![]() Niall O’Grady: We’ve seen a marked shift within the industry away from selling products to providing relevant and best product solutions to customer needs. Liam McKenna: How does PTSB square the ethical and compliance circle with the bank’s commercial mandate? The new factor that has now emerged following all the focus on digitalising the front to drive customer engagement is that we now need to focus on digitalising the operational back end in order to ensure that the front end promises can be matched. This allows technology to be used as an enabler of better ethical service. So lifetime events – be they marriage or divorce, birth or indeed death – that an automated process will not necessarily pick up on can be identified and correctly incorporated into the need identification process. ![]() Overlaying behavioural information is also crucial. This approach is getting a great response from customers who like the convenience of online but also value the relationship and interaction with knowledgeable financial advisors at different points in their lives where and when financial needs arise. One example is that by analysing the vast amount of data we hold on customers we gain insights into where they are on their financial journey and use this in an intelligent and ethical way to preempt, support, review and recommend financial solutions that are better suited to their needs. So it is important that we also use technology in a way that enhances the transactional experience with good solutions. The experience is a challenge to add value to and base a deepening relationship on so bets to get these basics of speed and accuracy right. The idea of applying for a loan online and getting approved in minutes is very attractive and usage is growing constantly. The standards for this are set way outside financial services so we need to respond to these customer trends and quickly. The customer value in this is based on transaction accuracy, convenience and speed which improve and foster a better relationship. Niall O’Grady: Certainly a huge proportion of the transactional activity has now migrated to digital. Liam McKenna: Where does technology fit into PTSB’s proposition – as an enabler or a driver of ethical banking behaviour? Niall O’Grady Commercial Director of permanent tsb (PTSB) talks to Liam McKenna Partner Consulting Services – Mazars Ireland, about how the bank is using digitalisation to create more meaningful relationships with customers. The arrival of technology has been a game changer for Ireland’s banking industry. However, rates for homeowners on variable rate deals would still increase if the base rate went up as expected, she said.Permanent tsb: Digitalisation’s role in the ethical banking mix Sarah Coles, the head of personal finance at Hargreaves Lansdown, said it was possible fixed mortgage rates had peaked while the same was true of savings rates. This gear change was reflected in improved deals from big names including Barclays, TSB, HSBC and Nationwide, which all cut their rates in recent days, with analysts anticipating average rates will continue to fall. On Thursday, it had inched down to 6.83% and on Friday was lower again at 6.81%. This compares with 31% a year ago.Īfter rising relentlessly from less than 6% in the middle of June, the average two-year fixed-rate mortgage hit 6.86% on Wednesday, according to the data firm Moneyfacts. The July poll by the Office for National Statistics also revealed 40% were finding it hard to make these payments. An official poll published on Friday showed 45% of people paying rent or a mortgage had seen the cost rise in the past six months. Increased housing costs put further pressure on Britons already struggling to cope with higher food and energy bills. This would have pushed up even further home loan rates for Britons, many of whom are coming off deals priced at below 2%. Previously it was thought UK interest rates could rise to as high as 6.5%. Next week, the Bank of England is expected to raise rates for a 14th successive time by a quarter point to 5.25% and investors now think rates will peak at 5.75% next March.
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