The way we manage our money hasn’t changed in many years, as well as who we bank with. 80 per cent of us still put all our money in the hands
of one of the Big Five – Barclays, HSBC, Lloyds, Santander or Royal Bank
But it could all be about to change, thanks to new regulations and the rise
of internet banking.
You may have already heard about Open Banking, which was rolled out earlier this year. It forces the UK’s nine largest banks to release their data
in a secure, standardised format, so it can be shared with third parties.
Banks hold data on each of its customers, from how much we spend, what we spend our money on, and how often. With your consent, your information can be passed to third parties.
It is hoped that this competition between financial service providers will lead
to better services for customers, such as better rates or easier access to money.
Expect to see start-ups providing services that ‘plug in’ to the ever-diversifying tech giants, such as Apple or Amazon. It’s even possible that we’ll see the like of ‘Amazon Banking’ before too long, extending the reach and influence of the online heavyweight even further.
Simplicity is key when it comes to banking and personal finance. As they say, time is money, and customers are craving a more streamlined approach to managing their finances.
We spoke to our customers, who told us that while technology would not replace wealth advisers, it would help them to understand professional advice and make informed decisions. Disruptor banks like Monzo already let you view your transactions in real time, which means there’s no time for guilt free spending before it pops up on your phone.
We are getting used to real time data, and that’s why we created our Simply Wealth app, to let our customers access their entire financial life using one platform, from available cash, income and spending analysis, net worth, and other important financial documents.
We’re not trying to put ourselves out of a job, but rather demystify financial planning and increase transparency between our services and our customers.
It’s important for us that we provide an open and honest service, and technology is helping us to do this.
For the industry, it’s clear that change is on the way. Financial service providers will need to put customers first if they want to succeed, as we continue
to demand more personalised and intuitive services.
You can find out more about our app by clicking here.
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