TISA sets up financial services tech forum

Bill Wrest, head of business innovation at Barclays, will chair the Technology Innovation Forum, established by the Tax Incentivised Savings Association as part of its campaign to promote saving to the public.

The forum will publish a report later this year offering examples of technologies in other sectors that could be copied by financial providers.

Mr Wrest said: “This is a real opportunity for the financial services industry to step back and consider innovative technologies that could transform the way people engage with the sector.

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“We’ll be looking at how companies in other sector have used technology to foster a closer relationship with their customers.”

Family Assurance, Invesco Perpetual, Legal & General, Metro Bank and the Money Advice Service will take part in the forum.

Adviser view

Adrian Pickersgill, director of Birmingham-based IFA Chatfield Private Client, said: “Younger savers are far more tech-savvy than older generations and they expect more interaction and faster responses to questions. The industry has to ensure that products are simple and cheap if they are only available online, because technology cannot educate people on their investment choices.”