Many of our ‘life goals’ whether it be starting a family or buying a home has a ‘financial product’ at its heart. Loans, mortgages, and investment products provide the fuel for the engines that drive our lives. For all this people need access to efficient and attractive financial services.
Over the past few years there have been attempts to address this imbalance using emerging technologies and new FinTech entrants. While these initiatives have been ongoing for some time, the recent global pandemic, brought on by COVID-19, has accelerated many of these projects and plans.
Whenever a bank or a FinTech company starts looking at new and better ways to support their customer base, the first stop is always data. How can customer data be better analysed and accessed to achieve personalised and tailored results? What technological tools can be used to achieve better analysis? And does Open Banking and Open Finance offer more opportunity for consumers to gain control and confidence over their entire financial life?
These are the questions that drive our latest Vox Pop Report. Along with our partner FICO, we aim to gather a snapshot of views and insights from senior leaders in the industry as we create and develop a new financial world that better meets customer needs.
Here is a taste of what our contributors are saying:
Mark Collingwood, VP and Managing Director, Decision Management Solutions, FICO
“The COVID crises has really magnified the differences between those organisations who have historically embraced digital channels and SaaS deployment and those that haven’t.”
Simi Ramnarain-Toolsee, VP Customer Success, Checkout.com
“In my experience, the key to maintaining customer loyalty is by giving them the very best experience possible.”
Jamie Campbell, Co-Founder, Fronted
“After the old and the elderly, the renters were the hardest hit during the pandemic. They were the most likely group to be furloughed, they were the most likely to have the highest living costs, they were the most at risk of homelessness.”
Jeppe Rindom, Co-founder and CEO at Pleo
“A major change we’ve seen is increased expectations around convenience. The rise in banking and payments apps in recent years now means the modern consumer can make purchases, view their balance and manage their finances, all at the press of a button.”
Garry Evans, Chief Innovation Officer, OpenWrks
“Open data offers a true insight into a person or household’s finances. There is no hiding from the facts of a budget built off transactional data.”
Joel Yarbrough, VP Asia Pacific, Rapyd
“I think there is close to no data that consumers want financial institutions to see their ‘full picture’ – rather, they want to compartmentalize their data, and negotiate differently and discretely with each potential provider.”