Peter Neufeld

Previous editions of Human Signals have explored the impact of COVID-19 on human behaviour, SMEs and the challenges of sustainability. This edition addresses the highly topical subject of the human experience of financial vulnerability.

The ‘consumer duty’ to reduce harm has been on the minds of our financial services organisations since it was first laid out in 2019. As a societal challenge, it has become an even more pressing issue, in the wake of a perfect storm of the COVID-19… Show more

Previous editions of Human Signals have explored the impact of COVID-19 on human behaviour, SMEs and the challenges of sustainability. This edition addresses the highly topical subject of the human experience of financial vulnerability.

The ‘consumer duty’ to reduce harm has been on the minds of our financial services organisations since it was first laid out in 2019. As a societal challenge, it has become an even more pressing issue, in the wake of a perfect storm of the COVID-19 pandemic, the cost-of-living crisis and uncertainty over inflation and national insurance rises.

To be clear, financial vulnerability is a complex issue. It arises from multiple influences and is an amalgam of highly subjective events, where it can feel that ‘no case is the same’.

This issue explores a number of key themes that have arisen from our investigation of the subject with consumers directly affected by financial vulnerability, along with input from internal insights from colleagues working close to the field. Our intention is to provide insights on how organisations can navigate what we call the ‘vulnerability gap’ and offers some guiding principles for creating services designed to address vulnerability.

Our research comes from EY Seren's commitment to build a better working world, by thinking beyond short term returns and creating long-term value. Show less

Digital transformation has accelerated as a result of the pandemic as people have globally adopted digital and virtual channels for managing their most complex needs and finding new ways of working . The next decade of digital transformation will be more human-centred, focus on sustainable outcomes and financial wellbeing, and use advanced technology and customer insight to identify unmet needs states and explore new models of growth.

Our survey and subsequent report focuses on understanding where financial services organizations are today in their digital transformation, and how they are navigating changes in customer behaviour and expectation.

The first section of our report details how customer expectations of online and digital experiences are being heavily influenced by nonfinancial services brands and digital disruptors.

We then move on to focus on the importance of leveraging today’s transformation cycle… Show more

Our survey and subsequent report focuses on understanding where financial services organizations are today in their digital transformation, and how they are navigating changes in customer behaviour and expectation.

The first section of our report details how customer expectations of online and digital experiences are being heavily influenced by nonfinancial services brands and digital disruptors.

We then move on to focus on the importance of leveraging today’s transformation cycle to deliver next-generation customer experiences.

The third section of our report highlights the importance of deploying technologies that enable products and services to flex to customer needs.

Finally, in our final section, our report focuses on how we see talent as a strategic enabler of customer journey transformation. Show less

People have talked about “the need for banking but not banks” for more than a decade. It is popular to suggest that traditional banks face a “Kodak moment” as challengers of all shapes and sizes go on the offensive. The truth, at least in Europe, is much more nuanced. EY’s NextWave Global Consumer Banking Survey shows that while traditional banks face threats from challengers, they also have a real opportunity to strengthen their position in the market.

Know Your Customer (KYC) and Anti Money Laundering (AML) regulations are critical in ensuring that banks run safely and effectively.

Unfortunately, however, satisfying regulatory requirements often means dissatisfied customers. For example, excessive or complex paperwork during the onboarding process might be essential for KYC practices, but can be burdensome and time-consuming for customers to fill out.

One major global bank came to EY looking for a way to address this… Show more

Know Your Customer (KYC) and Anti Money Laundering (AML) regulations are critical in ensuring that banks run safely and effectively.

Unfortunately, however, satisfying regulatory requirements often means dissatisfied customers. For example, excessive or complex paperwork during the onboarding process might be essential for KYC practices, but can be burdensome and time-consuming for customers to fill out.

One major global bank came to EY looking for a way to address this challenge. The client’s renewal of these KYC and AML functions to align with changing regulatory frameworks was creating significant levels of dissatisfaction within their Small and Medium-Enterprise (SME) customer base. According to Mark Coombes, Financial Services Director, EY Seren, “the bank had built these services based on what it thought customers did, rather than what customers actually do.” Show less

The need for different strategies around innovation and digital banking was apparent in banking well before the pandemic hit. As technology has developed, there has been a rise in customer expectations of banking, not least from the instant and personalized services provided by the leading technology firms. FinTechs have shown what is possible and that all banks need a digital plan. For those who are skeptical, since the lockdown we have seen a 72% rise in the use of fintech apps in… Show more

The need for different strategies around innovation and digital banking was apparent in banking well before the pandemic hit. As technology has developed, there has been a rise in customer expectations of banking, not least from the instant and personalized services provided by the leading technology firms. FinTechs have shown what is possible and that all banks need a digital plan. For those who are skeptical, since the lockdown we have seen a 72% rise in the use of fintech apps in Europe.

This is a key battleground for banks as they try to convince investors they can incorporate an effective digital path for customers, while also reducing costs and not risking operational resilience. So what has been the impact of COVID-19 on this agenda? It is always dangerous to look at long-term trends or analyze the impact so quickly after such an unprecedented shock. However, even at this stage, we can detect some changes and examine some of the questions raised. Show less

Banks used to compete largely on price, product and scale of the branch network. But today, customer experience is the main competitive front. That means a new emphasis on simplicity and convenience of interactions across a variety of channels, responsiveness to consumer requests and a proactive approach to continual engagement with customers – all aimed at helping consumers increase their financial well-being.

We are in the midst of a consumer-led revolution in the way we do our day-to-day banking. Customers love the new technology that is allowing them to bank round the clock and which is providing us all with our own personal financial advisors.

The BBA’s influential Way We Bank Now report shows that through the use of digital technology we are in contact with our bank more than ever before. And for the first time customers are preferring to use mobile apps more than banks’ websites. In fact… Show more

We are in the midst of a consumer-led revolution in the way we do our day-to-day banking. Customers love the new technology that is allowing them to bank round the clock and which is providing us all with our own personal financial advisors.

The BBA’s influential Way We Bank Now report shows that through the use of digital technology we are in contact with our bank more than ever before. And for the first time customers are preferring to use mobile apps more than banks’ websites. In fact people are using apps more than all other forms of banking put together – eg branch, telephone and online.

The choice now on offer from banks, from state-of-the-art branches to cutting edge apps, has put customers firmly in the driving seat on the way we bank.

It has never been easier or quicker for customers to keep track of their personal finances. Show less

As part of EMC, we work with companies everyday across a broad spectrum of industries and global markets who are taking advantage of Big Data to transform the way they do business, creating new opportunities and efficiencies. We'd like to share some insights, challenges and best practices across a few themes our clients are finding particularly relevant, and talk through some real world examples where companies are taking the intersection of Social, Mobile, Big Data and Cloud to drive truly… Show more

As part of EMC, we work with companies everyday across a broad spectrum of industries and global markets who are taking advantage of Big Data to transform the way they do business, creating new opportunities and efficiencies. We'd like to share some insights, challenges and best practices across a few themes our clients are finding particularly relevant, and talk through some real world examples where companies are taking the intersection of Social, Mobile, Big Data and Cloud to drive truly transformative ways to do business. Show less

Businesses that can exploit Big Data to improve their strategy and execution will distance themselves from competitors. We'll cover several topics that provide a playbook for achieving maturity in using data to drive top line growth and bottom line productivity.

Developing Portfolios of Innovation: Bringing Big Data solutions to market quickly

Innovation to Scale: Challenges in integrating solutions across organizations and geographies – Big Data As A Service

New Digital… Show more

Businesses that can exploit Big Data to improve their strategy and execution will distance themselves from competitors. We'll cover several topics that provide a playbook for achieving maturity in using data to drive top line growth and bottom line productivity.

Developing Portfolios of Innovation: Bringing Big Data solutions to market quickly

Innovation to Scale: Challenges in integrating solutions across organizations and geographies – Big Data As A Service

New Digital Business Models: Turning data into compelling products and services

Consumer Data Revolution: The new business of giving consumers their data back

First Thought Best Thought: High performance interfaces that facilitate real time, and real accurate, decision making Show less