pocketnest’s Post

AAZZUR enables brands to integrate financial experiences into their offerings 10x cheaper - 4x faster … driving revenue and customer loyalty … out of the box 👏 How does this embedded integration affect wealth building and management? Latest piece 👇 for WealthBriefing Why Wealth Management Is Crucial For Financial Inclusion Wealth management is crucial, whether you oversee running your household or a business, and when done effectively it is instrumental in wealth distribution, closing the gap and widening opportunity. 💸  https://shorturl.at/o4wts #wealthmanagement #wealthbuilding #fintech #fintechorchestration #outofthebox #integration #inclusion

A new wealthtech practice, addressing the needs of clients and families amid the intergenerational wealth transfer trend, launched last week. https://lnkd.in/gKjz8H2N #financialplanning #heirwealth #intergenerationalwealthtransfer #platform #technology #wealthtech

As we celebrate #NationalFinancialAwarenessDay, it’s essential to reflect on the strides made in financial inclusion and wellness, particularly through the advancements in fintech. Fintech has become a powerful tool for banks and credit unions, driving financial inclusion and enabling more individuals to access the financial services they need to achieve financial wellness. Let’s take a look. #Fintech #FinancialInclusion #FinancialWellness #BankingInnovation #DigitalTransformation #FinancialLiteracy #FintechForGood https://hubs.la/Q02Lk_N60

"Advisers need to be more intentional in having intergenerational wealth transfer conversations with all the generations involved." Simoney Kyriakou raises a critical point in an FT Adviser article published today. With a staggering £5.5 trillion projected to be passed down through generations by 2050, this is arguably the most pressing challenge facing financial advisers today. At Lyfeguard, we empower advisers with client-centric software designed to facilitate these crucial intergenerational discussions. Ready to explore how we can help? Schedule a conversation with me directly (link in comments). #WealthTransfer #FinancialAdvice #IFA

In a speech at StepChange Connected 2024, Nikhil Rathi sets out the evolving journey towards financial inclusion. He calls for a change in mindset to incorporate a different conversation about risk and innovation and highlights how financial inclusion and growth need not be mutually exclusive. #FinancialInclusion #FinancialRegulation #FinancialServices #Innovation

Really powerful statements from the FCA today on the importance of experimenting and risk taking. 'a step change in financial inclusion[ ] will require: a willingness to take more risk and to experiment, accepting that not every idea will work; and a determination from everyone with a part to play to improve outcomes'. We've seen first hand what determination trialing new things takes, and what it delivers. The No Interest Loan scheme has now lent over £10m to people in financially vulnerable circumstances. The FCA's support via the regulatory sandbox has been hugely helpful in giving all the participating lenders comfort in what we were testing. The backing of HMT with a bad debt guarantee and funding from Fair4All Finance, the Devolved Administrations, and JP Morgan has made it possible. And the drive and ambition of Sian Williams and Martin Coppack in their respective then roles at Toynbee Hall and Fair by Design made sure the case was made and the customer outcomes excellent. We have innovative and confident lenders to thank too! Helping people improve their circumstances, by carefully testing what does work, in a really collaborative way, really can deliver growth and great outcomes. More of this is needed. Much more. It's great to see the need for that acknowledged today. South Manchester Credit Union Toynbee Hall Daniel Rusbridge John Wightman Plend | B Corp NEFirst Credit Union Capital Credit Union UK Salad Money Fair for You CIC Leeds Credit Union

Around 20 years ago I found myself in an unexpected situation. I had debts, a divorce and a new job. StepChange (then the CCCS) really helped me sort things out. I paid back my creditors and life got better. What I learnt during this time however was how disparate, illogical and inhumane parts of the financial system were. Some organisations were brilliant, honest and easy to deal with. Others were cruel, pathetic and acted in a way that appeared disingenuous and dishonest. I consider myself to be pretty economically literate. I also know the financial regulatory system. And I genuinely thought that most creditors would want to find a practical solution that avoided them taking losses. Restructure loans, defer payments etc etc So I was surprised when my bank (who I’d been with since I was 8yrs old) upon news of my divorce and short term financial distress, advised that they would wait until I defaulted on my loan, add fees, take whatever was in my current account and then declare me bankrupt if I could not pay. A week later they offered me another credit card. I closed my account and made a formal complaint. I also signed up with StepChange for credit counselling. They were brilliant. With a week, my former bank had frozen all interest and a month later offered to write off a substantial part of the debt. Other creditors agreed to similar freezes and within a year I was debt free. A few years later I returned to the UK following a period working abroad. Once again I discovered that the financial system works great for those that fit neatly into neat boxes. It works less well for those who’s circumstances are unusual or messy. I had a good but new job. I was financially sound. But I didn’t fit. You see the assumption we often make is to assume the problem of Financial Inclusion is for people like 2004 me. People with debts. In trouble trying to find a way out. It isn’t. 2004 me was well known by the CRAs. I had plenty of loans and they knew where I lived and who I was connected to. Even when I was having issues they could assess my risk and I could get access to services, credit cards, mobile phone contracts, insurance etc. 2008 me was a different matter. I had a weird address history with giant gaps and was married to someone else. I moved around a bit and wasn’t on the latest register of electors or census data. My three year address history had a foreign country on it with no way to verify easily and I had a new job. 2008 me was a problem and people didn’t mind telling me so. 2004 me had no problem buying a mobile phone, getting card insurance or a credit card. 2008 me didn’t fit and was constantly told no. Many people think that Financial Inclusion is about pushing banks to lend to people who can’t afford debt and access something they shouldn’t. It isn’t. It is about helping people who don’t fit the norm access the same services everyone else has access to and adding value to society. #financialInclusion #StepChange

Interesting aspect of where digitisation & FinTech sit with the drive for Financial Inclusion

🎉 2024 was a year of milestones for #BankSocial, with exponential growth. Together, we’re proving that innovation and #Community can reshape finance! Here’s to Another Year of #Growth, #Innovation, and #Community 💙 #HappyNewYear

Are we really on an “evolving journey towards financial inclusion”? Or are we simple exploring new ways of making the poor poorer still? Arguably, the biggest decision ever taken impacting the financial welfare of the British public was in 1955. That was the year that the government decided to let people get into debt rather seeking to bring about an increase in their wages. Hire Purchase (HP) was the channel for pushing the British public into debt - and it worked like a dream ( or a nightmare). Five years later - in 1960 - was the beginning of the process to try to remove cash from the publics hands ( and pockets). Ted Heath - remember him? - told Parliament that a “small measure” was being taken that would allow wages to be paid into bank accounts, rather than being paid in cash. For the first time, High Street bank branches mattered to the mass of the population - because the public now had to go to them, fitting in with their incredibly short opening hours, to get their cash. Seven years later - in 1967 - a new way was contrived to get the less well off into debt. The first UK Credit Card was let loose on the unsuspecting British public. Twelve short years -between 1955 and 1967 - during which British music was changed forever by the Beatles, the Rolling Stones and other great bands - BUT the most important change was actually that the High Street Banks could call the tune for the British public as never before. Household debt in the UK has been increasing ever since, amidst long periods of stagnation in real wages. 57 years later - yesterday - the Financial Conduct Authority noted that Buy Now Pay Later ( HP, with a longer acronym) had been used by 25% of the public in the last year. Excellent. A new digital device for debt development. Another interesting part of this FCA statement? “Yesterday our new rules came into force requiring banks and building societies to assess and fill gaps in cash access – a concern for the 3 million people relying on cash for most, or all, purchases. No. It’s a concern for the 81% of the British public - 50 million adults - who responded to a survey conducted on behalf of LINK Scheme Ltd a month ago by stating that it was important to them to retain the option to use cash. And even more important to the 71% of the British public -around 40 million adults - who told the Payment Choice Alliance in 2023 that they want a law put in place guaranteeing their right to use cash, when and where THEY choose. So far - since 1955 - “ our evolving journey towards financial inclusion” has left the British public increasingly mired in debt. This has certainly been to the advantage of some major players in Financial Services. Never mind though. AI is here to help. We can’t afford Natural Intelligence any longer. So let’s make do with the Artificial variety. Like replacing paper with plastic? Nowhere yesterday was “CHOICE” mentioned. That’s ok. It’s a word that will be heard loud & clear at The Labour Party Conference..