Hi Sam, you have over 22 years of success in the Financial Services sector; please share your journey.
“My career started with MBNA as a part-time customer service advisor. This was invaluable, giving me exposure to every operational area, including Servicing, Collections, Fraud, Complaints, Project Management, Resource Planning and Data & MI. By the time I left the Bank a decade later, I was Head of Operations and Resource Planning.
From there, I moved into Investment Banking to launch the Self Direct Platform for Close Brothers, where I also established an operations hub in the North of England.
I also spent more than five years leading large-scale programmes with top UK and US banks across credit card and mortgage operations and, more generally, in Operational Risk Management before joining Chetwood in 2020. “
How do you use technology to make your customers better off and keep your costs low?
“Innovative technology is at the heart of everything we do. Under the hood, we use a low-cost, full-stack banking model that operates entirely on the cloud. Our commitment to operating digitally, alongside being based outside of London, means that we have lower overheads than a traditional bank [we’re based in Wrexham].
“Our approach means that we’re able to offer our customers the most competitive, market-leading rates on fixed-term savings accounts – and enable rapid pricing changes in response to market conditions. Our low-cost base means we’re also able to invest heavily in customer service and delivering a first-class customer experience, meaning that customers keep coming back to us for more than just the interest rates we’re able to provide.”
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Could you tell us about any one of your online financial products which you think is the best for your clients?
“We’re proud of all our products, which have been designed alongside consumers to fill gaps in the market. In the current climate, where interest rates are high, and inflation is eating away at the value of savers’ hard-earned funds,our SmartSave product is a great option for people who can put away a lump sum for a fixed period. For those looking to make their money work harder, it’s proof that savers can reap the rewards by looking beyond the typical high street banks and going digital.
“As a result of our low-cost base and operational agility, SmartSave is consistently topping Best Buy tables for the most competitive rates, and we’ve just been shortlisted for a British Banking Award, so it’s definitely a product that savers should bear in mind.”
Ahead of International Women’s Day, you made astatement “Today, there is no good reason why men should have more money than women”. Could you share your thoughts on financial freedom?
“We’re at a point where a huge amount of progress has been made for gender parity in general – however, financial progress lags behind. There’s still a definite savings gap, driven by the gender pay gap and pensions gap, which means that many women simply don’t have enough in savings, investments, or cash to afford the kind of life they aspire to, relative to men.Right now, the average investment gap stands at £65,000 per individual, which is huge.
“Obviously, it’s important to combat the big societal issues head-on, but there’s more that banks and financial services providers can be doing to challenge savings inequity. Ensuring that women are empowered by greater financial education is an important first step while creating more targeted financial products is also an important part of this. It’s vital that more products are developed with women’s lived experiences in mind, as many of us face a greater number of barriers and don’t have the same financial needs as men.”
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There will be a rise in personal finance management apps, say some experts; what are your thoughts?
“People are grappling with a spate of conflicting pressures in the current economic climate, and fintech is proving itself to be a critical lifeline for many. According to research, 84% of UK consumers relied on digital solutions and apps to manage their money in 2022, and this is a trend I expect to continue along its upwards trajectory.
“From budgeting apps to savings platforms, people can gain a much clearer picture of their finances with fintech, as well as saving and managing their debt more effectively and even cutting down the time it takes to manage their finances. There are clear benefits to be gained, so it’s encouraging to see that usage is growing.”
What are some of the top features that upcoming fintech apps or SaaS platforms will need to have to enable better financial management for users?
“While it’s not a feature as such, ensuring that the customer journey is clear and seamless is essential to better financial management. Apps and products that put the customer at the heart of everything, with simple, gimmick-free solutions, are the key to increasing fintech uptake and ensuring that more people have access to solutions that can help them manage their finances more effectively. This is definitely something we strive for with our SmartSave products.”
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Your favorite Finance Tech quote.
“Banks have to upgrade themselves, or risk being burnt to the ground.”
“Of course, there will always be a need for banks, and these great institutions aren’t going anywhere, anytime soon. However, this quote does underscore that there’s a need for a different kind of banking today – in the age of fintech, banks that think outside the box and beyond the products that they’ve been offering for years are the ones that will succeed. The best banks today are digital, innovative and all about the customer.”
Thank you, Sam! That was fun and we hope to see you back on globalfintechseries.com soon.
[To share your insights with us, please write to sghosh@martechseries.com]
Sam Compton is Director of Operations at Chetwood Financial. With over 22 years in the financial services sector, Sam has a proven track record in leading high performance senior leadership teams across multiple functions and geographies with a focus on the customer. With extensive experience in retail banking and asset management, Sam previously led Customer Service Planning and Strategic Operations for the Bank of America and was responsible for Client Services and Customer Experience at Close Brothers Asset Management.
Chetwood Financial is a digital bank which was granted a full UK banking licence in 2018, the only retail bank to obtain a licence that year. Unlike traditional banks, they’re not looking to build a customer base and then cross-sell to them. Instead, they’re focused on serving distinct customer segments that are currently underserved by the market, with innovative products designed specifically for their needs.
