We believe that clarity – and not simply lots of choice – is key to making well-informed decisions.
The Freedom Finance team helps explain the options to customers and empowers them to take control over their finances. Removing the options that customers might not be eligible for is the first step.
Additionally, the recent introduction of Open Banking presents an opportunity to give customers even better digital journeys.
As well as improving timing and efficiency, it can help finance providers better understand customers and respond to certain demands or needs. However, nourishing an element of trust is essential to grow APIs and build the bigger picture around a customer’s profile.
Overall, the number of options is essential to all personal finance decisions.
Too many can cause paralysis, with customers flummoxed by choice. The growing market and number of providers serving customers is positive, but not all providers will offer the best options for an individual.
The future of personal finance is exciting, with some great new ideas coming to market, particularly in the fintech space.
However, to get maximum benefit for consumers, both traditional and challenger companies need to focus more on providing clarity rather than just providing choice.
Marketplace platforms will continue to evolve and embrace AI to enhance this further.
Customers in the future should certainly expect to be presented with the right selection of products tailored to their individual needs.
They should also feel supported through a one-to-one pre9 and post-sale process, informing on the buying decision.
By increasing the focus on clarity, the consumer and the industry will undoubtedly be better served.
Brian Brodie is group chief executive of Freedom Finance
