How can FINTECH help meet the challenges post THE FAMR?
What solutions are needed to reduce the cost of advice for those not able to pay for a ‘full fat service’? The sector hasn’t been successful in reducing the cost of advice since RDR, so what needs to change?
Why do marketing strategies need to move away from interruption techniques to a permission based approach?
How will machine learning offer opportunities to make life easier for consumers when searching for products? Why is the aggregator model under pressure to improve the customer experience?
HOW CAN WE REDUCE DATA COLLECTION COSTS? Advisers spend far too long collecting vast realms of data in front of clients. 70% of client data is collected using pen and paper. Not much has changed over the last 10 years. Other sectors have adopted digital data collection technology using digital pens, and more latterly tablet touchscreens. What has been stopping advisers?
HOW DO WE CREATE MORE ENGAGING PROPOSITIONS? Early signs in the robo wealth space suggest an opportunity to fully engage consumers is being missed. We also see a bigger picture where customer propositions should lead to investing, protecting and saving, not lead with them. How will propositions change to improve consumer engagement?
HOW DO WE FILL THE CONFIDENCE GAP? Our new research shows that knowledge is not the real constraint. Its lack of confidence. Consumers are confident when they see an adviser, but where do they get their reassurance when making their own decisions? See our latest research.
WHY DO WE NEED NEW DEFINITIONS FOR ADVICE? There 11 or so related advice descriptions used across the advice and non-advice spectrum. The regulators need to rationalise these. This will encourage providers to offer streamlined services at a lower cost using technology. There is a huge expectation that Robo-Advice will deliver, but is it for everyone? See our recent article on this.
All of these challenges will require FINTECH solutions. We are actively working on them so why not get in touch to see how we can help?