So, you’ve seen how we think financial anxiety is an important trend affecting the financial services sector, but what other consumer trends could be an opportunity for brands?
Cash flow problems
Most people only carry about 20 quid cash, more a drizzle than making it rain. With contactless payments now the norm but security still a concern, brands need to find ways to ensure consumers feel that their funds are safe. This is extra important given the high level of scammers about! Using innovations such as fingerprint payments can help minimise the risk of fraud but it’s important to have content that makes security measures clear and easy to understand for consumers.
Humans vs. Robots
Trust is hard to earn and hard to keep. Traditional branches are closing down in place of new concept style stores or even no store at all. AI and bots offer a way to tackle minor day-to-day financial decisions, but brands still need to find a way to answer about more complex financial questions in a human way. Quick and effective online community management that’s personalised to the consumer can really make a difference to brand perception.
Personalisation – I’m more than my credit score!
Usually a credit score and years of credit are what loan decisions are based on. Loans are being made more accessible with the help of lending platforms, assessing criteria such as education, area of study and job history to make a more informed choice. User-centric design and experience thinking can make applications easier and frustrating for consumers even if they get denied.
Become a challenger. It’s undeniable that it’s handy having all your banking information in the palm of your hand rather than queueing in store or spending hours on the phone. Banks should be thinking mobile-first, acting like challengers.
Invisible payments of the future
So, what’s the future of financial services sector? The rate of innovation around money is quicker than we’ve seen in many other sectors, what’s to say it won’t be completely invisible in the future. Contactless payments are fully integrated into our day to day lives, but with the possibility of facial recognition we’re heading to a completely cashless and potentially transactionless society. Whatever happens, brands need to be thinking ahead to make sure they’re fit for the future.
For those of you who haven’t seen our video, give it a watch here:
first direct – Digital Transformation through UX
We’ve been central to the digital transformation programme at first direct, providing planning, insight and user centred design services across their key digital platforms including mobile and online banking. Through a combination of excellent insight, innovative design, agile development and collaborative working we were able to achieve success with this project.
Co-op Bank – Social Strategy, Community Management & Paid Media
We are Co-op Bank’s social and content agency. We play an active role in planning within the all agency group by sharing strategic thinking based on insight and using this to develop innovative, creative solutions. Our role extends from managing film shoots at events to community management. We plan and buy paid media for all social channels.
Leeds Building Society – PR and Paid Media for Park Run
We raised awareness of the partnership between Leeds Building Society and Park Run in addition to the LBS Community Reward scheme, offering funding and volunteer support to park run communities. We devised a PR campaign to celebrate the ‘value of open spaces to the community’. We conducted research to provide newsworthy hooks and create a narrative, to highlight how valued open spaces and local parks are to local communities in the UK. 177 pieces of coverage was secured across a range of national and regional broadcast media and print and online publications including the Mail Online.