Human touch as a valuable commodity
By Teamspirit on Tuesday, 20 February 2018
In our latest trends mini-series, we’re investigating the impact of technology on financial services. Read our latest instalment and find out why we believe the human touch is more valuable as ever.
From money management apps that use artificial intelligence to analyse our spending to lenders that peruse our social media platforms to judge our credit worthiness, it feels like robots are taking over the financial services world. The critical question is, when is a robot required, and when is it not enough?
The answer lies in the value of service you get. When a robot, AI or a fintech service significantly reduces the cost of a service or increases the speed at which that service is provided – AND it doesn’t compromise on the value and quality of that service – it is absolutely appropriate.
But what about when you are seeking advice for the best options for a six-figure final salary pension transfer, or requiring reassurance that your investment portfolio has the appropriate asset allocation for your goals?
Do you pop your details into an app and click ‘go’, or do you approach a seasoned financial adviser, someone with decades of experience who can leave you with that feeling of comfort?
Personal touch has always added value. Now the robots are in town, some would argue the value of the personal has only gone up.
Implications for financial service brands:
Robots and AI will inevitably continue to replace some of the human interactions in the coming years – arguably where the human value exchange has been insufficient.
Financial services brands will need to be honest about the role their products or service play in the lives of the user. Then they need to identify the opportunities for emotional engagement and hone moments of human interaction to become memorable branded experiences.
From financial advice to portfolio management, consumers will sway towards providers who offer the personal touch where it is most valued, eg personalised interpretation of information, what it means and what can be done with it.
This blog is taken from our whitepaper on trends in financial services, marketing, PR and tech, ‘2018 and beyond’.