Brian Brodie, Group Chief Executive at Freedom Finance

Potential customers of financial services are failing to understand or are being alienated by financial jargon, a banking industry veteran has said.
Brian Brodie, Group Chief Executive at Freedom Finance, said he believes the problem is serious enough to be paralysing some customers from making crucial personal finance decisions.
According to Freedom Finance’s research, said Brodie, a quarter of the UK’s consumers are worried about agreeing to terms and conditions they don’t understand, and 41% think personal finance service providers should make T&Cs simpler.
“Customers are demanding clarity and the finance industry needs to meet those expectations by educating consumers, shortening T&Cs and removing unnecessary jargon,” he said. “With more customers using mobile devices to access products and services, financial service providers ought to consider adapting small print to meet requirements that works effectively for tablets and smartphones. Individuals should feel empowered to make financial decisions that they understand, whilst being certain they are clear about what they’re signing up for.”
As the financial sector continues to develop and adapt to customer demands, Brodie believes the most interesting advancements for lending platforms are likely to come from the convergence of multiple technologies, such as artificial intelligence (AI), augmented reality (AR), virtual reality (VR) and blockchain solutions: “Customer centricity and control will continue to grow, while blockchain-based solutions will provide the backbone to an internet infrastructure, where customer data is governed by the owner and their own personal operating system,” he added. “The broker market should be continuously growing the use of technologies that help bring consumers clarity, and not just choice, to best support financial decision-making.”

by Guy Matthews