Half of consumers want better access to financial products

Half (50%) of consumers want better access to financial products and services without having to physically visit branches, research by Moneyhub has revealed.

The firm’s survey of over 2,000 people found that 48% said that using financial apps could allow them to save more by helping to manage their finances better.

The results come as the Government looks to put data at the heart of its plan for economic growth through the introduction of the digital information and smart data bill.

Almost half (47%) of consumers said they want to access more personalised advice, while the same percentage want greater flexibility when it comes to managing their accounts.

Furthermore, 44% want more simplified advice about certain areas of their finance and another 44% are keen to gain more advice about their financial situation.

Moneyhub has stated that technology has "fundamentally changed" consumer expectations when it comes to how they manage their finance, interact with their financial services providers and understand the value of their data.

Chief operating officer at Moneyhub, Dan Scholey, said: "Companies embracing open banking and open finance can already meet and exceed what customers have come to expect from their financial services providers and provide low friction personalisation at an affordable price point.

"The kind of data insights necessary to recognise and meet customers’ needs – and to keep meeting customers’ needs over their lifetime – can only be derived from understanding a customer’s full financial position. Without open finance, it is virtually impossible to provide this to the mass market and therefore comply with Consumer Duty regulations."

Moneyhub said the introduction of Consumer Duty has resulted in firms having to meet these expectations by embracing wider data sharing, offering convenience and higher value exchange, and adopting a proactive approach to delivering better outcomes as well as more suitable products and services for customers.

While a percentage of the customer base want better products and services from their financial services providers, the research found that over a third (36%) think that open banking will have a positive impact on the quality and range of products available, rising to 54% among 18 to 34 year olds.

Scholey added: "The recent King’s Speech shows that the government means business when it comes to advancing the use of data to support economic growth, specifically by laying the foundation for the creation of smart data schemes.

"However, there’s only so much the Government can do to bring modern data solutions to its citizens. Financial services, from banks to insurers, building societies to pensions providers or wealth and investment managers, on the other hand, already have the power to make a tremendous difference to their existing customer bases through the quick adoption of open finance and open banking solutions."



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