Why standards matter

The constant drive for professionalism and excellence within financial services and beyond ensures there is never a shortage of best practice accolades, achievable by both individuals and organisations.

This, in my view, is incredibly positive. However, it can be slightly daunting if you’re unsure about which standard provides the best framework.

But firstly… why do standards matter?

Standards are an integral part of the global business ecosystem. They act as benchmarks for quality and safety, enabling the effective transfer of services to both internal and external clients while ensuring consistency across various business aspects.

The biggest winners are small and medium-sized businesses. Time is always of the essence and there is little point in trying to reinvent the wheel. Many financial services firms aim to avoid this but without awareness of the many existing standards– sadly they have no choice but to waste time that could be used much more effectively elsewhere.

They can rely upon and trust these benchmarks, which serve as the perfect platform to excel in every area of their businesses.

A deep dive

Though standards vary greatly, they all guarantee that any task, irrespective of its nature or target audience, is executed with consistency, reliability, scalability, and quality. Whatever you can imagine can be done – there is likely to be a standard for almost anything!

Standards focused on compliance and governance ensure that your products and services are deemed reliable, robust, and fit for their customers and respective industries.

They also serve as signposts guiding businesses to consistently deliver quality outputs, thereby enhancing customer satisfaction and securing a positive brand reputation.

Operational efficiency, market expansion, and risk mitigation are just some of the gems you’ll uncover when it comes to the standards available. Not only will these standards streamline your operations, but they’ll also bolster your productivity and cost-effectiveness. Think of them as your universal business language, amplifying your credibility on the global stage and giving your competitive edge a significant boost.

Successfully tapping into this treasure trove of standards demands keen understanding and awareness. Equip your teams with the knowledge they need, foster a culture of standard adherence, and you’re on your way. Then, strategically implement these invaluable structures into your day-to-day operations, supercharging your product and service quality and skyrocketing customer experience. After all, standards aren’t just guidelines; they’re your steppingstones to business excellence!

Continuous improvement

Standards aren’t a one-and-done deal. They require continuous monitoring and improvement.
We recommend that you and your teams put standards centre stage and make a concerted effort to regularly review and update your standard compliance, adjusting as necessary to align with evolving industry norms and customer expectations. With this focus, not only in time but with resources too we have seen businesses really excel in areas that would have previously been neglected and put on the back burner in favor of more ‘pressing’ matters!

Standards as a catalyst for success

So, whilst a vast area to comprehend, Standards are quite simple to understand! In simple terms they provide a roadmap for businesses to navigate the complex business and customer landscape. They play a pivotal role in shaping an organisation’s reputation, enabling it to distinguish itself in a competitive marketplace. The assertion that standards matter is not just a statement, but a business reality that businesses within and outside of financial services cannot afford to overlook.

Here are a few standards which you may wish to consider implementing as you move your business forward.

BS 8577 Framework for the provision of financial advice and planning services is the only British Standard for financial planning and advice businesses. It specifies best practice for embedding an effective operational management system, which will also support adherence to ISO 22222 Personal financial planning – Requirements for personal financial planners.

ISO 45003 Psychological health and safety at work is the first global standard giving practical guidance on managing psychological health and wellbeing in the workplace which is imperative in building and growing your business.

Building upon established British best practice, ISO 22458 Consumer Vulnerability – Requirements and guidelines for the design and delivery of inclusive service sets an international benchmark of excellence for identifying and responding to customers who may find themselves in a vulnerable position.

You can find more information about these standards and the full suite here.