Industry changes: data restrictions and how to better serve the customer

One of the challenges discussed was a reluctance from funders to engage in alternative partnerships because of data sharing.

Jason Maude, chief technology advocate at Starling Bank said the transference of a customer’s data from bank to partner causes concern. “The cultural worry is that something will go wrong with that transference of data and it will get lost," he noted.

He also encouraged people to get out of the mindset that because of many regulations surrounding data transference, banks should not do it.

Maude said Starling Bank looks at how to safely transfer data without ignoring the regulations and fulfill the customers’ needs in the process. He added: “The other important thing to realise with the data is that sometimes this regulation prevents us from doing things attitude can be a sort of front for another attitude which is, the data Is ours.”

Maude stressed the data belongs to the customer just like their money situated within the bank.

Chief operating officer at Simply Ylva Oertengren spoke about adjusting the industry mindset to focus more on the customer. She said: “All stats show SMEs are underserved when it comes to finance and there is a need to get more funding across to them to grow their business.”

Oertengren also said it is very important to think of a customer’s time more preciously and interact with them more wisely. She added: “Respect the time that SMEs have and respect the opportunity and the value of the interaction, that if you’re lucky enough to sit in front of them, you need to make use to that.”

A further customer relations topic that came up in discussion was how companies ensure with a partnership change, the customer is not affected.

Maude said the crucial thinking point is assessing what the connection is like between the organisations.

He also said gradually moving things from one side to another provider can be done gradually without the customer seeing any impact. “If you practice switching things over gradually then you can mitigate the worst of the damage and mitigate any problems that you might have," he noted.

With the asset finance industry facing challenges in terms of data, technology and new partnerships, it is clear experts think working through this with the customer in mind first, is crucial to making the necessary improvements.

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