Are you maximising your profitability with a superior customer experience?

In the fast-paced world of consumer financial planning, delivering exceptional customer experiences is vital for driving business growth and profitability.Recent studies have shown that even a modest improvement in customer experience can substantially increase annual revenue.

In fact, according to one source,

84% of organisations that focused on improving customer experiences increased their revenue1

However, not all traditional financial institutions effectively leverage technology to meet the ever-changing demands of modern consumers.

What are the challenges?

Despite the digital revolution sweeping various industries, many financial institutions have outdated legacy systems and processes. This hampers their ability to adapt to evolving market dynamics and undermines their capacity to deliver the seamless, personalised experiences that customers now expect.

According to our research2,

Only 20% of UK adults turn to their banks for financial assistance when needed. This means banks are missing out on up to 80% more customer engagement, which, if implemented correctly, could improve long-term profitability.

While traditional consumer financial touchpoints like banks may offer a sense of security and familiarity, they often need a more innovative edge to deliver the seamless user experience that modern consumers crave. This disconnect between customer expectations and outdated technology poses a significant profitability barrier for financial institutions.

The key question facing financial institutions today is: Is your customer experience holding back your business profitability? 

For many, the answer is yes. But fear not because we have the answer.

API-driven digital financial planning tools

Amidst these challenges lies a transformative opportunity – the power of modern technology, particularly Application Programming Interfaces (APIs) - to revolutionise how you interact with customers and drive profitability.

Although not a new concept, APIs are now recognised as financial game-changers. 

APIs empower financial institutions to streamline processes, personalise services, and enhance customer experience across various touchpoints and customer journeys by enabling seamless communication and data sharing between disparate tech.


How can APIs help you enhance customer experience and boost profitability? 

Imagine a scenario where a customer wants to transition seamlessly from direct-to-consumer guidance to self-serve digital advice and then onto an adviser-led journey, receiving personalised recommendations tailored to their future retirement financial goals and preferences at each stage. This leads to the customer having flexibility and choice in how and when to engage and interact with their finances, enriching their overall customer experience. 

But the good news is, this isn't just a distant dream – it's the reality that APIs can help your business and customers achieve.


What are the key benefits that APIs have to offer?

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More streamlined processes 

Traditional financial planning systems are often siloed, with different channels using separate software systems that often don't communicate effectively. This can result in inefficiencies, delays, and frustration for employees and customers. APIs enable seamless integration between these disparate systems, allowing for streamlined processes, consistency of calculations across each financial planning channel and faster service delivery.

Flexible, personalised services

Today's customers expect personalised experiences tailored to their unique needs and preferences. APIs empower you to access and analyse vast amounts of customer data in real time, enabling you to offer highly personalised services and product recommendations. 

For customers planning for retirement, a Budget Planner API can help many calculate their required retirement expenses using the PLSA retirement living standards. It can also allow users to set realistic and understandable retirement income goals.    

Whether suggesting the right investment opportunity or providing targeted retirement advice, personalised services can significantly enhance customer experience and drive loyalty.

Enhanced customer experience

With the rise of digital banking and mobile apps, customers expect round-the-clock access to their financial information and services. APIs enable you to develop your own unique user-friendly interfaces and mobile apps that provide seamless access to various financial planning tools and calculations anytime, anywhere. This is more important than ever to meet the demands of Millennials, Gen Z, and future generations, who have evolving preferences and priorities and value convenience, transparency, and sustainability in their financial dealings. Let's also not forget that the generations before them have become much more digitally savvy.

Prioritise data security and compliance

As you will be well aware, securing customers' personal information and remaining compliant are top priorities in the highly regulated world of finance planning. The great thing about APIs is that they provide a secure way to access and share customer data between systems while ensuring compliance with regulatory requirements. Clients can hold onto personally identifiable info and only send anonymised data to plan the best outcomes. This means you can ensure your customer data is always safe and secure, giving your customers, data controller and compliance teams peace of mind.



Adopting APIs is essential to improve customer experience and drive profitability, especially in a highly competitive environment. APIs streamline processes, personalise services, improve accessibility, and ensure data security and compliance, enabling you to meet the evolving needs of today's consumers. API-driven tools can help you leverage various financial planning calculations and AI algorithms to optimise decision-making and enhance customer engagement. 

According to our latest research, consumers increasingly seek flexible digital tools to assist with financial decisions. Budgeting and retirement savings were the most popular, with around a fifth (22% and 21%, respectively) of consumers stating these were their preferred planning areas.

Our latest report, "The Unadvised Nation Report 2024," offers more insights. You can ensure you’ve covered all these areas by delivering financial planning functionality via APIs.

In the competitive financial services landscape, customer experience remains a key differentiator. By embracing APIs and harnessing their full potential, financial institutions can create seamless, personalised experiences that drive customer satisfaction, loyalty, and business profitability.

Discover the shortfall and opportunity in UK financial advice





2 EV: The Unadvised Nation Report 2024, in conjunction with Opimium.


Photo: © Tarik Kizilkaya from Getty images via 

© Yuri_Arcurs from Getty images via




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