FCA enforces and improves the virtue of the UK financial system
Up to 50, 000 consumer credit firms exist across the UK. With that in mind it is up to the Financial Conduct Authority (FCA) to guarantee that all of them engage to be part of a newer much better regulated legitimate scheme.
As Victor Raffe, the director of the FCA illustrates “the consumer credit industry is very diverse, and we need a standardised way to capture, present and analyse data – whether it involves payday loan providers and pawnbrokers or credit card issuers and hire purchase firms”
A Quicker Process means better more efficient Decisions
The authorization gateway is basically being grounded with Community Cloud being utilized as a facilitative facility as one new aspect of the new regulatory approach. As a connected platform, it allows a much more flexible joint effort between employees, customers, distributors and traders based on customized data, content and business processes.
Utilizing the Salesforce1 Platform to develop the customized Service Cloud workflows, the applications are processed by the gateway and risk assessed by the team at FCA.
As mentioned by Raffe “With the new workflows, we can seamlessly collect and validate applications from a large volume of companies”, “Improved data usability and accessibility will also help us make faster decisions”.
On the 1st of April 2014 the FCA was appointed the task of regulating the credit industry. As explained by Raffe, “We had a very short window to introduce a completely new regulatory regime and all the underlying process”.
Improved Perception In The Industry
Salesforce is helping many other aspects of FCA’s responsibilities. Regulating and enforcing the UK’s financial services industry to make sure that no consumer gets a raw deal is one of FCA’s very important duties.
Every call and individual case is logged in services cloud. Thanks to Salesforce, FCA can allocate and categorise calls faster thus making FCA far more efficient and effective as a result. This is just as well as the FCA can receive up to 9,000 calls a month.
When dealing with cases in regards to certain firms or matters, the FCA will be able to complement its existing information with information from social media obtained by Marketing Cloud. According to Gareth Lewis the chief officer at the FCA, they can interrogate massive volumes of unstructured data to prove a greater insight into issues in the industry.
With the assistance of Salesforce1 Mobile App, a certain amount of authorised users can access more access to the FCA’s data. Reports are now available in real time as opposed to being generated periodically.
According to Raffe, by changing how they work, the FCA have improved efficiency that will mean better protection for millions of consumers.