1 in 10 Brits feel hopeless about their financial situation
Despite inflation falling to a 15-month low of 6.8%, Brits are still spending increasing amounts of time worrying about their finances. According to a survey by Opinium, 1 in 10 Brits feel hopeless about their financial situations, whilst more than a third feel anxious, with financial stress now the greatest source of stress outside the workplace. With consumer lending hitting £29 billion in April of 2023, research from Shawbrook Bank has found that 59% of Brits find that the written language used in personal loan applications and other banking documents is confusing. With Britain ranking as mid-level OECD nation for financial literacy, harsh economic climates demonstrate the need for banks and lenders alike to support customers with clear and relevant communication. In light of this, Eligible, the UK’s leading AI servicing tool used by Britain’s mortgage lenders, addresses what banks can, and should be doing, to better the relationships Brits have with their banks and personalise communication.
Research from the FCA found that close to half the population reportedly have low confidence when it comes to making decisions surrounding money, and as many as three-quarters of consumers have admitted to feeling anxious when interacting with mobile banking services, according to GFT, there is an increasing need for communication that is timely and presented in accessible format. Eligible works as an AI-driven insight tool, facilitating meaningful and timely conversations, that revolves around tailored financial support. Used by a host of Britain’s leading lenders, the white-label platform works by using AI technology to analyse customers’ financial and behavioural data to predict what information they need to best support their financial situation. Using this data, banks can make sure that the information their customer receives is relevant and personalized, supporting them in making informed decisions about financial products and services.
