Colin Sloss presented 'Lifestyle goals investment planning - the evolving role of technology' at the CISI financial planners event at their London head office in January 2017.
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1960’s
Barclays launched
Barclaycard, the first
British credit card
World’s first cash dispenser
was opened by Barclays in
Enfield. Customers needed to
purchase special vouchers to
use in the machines
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1970’s
The Royal Bank
became the first
British bank to offer
a house purchase
loan scheme to
customers
Direct Debits
were introduced
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1990’s
Cashback launched, allowing
customers to withdraw money when
doing their supermarket shopping
1997 - Nationwide
launches first Internet
banking service
1990 was the year for ‘peak’
cheque usage. With 11 million
cheques written in the UK per day
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2000’s
Introduction of first ‘chip’ and
‘pin’ credit and debit cards
Contactless card
transactions
Launch of ‘faster payments’ -
which enabled internet and
phone banking payments to be
made almost instantaneously
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2010 to now
Debit card expenditure on the
high street exceeded cash
spending for the first time
Contactless bank
payment accepted
on the underground
App only Atom Bank launches
Launch of mobile banking,
with the first apps allowing
customers to check balances
Barclays launced ‘Pingit’, an app that
allows customers to make instantaneous
payments using mobile phone details
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2010 to now
11m banking app
log-ins a day during
2015 - 2014
2% fall in Internet
banking logins during
2015 - as people
migrate to the apps
32% fall in branch
visits between 2016
and 2011
347m payments made
via banking apps in
2015, a rise of 54%
since 2014
£1bn – investment
by LBG for digital
banking technology
between 2015
and 2017
3 million people now
registered for Barclays
mobile phone banking
service Pingit (as of
Sept 2015)
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I use lots of different methods of paying for things –
• PayPal to buy things like train tickets which use my
fingerprints to login
• Contactless cards and mobile payment to buy items under
£30, usually lunch
• I still use programs like excel for budgeting because I'm yet to
find a better alternative
• I use comparison tools to find the best rates on bank
accounts, motor insurance etc
The view of an 18 year old - today
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• I’ll ask you
• Ok, in that case, I’ll get all the advice I need through an App or
Google it
• Comparison sites
• If I speak to someone I doubt it will be face to face
The view of an 18 year old - advice
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Embracing the virtual world
• Atom Bank launched in April 2016
• UK’s first bank built exclusively for mobile
• Easy to use and quick to open
• Biometric logins, AI customer service
• Transforming the banking landscape
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Make it easier to see the important things
Tilney Bestinvest – Online Client Experience – Research and Functional Discovery - (c) Ernst & Young LLP – Proprietary & Confidential
Investing can be time consuming, complex and confusing
The intangibility of Investments is a factor but so is the complexity
So will Artificial Intelligence put all advisors and investment managers out of work?
As we’ve seen last year and this, human behaviour can be very hard to determine.
That said, technology is evolving very fast.
As we take a quick canter through technology, we can see how the pace of progress has increased.
From cash machines in 1967
It is hard to remember not having and using a tablet. To the point we are now seeing how technology can power banks with no branches.
Goals based planning is steadily gaining momentum. In the US, it accounts for 50%+ and is expected to rise over next 3 years to 65%.