The Human Side of Financial Services by Michael A. T. Stewart

Explore the human elements within financial services through the lens of communication consultant Michael A. T. Stewart. Delve into topics such as the impact of global crises on regulations, personal finance management, and the unavoidable inhumane aspects of the industry. Discover the essence of Ubuntu in the financial world and the importance of understanding customers and staff for effective business operations.

• Finance
• Human side
• Personal finance
• Customer insight
• Ubuntu

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1. Human side to financial services By Michael A.T. Stewart Communication Consultant 1 Michael A.T. Stewart Communication Consultant Tel. 868-480-0080

2. The face of financial services 2 After the global crisis, tighter regulations of financial services were instituted . Finance involves understanding the complexities of investments. Michael A.T. Stewart Communication Consultant Tel. 868-480-0080

3. The face of financial services 3 It includes managing assets Personal finance involves the paying for education, home, financing real estate, purchase of cars, buying Calculating interest rates Mortgages payments Michael A.T. Stewart Communication Consultant Tel. 868-480-0080

4. Financial service could appear inhumane 4 Michael A.T. Stewart Communication Consultant Tel. 868-480-0080

5. The unavoidable inhumane side of financial services 5 Technology that takes away human interaction. (telephone call to manager) Debt collection Repossession of property Monthly long lines Michael A.T. Stewart Communication Consultant Tel. 868-480-0080

6. The human side of financial services 6 You might have much of the world s riches and you might hold a position of authority, but if you have no Ubuntu, you do not amount to much. Archbishop Desmond Tutu Nobel Peace Prize Winner Michael A.T. Stewart Communication Consultant Tel. 868-480-0080

7. Ubuntu is about being: 7 Humane Humble Warm Not pretending to be Caring Hospitable Giving Michael A.T. Stewart Communication Consultant Tel. 868-480-0080

8. Understand your customer and your staff I can t imagine anyone being effective in business without having insight into people. 8 Harvard School of Business Mark McCormick Author What They Don t Teach You at Michael A.T. Stewart Communication Consultant Tel. 868-480-0080

9. Are customers being displaced by technology? 9 Michael A.T. Stewart Communication Consultant Tel. 868-480-0080

10. Digital Natives 10 People who grew up with the Internet, , switch their attention between media platforms (TVs, magazines, tablets, smartphones or channels within platforms) 27 times per hour, or about every other minute. Digital Natives increasingly demand everything (information, content, advertising) in bite-size, digestible chunks. Michael A.T. Stewart Communication Consultant Tel. 868-480-0080

11. Digital Immigrants 11 Everyone born before 1982 They want their devices to help them manage their daily lives and provide them easy and instant access to the information they want, the way they want it. Michael A.T. Stewart Communication Consultant Tel. 868-480-0080

12. How has technology affected customer service? 12 The need to grab customer attention All the while their attention is divided in multiple directions. The need for more flexible, but also more convenient and personal service. Michael A.T. Stewart Communication Consultant Tel. 868-480-0080

13. The data reflects 13 Customers need options Options must tune with their lifestyles and life stages, and built to deliver the fast, personal, and convenient customer service that they genuinely appreciate. Michael A.T. Stewart Communication Consultant Tel. 868-480-0080

14. Technology must have its balance Mode of communication Live chat has the highest satisfaction levels for any customer service channel, with 73%, compared with 61% for email 44% for phone. eDigital's Customer Service Benchmark which surveyed 2,000 consumers 14 Michael A.T. Stewart Communication Consultant Tel. 868-480-0080

15. How many places can we find your information? 15 Knowledge management is important to improving customer experience By 2020, the customer will manage 85% of the relationship with an enterprise without interacting with a human. (Source: Gartner) 90% of consumers will always check a website before e-mailing or calling a company. (Source: Synthetix) Michael A.T. Stewart Communication Consultant Tel. 868-480-0080

16. The human side 16 Make your information accessible to different target audiences Do not allow technology to make you lose your human touch Telephone and access to management Michael A.T. Stewart Communication Consultant Tel. 868-480-0080

17. Telephone frustration 17 Thank you for calling --------------- If you know your parties extension you may dial it now For loans press one For salary payment press 2 For general enquiries press 3 You press 1 Michael A.T. Stewart Communication Consultant Tel. 868-480-0080

18. 18 To speak to a loans officer press 1 For loan approval press 2 For loan payment press 3 You press 1 Sorry that mailbox is full. Thank you Michael A.T. Stewart Communication Consultant Tel. 868-480-0080

19. 2. People-First Approach 19 Michael A.T. Stewart Communication Consultant Tel. 868-480-0080

20. Greater empathy Do you feel for what the customer is experiencing? 20 Michael A.T. Stewart Communication Consultant Tel. 868-480-0080

21. Build relationships with staff and clients 21 Trust is the Michael A.T. Stewart Communication Consultant Tel. 868-480-0080

22. 22 Your greatest resource is your people. You can have the best, high tech, equipment available. but, without the people, you have no business. Treat your people with the same, or greater, care as you do your equipment. Michael A.T. Stewart Communication Consultant Tel. 868-480-0080

23. Financial institutions are staffed with one or more of three types of employees ENGAGED employees work with passion and feel a profound connection to their company. They drive innovation and move the organization forward 23 NOT-ENGAGED employees are essentially checked-out . They re sleepwalking through their workday, putting time but not energy and passion into their work ACTIVELY DISENGAGED employees aren t just unhappy at work; they re busy acting out their unhappiness. Every day, these workers undermine what their engaged coworkers accomplish. Michael A.T. Stewart Communication Consultant Tel. 868-480-0080

24. How do you deal with it? 24 Your staff determine the organizational culture of a company Ambitious people do not remain in an organization that does not provide them satisfaction. Actively disengaged employees are quite happy to remain People leave people; not organizations Michael A.T. Stewart Communication Consultant Tel. 868-480-0080

25. The Human side 25 Reward engaged employees Work on motivating, training and developing the not-engaged employee Release the actively disengaged employees It is the humane thing to do!! Michael A.T. Stewart Communication Consultant Tel. 868-480-0080

26. 3. Understanding how customers think and behave Human beings are creatures of emotion rather than logic. How to Win Friends and Influence People Dale Carnegie, the renowned 20th-century author, We believe that we are rational beings our emotions influence most of our decisions. Success in most aspects of life is therefore dependent upon our ability to balance the emotional and logical appeal. 26 Michael A.T. Stewart Communication Consultant Tel. 868-480-0080

27. What the surveys show about the human side in financial services 27 According to a 1970 study conducted by the Carnegie Institute of Technology, 85% percent of financial success is as a result of EQ Body Intelligence (BQ) and Moral Intelligence (MQ). It shows that only 15% is as a result of IQ. Michael A.T. Stewart Communication Consultant Tel. 868-480-0080

28. 28 While computers can gather, analyze, and interpret data and make investment recommendations, a human touch is required in the emotional aspect of investing. Financial advisors and investment managers must, therefore, develop their EQ to be able to deal with clients effectively. https://www.psychologytoday.com/us/blog/the-human-side- finance/201801/why-financial-intelligence-is-so-emotional Michael A.T. Stewart Communication Consultant Tel. 868-480-0080

29. 29 Around 44 percent of people that win the lottery go into bankruptcy within five years. Most times it is not as a result of market downturns and unforeseen personal disasters They lack sufficient Emotional Intelligence (EQ) to wisely manage their money. Michael A.T. Stewart Communication Consultant Tel. 868-480-0080

30. What is emotional intelligence? 30 EQ is all about having an understanding of your ability to discriminate between emotions and rational decision making. It is your inner belief system. The way your clients explain money to themselves The risk averse investor Those who throw caution to the wind Michael A.T. Stewart Communication Consultant Tel. 868-480-0080

31. What drives financial decisions? 31 How much cash you have at your disposal. Born rich has its drawbacks. Low EQ with financial management. Those who sell property to purchase cars How your partner view money and investments Michael A.T. Stewart Communication Consultant Tel. 868-480-0080

32. Forging good relationships between financial institutions and customers 32 Mutual Trust Forming relationships with others requires a concerted effort. You can t acquire friendships in the same way as assets and the only currency that can be used to foster relationships is trust. Trust is the Connector s superpower. Michael A.T. Stewart Communication Consultant Tel. 868-480-0080

33. How much do we (financial institution and customer) know each other? 33 Trust germinates after being planted in the soil of knowledge. Michael A.T. Stewart Take the time to teach the customer everything that they need to know about saving, borrowing and investing. Learn the customer habits, decision making process and lifestyle. Michael A.T. Stewart Communication Consultant Tel. 868-480-0080

34. All our life, so far as it has definite form, is but a mass of habits, Williams James 1892 Most of everyday choices are not well considered decisions but are manifestations of our habits. Saving and spending are habits not necessarily conscious decisions. 40% of our actions each day are habits. Duke University Habits formed can be transformed Michael A.T. Stewart Communication Consultant Tel. 868-480-0080 34

35. Mega stores study the physical shopping habits of their customers 35 Most shoppers turn right after they enter a store. Thousands of hours of video footage proves this Retailers therefore fill the right side of the store with the most profitable products they hope for you to buy instinctively. Michael A.T. Stewart Communication Consultant Tel. 868-480-0080

36. Marketers predict and manipulate habits 36 Your shopping habits are analised to determine any change in lifestyle eg if you are expecting a baby Then they begin selling things that fits that change in your lifestyle Michael A.T. Stewart Communication Consultant Tel. 868-480-0080

37. Which would a person likely purchase 37 $50.00 $75.00 $120.00 $50.00 and $75.00 Michael A.T. Stewart Communication Consultant Tel. 868-480-0080

38. Human side of financial services 38 Can the savings and spending habits of customers inspire credit unions to offer particular loans specific to individual customers? Use Data information for clues according to age, family size, goals in life Michael A.T. Stewart Communication Consultant Tel. 868-480-0080

39. Quote 39 No man can drift to the top of hill. Jim Rhon. Michael A.T. Stewart Communication Consultant Tel. 868-480-0080