Okay it’s a GOT themed fin-k tank today because extended metaphors are great and #fintechiscoming.
@HollyAMackay and @boringmoney carelessly smashing together my two great obsessions :D :D :D #finktank #fintechiscoming
Fin-k Tank may have taken place in London, but the day began with a trip to Westeros. Here’s the history of DIY investing since the 80s, set to a familiar tune…
Today @HollyAMackay kicks off our #finktank seminar with a #GameofThrones inspired video which tracks UK online investing since the 80s, taking in the Battle of the Bastards and the heirs to the Iron Throne - see the journey here #fintech #FintechIsComing pic.twitter.com/u8qyIWkamk— boringmoney (@boringmoney) 2 May 2019
Holly kicked off the day by sharing how investors and non-investors tell us they feel: “As if somewhere on the path to adulthood they forgot to read the financial services chapter”. Apprehensive, annoyed and let down, they often choose to just walk away. So what will the industry do to help them?
Simon pondered on how to build a business that keeps up with changing demands in an industry where ‘move fast and break things’ isn’t easy. When dealing with people’s money, you can’t afford to get it wrong.
Joining Simon, Neil highlighted that financial innovations are needed to take away a customer’s feeling that they’re taking a risk. Tech for tech’s sake isn’t enough and people “don’t want to see how the sausage is made”.
Adam suggested that humans are still essential in advice, but there just aren’t enough people available. Possible solution: train coaches in the basics of financial planning so they can help people decide what’s important without having to be qualified to suggest individual products.
Reframing the conversation, Joe suggested that advice shouldn’t be thought of as an investment product – it should be about changing micro-behaviours. Likening finance to health, he thinks we need a Fitbit moment. Or a 5-a-day for finance. Something to change our behaviour at a granular level.
How can tech bridge the gender gap? Davinia explained that women are crying out for information on how to manage their personal financial affairs, but many have had poor experiences with advisers. Tech is needed to reignite the conversation.
Making the room rethink their relationships with their mobiles, Dr. Dedyukhina showed us how the brain becomes addicted to notifications, and how the haphazard multitasking that follows is harmful to our decision-making.
As a convenient counterpoint to Dr, Dedyukhina, Tessa shared a story that helped us overcome our smartphone guilt a little. When her mum handed over her ‘kick the bucket memo’, Tessa digitised the complex stack of financial documents into a super handy, super modern app.
Can fintech chatbots help people invest? Victor showed us Plum’s AI-powered Facebook chatbot and their vision for an upcoming mobile app.
When Tom travelled to India and saw the real-world difference his ethical investments were making, he knew that telling these stories would be pivotal to engaging new investors. And according to the data, this alignment with people’s values is exactly what’s being called for.
You’ve seen phones that unlock when they see your face, but what about apps that read our near-invisible micro-expressions to help us build an investment portfolio? That’s what Anka introduced us to, and jaws were on the floor.
Intrigued by what our Fin-k Tank speakers had to say? Check out their websites and apps to get a fuller picture. Their great ideas today could shape our money habits tomorrow.
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