The only way is ethics
It is a sad reality that the financial services industry is one that is viewed with more suspicion than almost any other. I am not going to try to defend it, given that scandals continue to hit the headlines with monotonous regularity. Short of actual fraud, it is usually a matter of unscrupulous operators trying to push the boundaries of the regulatory system to their absolute limits, invariably at the expense of innocent (if sometimes gullible) people. This sort of thing has been going on since time immemorial.
For the vast number of companies in the industry, who operate with transparent honesty, it makes the job of building trust with clients doubly hard. Indeed, if you are a director or senior manager of a financial services provider you will know that sometimes no amount of reassurance on the part of your business can cut through the wall of cynicism. The frequent customer response to our assurances of integrity, said or unsaid, is: “Well, you would say that, wouldn’t you?” (And the truth is: “Yes, we would!”)
Household names with proud histories going back decades or even centuries and companies such as ours, which are comparatively new, have to keep going and be prepared to be judged on our record. This is a process we’re happy to accept, especially as our very creation was founded on a desire to develop behavioural software that can be used to empower your customers, so that they will make better and more considered financial decisions.
To be clear, we don’t direct anyone’s decision making. In fact, it’s just the opposite. Our role is to create greater agency for your customers, via engaging software tools that you can offer on your platform or portal. These reveal to them where their reactions to information may be compromised by a range of sub-conscious biases. Armed with this, your clients are better able to make more conscious choices, rather go straight for knee-jerk decisions that might prove self-sabotaging in relation to their personal finance objectives.
Instead our software enables them to step back, take a pause and reflect on their next step. Pausing can be a powerful tool in the decision-making process. It allows the heat to dissipate from what can often be emotionally-charged matters. Ultimately by exchanging a seat-of-the-pants decision for one built on calm reflection and better examination of the facts, your clients are more likely to reach a conclusion that will properly reflect their aspirations and long- term goals. This in turn offers the prospect of happier, more engaged long-term customers for you.
Want to know how we do it? Contact us via [email protected] to discuss.