The problem with financial services

Why don’t more people save or invest for the future?

It’s an issue which leaves many families and individuals facing precarious times, not only due to the unsettled nature of global politics and the corresponding economic effects, but also in the future when it comes to retirement savings.

A recent study suggests that 2 in 5 of the working population have less than £100 in savings. A financial shock would cause millions to go into debt with long lasting effects both to themselves and to the economy.

In this (new) blog we aim to look at potential solutions to the savings problem as well as a whole host of other issues facing the financial services technology sector.

Our mission

Our mission at Vector is to place the real client/customer/user/human/person at the heart of the design process as they really are most important consideration when designing products and services. We include them throughout our project life cycle – from concepting to final deployment – their feedback is essential to project success.

We call this People first design and by adhering to this methodology we aim to ensure that what we design meets the needs of the audience it’s aimed at as much as possible.

Overhauling Financial Services

We are doing lots of work in financial services – it’s an exciting place to be at the moment with lots of energy, ideas and investment being ploughed into ‘fintech’. Both established companies and startups are rapidly developing technology led propositions – creating new products and services in an attempt to realise the full potential of the digital medium.

There is still lots of room for improvement though not least in the way financial services are promoted and therefor perceived as well as more fundamental areas of usability when it comes to the platforms through which customers manage their money. The whole industry is undergoing an overhaul.

We feel the biggest problem though is with the perceived inaccessibility of many savings and investment services. The language can be hard to understand and people often feel excluded from the financial world because of it. With the fiscal imbalances caused by an ageing population as well as the current unpredictability of the financial markets, the time for sensible saving and investment is now. It’s an essential part of life which needs to be much easier for people to engage with at all levels of income.

Through our people first approach we’re hoping to change perceptions and help everyone look after and make better use of their money and we’re already working with some great clients in order to do achieve this.

Blog

In this blog we’ll be covering a variety of areas within the ‘fintech’ world including the latest industry news, product reviews, exciting innovations and hot topics such as Artificial intelligence and cyber security. We’ll also be taking a wider look at the design arena so expect the occasional geeky post about typefaces as well. Sound good? Sign-up to our newsletter to get a weekly digest of not just our news but the pick of what’s happening in the technology and financial services world.