GreenKite’s Ask the Experts – Navigating product creation in a regulated landscape

Our speakers discussed product governance and its importance in the financial industry, particularly in the context of regulatory oversight by the FCA. There was a broad discussion, but here are some key elements:

Clear target market

Understanding and defining your target market is crucial. It’s like setting a GPS for your product’s success. A clear target market allows firms to tailor product features, pricing, and messaging to resonate with that audience.

Compliance with regulations

Given the regulatory scrutiny, it’s essential to comply with the FCA’s product governance requirements. Firms should ensure that their product design, distribution, and overall processes meet regulatory standards.

Customer-centric approach

Engaging with the target audience is vital. By having meaningful conversations with customers and addressing their needs, firms can deliver a more customer-centric product that aligns with market demands.

Dedication to service

Regardless of whether a product is a mass market or niche, dedication to service is paramount. Providing excellent service ensures that customers perceive value for what they’re paying for, which is essential for long-term success.

Front-end sales and distribution

The front end of the sales and distribution process is critical. Firms need to ensure that the right product reaches the right customers, and this involves understanding the customer’s needs and tailoring products accordingly.

Regulatory accountability

The FCA actively monitors the industry and may hold firms and individuals accountable if they do not meet regulatory expectations. It’s important to have the right people in place and follow reasonable steps to ensure compliance.

Overall, the discussion emphasised the importance of product governance, a clear understanding of the target market, and compliance with regulatory requirements to succeed in the financial industry while delivering value to customers.

To watch a recording of this webinar please click HERE, and to find out more about how GreenKite can help you navigate product creation in a regulated landscape, please contact Nadia Timmer at [email protected].