Millennials & Gen Z don’t need the human touch - it is old-fashioned & unnecessary OR Electronic contact is not enough for anyone especially at times of need
Savanta's handout used in the roundtable
HEADLINES
- Everybody had a copy of the handout that Kathy went through (see above)
- It was a bit of a tricky start as the previous main speaker had already covered some of the points and stats
- After the first couple of pages there ensued a lot of debates with everybody engaged. It was a really good session
KEY CHALLENGES
- Banks and Building Societies wondered if they should be charging for the review service they currently offer. They had very similar feelings to the ones advisers had about having to charge fees all those years ago
- Was there a way Banks and Building Societies could keep local branches open thereby giving the luxury of human service despite the costs of doing so. Even if customers were charged a premium fee some branches would still not be viable however it would be good PR
- As there is much concern about the advice gap could banks and BS fill it with lost cost services. Was the luxury of face to face only available to the wealthy who could afford an IFA
- Do customers actually want the “luxury” of face to face or do they prefer online
- Without the luxury of face to face how do you deal with vulnerable clients? What constitutes a vulnerable client and indeed it was mentioned is everyone a potentially vulnerable client
CONCLUSIONS/SOLUTIONS
- The presentation was a useful starting point in terms of the discussion. There was a strong feeling that human service should not be viewed as a luxury
- Regardless of age human interaction was important
- Hybrid services are the key where clients can use technology for day to day activity but with the backup of the personal touch, the human service
