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Outcome Testing Teams (OTTs) are teams within financial services organisations that are responsible for evaluating the effectiveness of their policies and procedures in meeting regulatory requirements and ensuring that customers are treated fairly. These teams typically report to the compliance or risk management function within the organisation, but may also work closely with other departments such as customer service, product development, and marketing.
Their main role is to perform testing and audits to ensure that the policies and procedures of the organisation are meeting the regulatory requirements in terms of consumer protection and fair treatment, and also to identify any potential issues or areas for improvement. They review the outcomes of different activities of the organisations and test the compliance of business practices with the relevant rules and regulations. They analyse data, assess the customer experience and conduct testing, examining the customer journey through different touch-points and interactions with the business.
OTTs use a variety of testing methods, such as mystery shopping, file reviews, and other forms of testing, to evaluate the customer experience and identify areas where improvements could be made. The results of the testing are then used to inform the development of new policies and procedures, or to make changes to existing ones, to ensure regulatory obligations are met.
Outcome Testing Teams play an important role in ensuring financial firms are providing fair treatment to their customers, in compliance with regulations by assessing the effectiveness of policies, procedures and the overall customer experience, identifying areas of improvement and making necessary changes.