with digital providers, fintechs and banks. The insight offers a closer look at mitigating the risks and maximising the opportunities that come with offering digital products and engaging with customers digitally. It considers the importance of testing and feedback, presenting key information, providing opportunities for customer disclosure in the digital journey and promoting consistent and fair lending, whether offering digital services alone or as part of a multi-channel approach.