Educate in the marketplace
Challenging the
conventional way of
doing business isn’t easy.
At The Money School we believe that by empowering your customer we will not only improve your bottom line but increase repeat business. We also help companies increase their customer payment culture, whilst assisting with critical legislative compliance – such as the incoming ‘Treat Customers Fairly’ and existing Corporate Social Responsibility and Training legislative requirements.
- Compete for and drive revenue in a dynamic way
- Improve customer repayment culture
- Create stickiness and customer loyalty
- Identify need-based product development opportunities
- Score highly on BEE scorecards through innovative CSI spend
- Leverage and differentiate brands with great PR
- Build a value proposition in meaningful ways to a customer base
- Equip customers with an understanding of your product
- Comply with legislation like ‘Treat the customer fairly’
How To Treat Customers Fairly
In 2010, the Financial Services Board (FSB) released the Treat Customers FairlyRoadmap › which gives direction to future regulations for financial services companies.
According to the Roadmap, Treat Customers Fairly programmes must be strategically driven from the top, and it specifically mentions consumer education and financial literacy levels.
One of the primary reasons for introducing a TCF framework in South Africa is the asymmetry of information between retail financial services consumers and financial institutions. The only way to reduce the asymmetry is through increasing consumers’ financial literacy levels.
Treat Customers Fairly Roadmap
Firms who consistently and demonstrably deliver on their TCF commitments will also attract proportionally less regulatory scrutiny than their riskier competitors.
Treat Customers Fairly Roadmap
A financially literate customer is a great customer. They’re more likely to understand the need for your product and service offering, and pay more, timeously, to ensure
that those needs are met.
