For Episode 2 of our Sense of Identity podcast, we chatted with Chris Read from Dunstan Thomas on how to engage clients in a TikTok era.
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Dunstan Thomas provides a whole ream of interesting technologies to the financial services sector, investment, savings, and retirement. This has given Chris a unique view of digital transformation that spans the market.
Chris is not only the Founder of Dunstan Thomas and a thought leader on all things financial services tech, but he also started The Singing Gorilla Project in Uganda, helping to improve the welfare of remote communities.
Key Takeaways
- Understand how financial services technology can cater to a broad demographic, ensuring no one is excluded.
- Discover why the financial sector has historically been slow in digital adoption and how this is evolving.
- Hear the ways in which COVID-19 accelerated digital engagement among older generations, offering a unique perspective on changing consumer behaviours.
Interview Summary
Paul: Chris, with Dunstan Thomas's broad technological offerings in financial services, how do you ensure inclusivity across diverse demographics?
Chris: Initially, our focus was on manufacturers and providers, without a major emphasis on end-user usability. However, as digital tools became integral for both advisers and consumers, we've had to adapt to include direct consumer capabilities, considering their needs and behaviours.
Paul: Do you think the financial services sector has been slow to embrace digital transformation?
Chris: Yes, primarily because the sector has traditionally targeted older demographics with more financial resources. This approach has resulted in a slower digital evolution, tailored to the pace acceptable to older generations.
Paul: Has the pandemic shifted the digital resistance, particularly among older demographics?
Chris: Absolutely. COVID-19 has accelerated digital adoption among older generations. We've seen a leapfrogging of technology, with even those unfamiliar with emails adapting to platforms like Facetime.
Paul: How do you view the future of digital engagement in financial services?
Chris: Digital tools, like online banking, are changing behaviors across generations. However, there's a resistance to transacting digitally in certain areas. Parental and peer influences play a significant role in shaping digital adoption.
Paul: What role do you see technology playing in navigating the current economic challenges?
Chris: Technology is vital in developing new efficiencies, especially during recessions. At Dunstan Thomas, we focus on product development and maintaining team sizes during these periods to emerge stronger post-recession.
Paul: What future trends do you foresee in financial services technology?
Chris: With rising interest rates, I anticipate more sophisticated retirement propositions, blending guarantees with drawdown options. We're likely to see a shift towards guaranteed income solutions in higher interest environments.
Paul: Lastly, could you share your involvement with the Singing Gorilla Project in Uganda?
Chris: Initially started as a music school to establish a common language between the West and local communities, the project expanded to include essential services like water tanks, a hospital, and schools. It's about creating sustainable support systems for remote communities.
Paul: That's amazing. It's been great to have you Chris, thanks.
Chris: Thanks Paul, it's been a pleasure.
Reviewed By:
Sam Kendall, 05.06.24
Sabrina McClune, 05.06.24