2.3.3 Financial services business – changing technology
In this video, David Harrison of True Potential LLP talks about the technological changes that are changing the way we are conducting financial services business. He also provides a very interesting insight into the absence of an age divide when it comes to the way the public are adjusting to these changes.
Since the mid-1990s, the financial services industry has been undergoing a large amount of change driven, in part, by the advent of the internet and other digital services that facilitate new ways of making financial transactions.
A 2015 survey on behalf of True Potential LLP showed that the use of digital services, including online, smartphone and wearable technology, is most popular for clients when it comes to managing savings and investments. The survey found that ‘almost 55 per cent currently use digital services to manage their savings and investments, compared with only 34 per cent who use face to face services and just 11 per cent who now use telephone banking’ (True Potential, 2015, p. 13).
New advances in technology are making the use of online and digital services easier and more accessible across all age groups. The survey data revealed that, looking ahead 5 years, 15 per cent believe that they will use either a smartphone or a wearable device as their primary way of managing savings and investing.