Banks and pension providers are more trusted on ‘data’ than many technology companies, but are looking at how they can utilise this resource for their customers’ benefit.
Speaking at the CA summit, Dan Makoski, chief design officer for Lloyds Banking Group told delegates that the group, including its Scottish Widows subsidiary had “one of the largest transactional sets of data in the UK”.
He adds that the group was looking at the best way to use this information to deliver “more personalised experiences” for customers. He adds that he was hoping that this data, combined with more intelligent design, would help consumer make better financial decisions.
However, Makoski says that the banking and pensions group had recently reviewed its data policies to ensure this information was being used effectively and ethically.
Makoski says that while the technical capability exists for institutions like Lloyds to buy individual data sets from companies like Google or Facebook, financial institutions are currently not able to do this, in his experience.
Makoski said that while tech companies make profits from this data, banking and pension companies make their money from selling products and services, so have a duty to ensure this data “is used only for the customers’ benefit”.
He gave the example of banks have a duty to flag up potential sources of help if transaction patterns clearly point to those with a gambling problem.
Makoski compared the intelligent use of data and design to GPS. “With maps you had to stop the car and check where you were going. With a GPS system this gives you instant insight as to where you are now, and will re-route drivers where necessary.
“We need to be provide a financial GPS for consumer, giving them the data and insight they need to see where they are now, and help them plan where they are going.”
said that as a designer, with over 10 years working in the technology industry in Silicon Valley, financial companies had a responsibility to use design to help consumers engage with their finances in a more positive way.