Calls for creation of digital financial services passport
A savings body says there is growing support for the idea of a digital financial services passport, with savers wanting all of their personal financial details held on one site.
The Savings and Investments Policy project set up by TISA has pushed forward the proposal after further research which found a third of people would save or invest more if it was easier to transfer money and open products.
Some 36% of Brits surveyed said that they would find it easier to manage their personal finances if all of their details were held on one website.
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Officials at TSIP said the option of a digital financial services passport is gaining support from across the financial services industry as well as with savers.
This would authenticate individuals' identity and enable savers to more easily open new products and safely transfer money between products and organisations. The aim would be to improve consumer trust and security in digital services and reduce costs.
Carol Knight, operations director at TISA, said: "As an industry we need to consider more dynamic solutions such as the financial services digital passport. Until change occurs and is implemented, one of the primary challenges the industry faces is reigniting the savings culture by making it easy for people to save very small levels of money frequently. Unless financial products become more accessible to all UK consumers, the savings gap will widen."
Tony Stenning, chairman of The Savings and Investments Policy project and head of UK retail at BlackRock said: "Our research reveals that an additional 15 million adults would save more if the process of opening savings / investment products and transferring money was made easier.
"At a time when we are in the midst of a savings crisis, it is essential that we grasp this now and consider all ways that we can create a culture where it is as easy to save for both young and old generations.
"We are living in an increasingly digital world and a financial services digital passport is one idea that warrants serious consideration."