What's on this page?
Without the trust and confidence of our customers we cannot succeed. We look after customers from a variety of backgrounds from the high-net worth to those who are entering the financial services sector for the first time. All of our businesses are expected to excel in one of our five pillars of responsible business, that of being responsible to our customers. We use our financial expertise and knowledge to develop the most suitable products and services for our customers. We listen to their needs and help them make informed decisions that enable them to achieve their financial goals. We regularly look to improve the ways in which we listen and talk to our customers and this year we have implemented a new customer loyalty measure.
Below we have outlined some of the key areas of focus:
Understanding our customers' needs
We conduct regular research into how customers buy and choose financial services, and their levels of satisfaction with the products and services they have bought, in order to help us develop the right products. We use a number of tools, including customer surveys, customer segmentation, focus groups and wider public research to gain a full understanding of our customers' needs.
We recognise that as part of our role in the economies of the future we need to support our current and potential customers in understanding the financial services market. There are so many products and services on offer that to the untrained eye the language and process can be daunting. We are committed to being there to explain and help our stakeholders increase their level of understanding so that they can make the most of their money and enter the market with confidence.
Developing the right products and services
We offer a range of investment, savings, insurance and banking products that are suitable for a broad spectrum of customer needs. We have a rigorous process for product pricing and development, using consistent metrics to measure outcomes for shareholders and customers. All new products are developed as a result of close collaboration between our legal, compliance, actuarial, marketing and sales teams with formal sign-off processes to ensure appropriate risk management in the interests of both customers and shareholders.
Committees for Customer Affairs
In both our Emerging Markets and Wealth businesses we have Committees for Customer Affairs or CCAs. In our Emerging Markets business it is at Board and ExCo level ensuring that issues affecting our customers are discussed and decided at the highest level of our organisation. The CCAs are supported by a new committee at Group level the Group Customer Board. Annually this committee will submit a paper to the plc Board updating them on progress and future plans for our customers.
Matching customers to the right products and services
Working closely with independent financial advisers (IFAs) means we must equip them with the information and support they need to fully understand the products we offer and provide their customers with the best service they can. We do this through online training videos, newsletters and manuals. We also advise them on providing their customers with the most appropriate products and investment strategies.
Tracking progress and sharing best practice
We work with regulators and industry bodies across our markets to track our performance and report the complaints and feedback we receive from customers. In 2010 we adopted a group-wide customer advocacy measure and selected the Net Promoter Score (NPS) as this metric. The NPS is a customer loyalty metric that looks at how likely our customers are to recommend Old Mutual to their family and friends. We have a number of Academics across the Group for employees to develop their skills and share best practice.
Communicating financial issues that matter
The way to build a long-term relationship with our current and future customers is to communicate with them in an open and honest way. To make sure this happens consistently we have strict processes in place to govern how we talk with them about what we are doing with their money. We also look for new and innovative ways to ensure we are communicating clearly and on issues that matter to them. Being able to access our products and services is crucial for our current and future customers, and we have developed a number of approaches to ensure improved accessibility. Our Green Zones bring all our services together under one roof, whilst our "Banks on a Bike" can reach more rural areas.
- Old Mutual South Africa (OMSA) continue to run annual Savings & Investment Monitor surveys, sharing the results with stakeholders, including the South African Government.
- Our annual customer conference is held in South Africa, gathering over 100 of our top executives with customer experience together to share best practice from around the world.
- Our annual Job Swop gives winners from each business unit the opportunity to spend a week in another business unit on the other side of the world as a reward for exceptional customer-centricity.
- Our On the Money financial education programme has reached our 15 million people across our emerging markets business
- We reached 72,000 learners through our Nedbank4me banking solution in 2014.
- We launched our new Online Customer Centre in Old Mutual Wealth, responding to feedback from customers and advisers.