The opinions expressed here are those of the authors. They do not necessarily reflect the views or positions of UK Finance or its members.

Historically, banks have been slow to meet these expectations, but the pandemic-induced push towards digitalisation created a long-overdue change. 

Today, as many major banks embrace more granular and dynamic decisioning to remain agile in lending, financial institutions must invest more into their savings offerings.

The complexities of savings platforms

A savings platform serves as a place where users can explore a range of products and find the most suitable option. However, not every financial institution can provide a wide selection of products, especially with fluctuating interest rates. This limitation poses a real challenge for users with specific requirements. 

Additionally, the platform's interface can present a barrier. If a platform is complex or difficult to navigate, the average customer will give up before benefiting from its features. Usability is crucial, and lenders must embrace digital innovation to enhance the mechanics of their savings platform and the overall user experience.

What makes a brilliant savings platform?

User choice, accessibility and flexibility are essential to building a platform capable of keeping up with modern banking demands.

The best platforms offer a wide range of options, from easy-access and bonus accounts, cash ISAs, business savings accounts and more. This diverse offering reflects the agility required for lenders to meet the changing demands of consumers. 

This also brings us back to seamlessness. Standout platforms excel in deploying their offerings rapidly and efficiently, ensuring products are always relevant and timely for consumers. Some incorporate advanced technologies like biometric scanning for KYC verification, Open Banking for quick transactions, and CRM systems for effective customer communication. All these enhance the overall customer experience and improve ease of use.

How important is user experience?

When creating a savings offering, it’s crucial to prioritise the users’ experience, including flexibility and interactivity. Some platforms can be rigid and unintuitive. The solution lies in investing in technology that empowers customers to manage their savings in a clear, user-friendly manner. Ideally, a modern savings platform offers multiple options and enables customers to view and manage their savings on any device. This ensures customers receive an integrated and consistent experience.

Flexibility in functionality 

After establishing an intuitive interface, the next step is to ensure the savings platform can deliver quick and efficient results. It should enable customers to complete verifications, create accounts and deposit funds in minutes. Once set up, customers should be able to conveniently use a mobile app to check balances, make transfers and set savings goals anytime.

The priority should always be the convenience of the customer. If the platform proves challenging to use, customers will simply not engage with it.

Beyond technology, savings platforms must be flexible to keep pace with evolving regulatory standards, such as the Banking Conduct of Business Sourcebook and the Financial Services Compensation Scheme. Lenders must adapt quickly to market changes and new regulatory demands to ensure their platforms remain competitive and compliant.

Looking towards the future

Many lenders have recognised the benefits of digital technology, particularly in lending. However, the digital revolution should not be confined to one aspect of business. Every aspect, including savings offerings, must prioritise delivering a smooth and user-friendly experience that is accessible and convenient for customers.

Lenders who neglect to invest in flexible savings platforms run the risk of falling behind their competitors. As evident in recent years, having an exceptional digital platform is not a luxury, but a necessity for success.

About finova

The UK mortgages and savings market is complex. Our vision is to be the most recommended technology partner and we do this by providing services and solutions that simplify, streamline and enable lenders and savings providers to meet the needs of their customers and partners. Find out how we can empower your business for a future of success here.