Delivering value in the digital age - customers’ attitudes to data sharing, trust and how this will define future propositions

Headlines:

1. Other markets are way ahead of Life & Pensions in terms of how they engage with customers/clients.
2. Behaviours are changing.
3. Don’t wait to see what is going to happen, the future is now.
4. 43% of the population have access to voice instruction.
5. The digital experience needs to be safe, it needs to deliver insight, and it needs to be consolidated.
6. It is expected that data is current and accurate.
7. The movement of data should be simple.
8. Customers/clients identify with dashboards and scoring systems

Key Challenges:

• Only 21% of the general public are happy for the Financial Services market to share data.
• Consumers/clients are concerned about their privacy but want others to solve the problem.
• Legacy back office systems scene as an issue for data integratory, it is generally shocking and not trusted.
• Few of the existing client portals provide a truly consolidated view and offer a poor integration with third parties.
• AI versus Face-to-Face

Conclusions and solutions:

• It is recognised that data is second only to clients in terms of importance and therefore firms must begin to clean up their data now. However, it was accepted that this will be a difficult project with the state of many legacy systems, which are spread like a rash across the industry.
• Customers/Clients expect data to be accurate, consolidated and available, Firms should not wait to begin the process of being able to provide this. It will take an investment and it will be disruptive to the business.
• It was suggested that face-to-face engagement should be considered a premium and that it doesn’t have to be physical.
• Third party integrations should be improved with the introduction of quality API’s that have the ability to transfer data two ways.
• The financial services sector needs to simplify the way it provides data, as well as general communications, which will assist in the education process.
• To service inter-generational customer/clients, future propositions will need to incorporate a digital experience.

Expert: Richard Howells, Experian