Saira Khan

Sharing some key thoughts on vulnerable customers which should be integral to an overall wellbeing strategy for banks. In today's financial landscape, UK banks face a critical challenge: effectively supporting vulnerable customers. The Financial Conduct Authority emphasizes the importance of this mission, providing comprehensive guidance to ensure fair treatment and adequate support for those in vulnerable situations. (Included the FCA Guidance Document in comments for reference). > Understanding vulnerability is key. It can stem from health issues, life events, financial resilience, or capability, and may be temporary, sporadic, or permanent. Banks must recognize this diversity to tailor their approaches effectively. > Technology plays a crucial role. AI and data analytics can help identify vulnerable customers and personalize their banking experience. However, it's essential to balance this technological approach with human empathy and judgment. > Inclusive design should be at the heart of product and service development. Banks must consider the needs of vulnerable customers throughout the entire product lifecycle, ensuring accessibility and avoiding potential harm. Offering multiple communication channels allows customers to interact in the most comfortable way for them. > Front-line staff are vital in this mission. Comprehensive training programs should equip employees with skills to recognize signs of vulnerability and respond effectively. Some banks have successfully established dedicated support centers for specific vulnerabilities. > Clear communication is crucial. Banks should review their communications to ensure they are easily understandable, avoiding jargon. Raising awareness about available support services is equally important, as many customers may not know what help is available. > Supporting vulnerable customers requires continuous evaluation and refinement. Banks should establish robust feedback mechanisms and use this information to inform improvement efforts. > While supporting vulnerable customers is fundamentally about doing the right thing, it's also a regulatory requirement. Banks must align their policies with FCA guidelines and use Management Information (MI) to monitor the effectiveness of their strategies. As the financial landscape evolves, so must approaches to supporting vulnerable customers. Banks that excel in this area will not only meet regulatory requirements but also build trust, enhance their reputation, and contribute to a more inclusive society. This ongoing journey requires commitment, innovation, and collaboration across the banking sector. #FinancialInclusion #CustomerSupport #BankingInnovation #VulnerableCustomers #regulation #UKbanking #strategy

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There’s a sense of real optimism amongst our global banks clients, which is reflected in the results from this year’s FI Sentiment Survey.   2 in 3 are optimistic about the long-term outlook for the financial services sector, as well as the UK economy. More than 4 in 5 respondents at global banks say they view AI as an opportunity – with many already seeing the benefits in terms of productivity and efficiency.   Read the report below to get the full picture. #LloydsBankInstitutionalCoverage

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This week is the Inclusion Week. This is something really close to my heart on many layers. Having worked with clients in financial services for over 16 years, having the information of the support one may need, can be a game changer when it comes to communicating, whether they are routine banking queries or indeed complex financial planning discussions. As a NatWest Customer you can add Banking My Way marker easily via NatWest App or by speaking to our colleagues. What is Banking My Way? Do you need additional support with banking because your circumstances have changed? For example, you may have had a change to your finances or have been diagnosed with a serious illness. It can also be something simple as please speak slower or I prefer XYZ. Banking My Way is a free service that allows you to record information about the support or adjustments you need to make banking easier. To find out more please visit the website here: https://lnkd.in/eXVsSDsw #Inclusion #BankingMyWay #InclusiveBanking

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Our latest SME Growth Tracker highlights that September’s rise in construction activity among SMEs is a clear sign that demand is rebounding, driven by new contracts and a renewed willingness to invest after the election. Among SME manufacturers, while we’ve seen that a drop in output and new orders is certainly a challenge for them, it’s encouraging to see that the reduction in staffing remains modest, and confidence in future growth remains. Great to have chatted through the latest findings with our Chief Economist, Sebastian Burnside #ukconstruction #shoutaboutukmfg

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It's a sad state of affairs when blame culture overrides innovation. We've all been there at one time or another - putting your head above the parapet to advocate for a great new product or a better customer experience. I've been very fortunate to work with supportive forward-thinking leaders who have taken a balanced view of risk vs reward in the pursuit of delivering for the customer (and the business). Clearly, our research shows that most innovation leaders aren't that fortunate, so they need a way of de-risking innovation. Perhaps SaaScada can help?

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NatWest Group and Lombard, has issued the first bond by a UK bank that’s dedicated to financing and re-financing electric vehicles – the NatWest Electric Vehicle (EV) Green Bond* This comes after Lombard recently won the accolade of ‘Best Business Motor Finance Provider’ at the 2024 Business Moneyfacts Awards, cementing its place as the UK’s largest asset financier**and an advocate of sustainable investment for our customers***. Read more here: https://lnkd.in/e5ADG_ft To find out more about transitioning to EVs search Lombard Electric Vehicles *The EV Green Bond is intended to finance or refinance Eligible Assets in the form of leases (financial and operating), hire purchase agreements, loans and other arrangements to finance the use and purchase of electric vehicles. The green label of this bond derives from the inclusion of electric vehicles as Eligible Green Assets under the “Clean Transportation” category defined in NatWest’s Green, Social & Sustainability Financing Framework and the ICMA Green Bond Principles “Clean Transportation” category. NatWest is not claiming that this “green” or “clean transportation” categorisation necessarily meets others’ expectations or requirements for describing or classifying activities, products or assets as “green” or transportation as “clean”. **Asset Finance UK Top 50, 2024. ***For more information on how we define climate and sustainable funding under our CSFF criteria see: Climate and sustainable finance. Security may be required. Product fees may apply. Subject to status. Business use only

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Our Chief Economist @Sebastianburnside delves into the insights from our latest Regional PMI Report to discuss economic growth trends, cost pressures and business output across all nations and regions of the UK. https://lnkd.in/e2HMr8bu

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Really interesting to read about TISA's new select ID scheme. Allowing customers to select their preferred Digital ID provider, this will not only simplify the customer jounrey and reduce fraud but forge the future of Digital ID within the industry. http://spr.ly/6044ewNTj

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Some important analysis and practical proposals for a way forward here…well done to Schroders and Pensions Management Institute (PMI) for pulling this together.

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BOOM! WHAT HAVE WE BEEN TALKING ABOUT? ⚠️ Ally Financial Flags Intensifying Credit Challenges: A Sign of the Times? ⚠️ Ally Financial has just flagged growing credit challenges, particularly a rise in net charge-offs, with auto loans being hit hardest. This fits into the broader narrative we’ve been following around consumers turning to Alternative Financial Services (AFS) for short-term cash flow solutions. Companies like OppFi and Affirm are seeing increased activity, and services like Dave are being used more frequently for paycheck advances as consumers struggle to keep up with rising costs and tighter credit markets. With both traditional lenders and alternative lenders facing increasing defaults, it’s clear that the financial pressure is widespread. Let’s discuss how this impacts our strategy moving forward. Source: https://lnkd.in/grtesdKb

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🚀 The UK Consumer Duty: Redefining Project Management Deliverables for Long-Lasting Impact 🚀 In the world of financial services, the introduction of the UK Consumer Duty has brought about a significant shift in how businesses approach their operations. It’s no longer just about meeting the bare minimum—it’s about ensuring that every action leads to real, measurable outcomes that benefit the consumer. For those of us in project management, this outcomes-based approach isn’t just a regulatory requirement—it’s an opportunity to reshape how we deliver value. Effective project management is now more crucial than ever. With the emphasis on longevity and sustainability, we’re tasked with creating deliverables that don’t just tick the boxes today, but also stand the test of time. It’s about planning for the future, anticipating needs, and ensuring that every project aligns with the broader goals of consumer protection and business integrity. Over the last year, I’ve had the privilege of leading Consumer Duty-related initiatives, and it’s been a game-changer. The focus on longevity and sustainability means we’re tasked with creating deliverables that don’t just meet today’s needs but are built to last. The impact of this is profound. We’re not just managing projects—we’re contributing to shaping the culture of entire organisations. By integrating Consumer Duty principles into our project management frameworks, we create a holistic approach that brings teams together, fosters collaboration, and builds a shared commitment to doing right by the consumer. The future potential here is truly exciting. As we embrace this outcomes-based approach, we’re setting a new standard for what project management can achieve. We’re moving beyond deliverables that meet short-term goals, toward creating projects that drive lasting, positive change. It’s a challenge, but one that promises to elevate our industry and deliver real, tangible benefits for consumers and businesses alike. 💼💡 Let’s continue to lead with insight, foresight, and a passion for excellence—together, we’re shaping the future of project management! #ProjectManagement #ConsumerDuty #OutcomesBasedApproach #Leadership #Fintech #Innovation

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Is PMI the new CIC? And are there too many TLAs in our world? Thought-provoking insights from Cameron Roberts and experts about the demise of our public health sector and relationship with PMI demand. There's no overnight fix to the state and performance of the NHS, and if it ever recovers, there's the important matter of choice that PMI offers. I agree with Kyle Godden that we may (and should) end up with a three tier system, there is certainly room and need for lower-cost, more targeted PMI solutions (focusing on diagnostics and core benefits). But this also highlights the importance of advice for PMI too - with so many choices and the beartaps of moratoriums - there's a strong case for an advised broker model vs direct insurer. Consumer Duty anyone? LifeSearchAlan Richardson Dip CII Christopher Paul Mooney Poonam Khan Alastair Smart Paula Bertram-Lax Ricky Butler Debbie Kennedy Rose Howarth #healthmatters #protectingpeopleproperly #refreshingprotection #privatehealth

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It’s great hearing just now directly from the CEO of NatWest Group Paul Thwaite for his first FT Banking Summit. He stressed that the regulator environment if done carefully can support the growth agenda, with focus being on areas like fraud, ringfencing (and some others). The Bank’s growth agenda will be underpinned by the increased private ownership which is the symbolic moment for the Bank to put it back into the strong position. Now we can talk about the future and the potential of the Bank rather than talking about its past. He mentioned that NatWest is one of the largest 5 investors into Technology having spent over 1 bn, with over 85% of investment in data and technology going into product and proposition, licenses for the software companies (and a few other areas). As we see with most of the larger banks in the industry, his frustration is that a lot of money goes into the regulation compliance and old infrastructure. I believe that one of the key questions in the current economic situation is how can data & technology make the current business more cost effective and efficient. The question always remains that if something goes wrong, how can data & technology support the remediation. This is more than ever important for the growth agenda in the current climate. I believe that there is always an opportunity for the banks to transform with the new technologies to focus on customer first agenda (including on who the customer base is) maximising the trust in particular at time when we see the rise of fraud. Longer term it’s key to invest into the the new technologies that will support the bank, however, you don’t need to use these for everything. When you have a stable foundation, then you invest some amount in innovation. The key is using these new technologies such as AI (and Quantum in future) focusing on the value creation for the bank and its customers, and having in mind the ROI as part of broader strategy - vs using it because everyone is talking about it. AI for instance could be used where it could be too complicated for the human to come up with the solution by hand. #FTBanking #digitaltransformation FT Live

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The latest episode of Tech and the City - out now.

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Too often people assume that seeking advice or guidance is only for the two extremes: for the very wealthy or for those with financial problems. This misperception needs to change.   Over the past few months, we at SJP have been sharing insights from our Real-Life Advice Report, our largest consumer survey to date exploring the impact of financial advice on people’s lives, and our attitudes to receiving financial advice. Through real life stories and new insights, we’ve uncovered the pivotal role that financial advice plays in improving the nation’s financial wellbeing.    Today, I’m sharing the final chapter with you. Chapter 6 provides insights about what the future of advice could look like, and how we as an industry can support future generations to make better financial decisions. The adviser and client stories we’ve shared in this chapter and the rest of the report have shown both the remarkable and entirely typical ways that financial advice can positively impact lives.   So many more people’s lives and futures could be improved simply by getting access to the support they need.   It’s critical that as an industry, we continue to raise further awareness and break down the barriers preventing people from accessing the advice or guidance that could help them. So, today, I’m resharing my calls to action for our industry:   1.  We need to attract and train more financial advisers to the profession 2.  We must find ways to fill the gap between guidance and full holistic advice, to make support more widely accessible 3.  We need a coordinated campaign across the profession to change perceptions around financial advice   The full report and my concluding thoughts can be found on our website:  https://lnkd.in/e8kcsfC3 #RealLifeAdvice

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Our Chief Economist @Sebastianburnside delves into the insights from our latest Regional PMI Report to discuss economic growth trends, cost pressures and business output across all nations and regions of the UK. https://lnkd.in/e2HMr8bu

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Do you fancy having a butler, a cleaner, a chauffeur, an assistant and a carer? Artificial Intelligence meets robotics is making all of the above possible. Along with a Citi team and external expert contributors, I enjoyed looking at the many areas in which AI-robots could be useful to us going forward. We then tried to dimension how many AI-robots could be moving around us. Our conclusion was a lot. Over 4bn by 2050. One of the other surprises was how short some of the payback periods could be, with implications for the world of work. For more, please find the full report in the link below. The summary also explains the title.

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