As UK Savings Week kicks off, it’s hard not to notice the glaring issue many people face – a lack of savings. With more than 11 million working-age people in Britain without £1,000 in savings, there’s a clear and urgent need to address this financial vulnerability and encourage better savings habits nationwide.
But with so many saving options and fluctuating rates, managing your savings can feel like navigating a maze. In today’s world, where every penny counts and time is at a premium, it shouldn’t be this complicated. That’s where customer centric solutions come in – they provide streamlined, digital solutions that make finding the best savings options easier and simpler, and managing your accounts in your preferred medium an easy process.
So, how exactly can these solutions help you save both time and money?
Need for financial management tools
Financial stress is already a reality for many, with the rising cost of living squeezing budgets tighterevery day. On top of that, many customers are coming out of fixed-rate mortgage deals up to the end of 2024, making the idea of simple application journeys and tools to help you manage your savings more appealing. However, in light of the recent base rate cut, savers are finding it harder to secure decent returns.
Interest rates on many savings accounts have dropped, making it more challenging to grow savings
effectively. This only adds to the financial pressure people are already under. In this context, making time for savings decisions feels nearly impossible. Consumers now expect the same journey from financial services as they do from other online conveniences. They won’t wait weeks for a switch or spend time searching for better options.
All-in-one financial solution
This is where customer centric journeys and mobile apps step in. They aren’t just gateways to your accounts; they’re built to simplify managing your money. Through a customer centric journey, users can easily explore different savings options via their preferred medium (web or mobile), compare products side by side, and make informed decisions from one secure platform. Customers can also conveniently manage their existing savings through a portal or mobile apps, keeping all their
financial information in one place. This makes it easier to both track and manage their savings effectively.
But what makes a good savings platform?
A well-designed customer journey gives the user control. It allows customers to quickly and efficiently find the best savings options without wading through fine-print pages. Instead, they can view all their options in one place, compare interest rates, and choose the best deal with just a few clicks.
Simplicity is key. The platform needs to be user-friendly. If the interface is too complex or difficult to navigate, customers might give up before fully exploring its features. The best platforms are intuitive, allowing users to manage their savings effortlessly. They typically include features like mobile apps for quick access and interactive tools for setting and tracking financial goals, ensuring a smooth and efficient journey for the user.
What does the future hold?
As UK Savings Week encourages people to examine financial habits, customers will undoubtedly seek simple and available tools for managing finances. Modern digital experiences are key, and savings providers who clearly focus on the customer journey are only beginning to see their full potential.
The ongoing development of these journeys and self-management tools will save customers time and money, making it easier to navigate the complexities of financial products. The convenience of managing savings, switching products, and comparing options at any time and from any device cannot be overstated.
At a time when we’re always on the go, customer portals and apps are stepping up to make financial management easier than ever. Whether switching mortgage products, searching for the best savings accounts, or just trying to keep track of money, these platforms are designed to streamline the process. With ongoing tech advancements, customer portals are set to redefine financial management, bringing even more innovative solutions to user's fingertips.
