The UK’s financial landscape is changing, and nowhere has it seen more reform than in personal finance and pensions. Yet as market uncertainty continues, so does demand for services.
Mandatory workplace pensions have accelerated enquiries for accessible pension packages, and will continue to do so long after the auto-enrolment deadline. It’s anticipated that 15 million people could be saving into private sector workplace schemes by 2030, doubling demand in the next 13 years and saving £100BN.
This redirection of consumer finance is just one example of the huge changes (others include blockchain, crowdfunding) and rising challenges (including dissolution of the workforce, data use, legacy systems and security) in finance that are going to change the sector irrevocably.
Meanwhile, the dust from Brexit looks unlikely to settle any time soon; it’s expected that 25 new bills will need to be announced in every Queen’s speech for a decade in order to plug legislative gaps left by the UK’s exit from the EU. A major beneficiary of this fervent political activity will be the finance sector, protecting the City and enabling continued growth is a key priority.
A key concern and challenge is to ensure a passporting solution is found to enable transactional business to happen without layers of regulation and authorisation. This will stop the financial institutions departing these shores for bases in Frankfurt, Paris or Zurich.
It’s not just political and economic changes that are shaking up the industry. Digital innovations are already disrupting traditional financial services, with customer demand for a better user experience and simple interactive solutions driving change across all service sectors. Providers who fail to deliver face being left behind.
You can look at the old saying, ‘may you live in interesting times’, in one of two ways: as a curse, or a blessing. Market agitation presents opportunity, but financial providers need to be ready to grasp it: and competition is fierce.
Digital innovator Tandem Bank has partnered with House of Fraser to offer an exclusive bank tool to the store's customers
Hey Guevara offers peer-to-peer car insurance, allowing users to pool premiums online to save money and collaborate with like-minded people
It’s no surprise that people are increasingly choosing mobile financial services; it’s quicker, more convenient and accessible. If your offering doesn’t tick all of those boxes – instead of complicated forms, confusing navigation or an unreliable interface – potential customers will quickly go elsewhere.
At Panlogic we help our clients to formulate solutions tailored to their target market, using a comprehensive visual and collaborative development process. From research and planning through to delivery, we offer solutions at every step of the journey.
Innovations made to make finance easier are springing up left, right and centre.
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