Delft, 5 January 2023 - More than two-thirds of Dutch people (68%) think they have sufficient insight into both their current and (distant) future financial situation. A third of those surveyed share this feeling, but look much less far ahead, at most six months. Delft-based TJIP – The Platform Engineer wonders whether this feeling is justified. After all, their research also shows that almost three quarters of Dutch people (74%) base this on the records they keep themselves. The question is whether those records provide sufficient insight. Especially when it comes to the financial future.
Most Dutch people therefore get the information that they need to understand their financial situation from records they keep themselves. Part of the surveyed also look up the information they need to understand their financial situation themselves via the internet, for instance (35%). A quarter of Dutch people look in the online environment of their bank or insurer for this purpose (25%) and 9% say they use a financial advisor for this purpose.
“Given the current economic developments, with skyrocketing inflation and a recession hanging over our heads in 2023, this outcome is worrying from our point of view. Understanding your finances and especially understanding your future finances, whether short- or long-term, does not emerge from your own records. Or not to a sufficient extent,” said Igor Gavic, CEO of TJIP. “Financial service providers can provide better insight, by looking further ahead or being able to make estimates based on mathematical models and alert clients to potential problems in the future.” He continues: “They should really start with the customer's situation in mind so that they receive relevant insights with clear benefits.”
Insights from financial services provider appreciated
Most respondents fully understand that a financial services provider can offer more information and insight to support their 'customer journey'. Two-thirds (67%) of respondents feel that financial service providers should give them timely alerts when their insurance, mortgage, or loan is in danger of no longer matching their situation. For example, they think a financial services provider can advise which insurance package best suits their personal situation (24%) or is best placed to ensure they do not take out overlapping insurance policies (35%). Respondents also think that a financial services provider can signal in time whether events, such as high inflation, will have a major impact on their situation (21%). This makes them better prepared for different scenarios. Four in five respondents see benefit in this kind of insight from a financial service provider.
Bigger role for financial service providers
So, although consumers say they appreciate such services, they make (too) little use of them, given the aforementioned percentages. TJIP also sees a role for financial service providers to change this. Gavic: “Our research indicates that there is still a lot of room for financial service providers to serve customers better. TJIP responds to this by supporting financial service providers with 'smart journeys' so that they can provide their customers with the right personalised insights in an accessible and above all smart way. This allows them to get a grip on their financial future. For instance, how long can someone happily live in their home? What impact does disability have on retirement? TJIP provides insight into those possible future scenarios. For the financial service provider, an opportunity to increase loyalty among its customers.”
The survey conducted in the fourth quarter of 2022 by Kien PanelWizard on behalf of TJIP, among more than 1,000 Dutch people aged 18 and older, is part of the TJIP Innovation Lab. This is where TJIP gains new knowledge and insights and experiments with new technology. More information about TJIP Innovation Lab can be found here.
'The Platform Engineers' of Delft-based technology company TJIP believe that everyone should be able to shape their own future. In a cluttered world, TJIP gives people a grip on financial choices.
The TJIP Smart Platform contains modules on the basis of which financial service providers can design their customer journeys. The standard solutions can be implemented quickly and efficiently thanks to the platform structure; they are adaptable to everyone's desired customer service and customer experience. Costs remain manageable because the solutions enhance existing systems in a very targeted way. In Delft, more than a hundred driven professionals work on mission-critical platforms for clients as ABN AMRO, Achmea, AIG, Rabobank and a.s.r., among others.