Driving trust and innovation in Financial Services: Paragon’s role in automation and personalisation
The Financial Services (FS) sector faces challenges as it continues to evolve amid changing regulations and technological advances. Our Chief Technology Officer, Stephen Lester, shares how Paragon is dedicated to advancing automation and personalisation in a way that aligns with the Financial Conduct Authority’s (FCA) five-year plan.
The FCA has clarified its vision: fostering innovation and technology spurs growth and improves lives. From streamlining compliance to improving customer delivery, the FCA’s plan encourages the FS sector to leverage automation and emerging technologies.
While financial services businesses are eager to explore new digital strategies for quicker engagement and greater personalisation, they face significant challenges. The banks must find a balance between the regulator and their risk appetite. As the FCA says, AI may lead to greater efficiency and faster reactions, but there’s also “potential for increased volatility and market abuse”.
Tackling these challenges won’t happen overnight. Established firms face a multi-year journey of transformation and upskilling to harness digital channels, and to communicate securely and effectively through automation and AI.
As a strategic transformation partner, Paragon can help firms adapt. By building trust and driving innovation in automation and personalisation, we provide the essential support required for growth and efficiency aligned with FCA goals.
Tools that help the FS sector adapt
UK financial services like insurance, retail banks, and wealth and asset management already use personalisation for contract notes and customer engagement.
However, our automation and personalisation tools, such as OnePlatform and Smart_Cloud, will help the sector adapt at a faster pace. They enable quick updates to algorithms, data management, and reporting as the regulatory landscape changes.
Paragon’s compliance team also continuously monitors FCA regulations and works with our technology and product teams to quickly integrate regulatory changes into our tools.
Solutions-driven people
Our client-facing consultants keep up with technology, trends, and suppliers while understanding our clients’ risk, compliance, and regulatory needs.
Their knowledge and adaptability allow us to create solutions that satisfy FS clients, crucial in an environment where uniform solutions cannot meet specific regulatory requirements. For example, Cyber Essentials Plus, the government’s cybersecurity framework, and PCI DSS have different purposes.
Automation’s real-world impacts
We recognise that automation can significantly reduce operational risks while enhancing the speed and accuracy of regulatory reporting, and we can provide proof points.
Our automated reporting solution, designed to simplify compliance, has helped a leading bank reduce reporting errors by more than 30% and cut processing time in half, enhancing operational efficiency and effectiveness.
Paragon’s personalisation tools have supported the growth of a wealth management company by shifting from time-consuming manual processes to innovative methods that prioritise customer engagement. The firm saw a 20% increase in client engagement and a 15% rise in new account openings in six months.
Marketing technology that simplifies customer journeys
Our marketing technology solutions, including automated reminders for financial check-ins and digital consultations, empower clients to create personalised experiences for their customers.
This approach makes customers feel valued and supported without overwhelming them, while still maintaining compliance and strong audit trails.
By leveraging CRM systems and data analytics, FS firms can automate client interactions and segment audiences for seamless communication across various touchpoints. All interactions are logged and compliant with FCA guidelines.
Fair and inclusive personalisation
FS firms must prioritise fairness and inclusivity in their strategy to foster trust and innovation as the FCA requires. Paragon promotes ethical data practices that use diverse datasets to reach different demographics effectively in marketing campaigns.
By using ‘fairness algorithms’ and conducting regular personalisation audits, firms can prevent biases that might alienate specific consumer groups. Making marketing materials accessible to all, including those with disabilities and non-native speakers, follows FCA guidelines on inclusivity.
Overcoming barriers to adoption
FS firms frequently struggle with automation and personalisation, hindered by trust deficits and organisational inertia.
Paragon provides educational resources, training, and management support to help them face these challenges directly with increased trust and transparency.
We create tools with clear consent frameworks and communication strategies that help clients demonstrate their commitment to customer privacy. Firms can drive greater acceptance and adoption by highlighting the concrete benefits of automation and personalisation.
Automation, AI and personalisation – looking ahead
Paragon’s job is to bring together automation, AI, and personalisation to boost competitiveness and build lasting trust in the financial services sector.
The FCA’s long-term vision focuses on better protecting customers. The companies that use technology to make this happen will stand out by offering outstanding customer experiences.
We can help businesses make the most of AI by creating intelligent systems that adapt to customers’ behaviour, ensuring that interactions stay personalised as their preferences change.
As we look toward the future of finance, Paragon will pave the way with flexible, trust-centred solutions that empower financial services firms and their customers. Our aim is to make the financial world more transparent, accessible, and responsive.
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Our team is here to help. Get in touch with a Paragon expert today to discuss your specific needs and explore how we can empower your customer interactions.
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