The Forum:Making connections in financial services The Financial Services Research Forum Making Connections in Financial Services

The Forum:Making connections in financial services Agenda What is the Forum ? What does it do? Why does it do it? How does it do it? Challenges we have faced and how we have dealt with them Challenges for the future and what we intend to do about them Recent research outputs

The Forum:Making connections in financial services Some History Began in UMIST in 1992 Initial focus on financial literacy & education Limited engagement by academic community Relocated to NUBS in 1998 Re-established in 1999 with 12 supporters Primary research based on business strategy

The Forum:Making connections in financial services What we are An independent, member-owned organisation that is hosted by NUBS and managed by The Canford Centre Now has 30 supporters NUBS provides: Campus facilities, research resources, logistical support, financial systems & banking, hosts website, academic mentoring, credibility

The Forum:Making connections in financial services What we are The Canford Centre Provides: Strategic leadership and direction, supporter recruitment and retention, financial management and control, business planning, research direction, communication and promotion services, delivery of supporter benefits, management of meetings programme

The Forum:Making connections in financial services What we do Mission: to advance the knowledge of the behaviour of consumers and organisations associated with financial services and to achieve more effective connection and engagement

The Forum:Making connections in financial services Why we do it Because of behavioural disconnects: mis-selling, mis-buying, mis-provision, mistrust, consumer dissatisfaction, inefficiencies, indebtedness, financial illiteracy, inappropriate policies and regulations Transfer of responsibility from state to citizen

The Forum:Making connections in financial services Why we do it Strengths in research and analysis Strengths in financial services Credibility Independence Strengths in gaining access to multiple stakeholders Strengths in relationship management Organisational skills and event management

The Forum:Making connections in financial services How we do it To be recognised as the pre-eminent international body for the co-production of knowledge regarding consumer and organisational financial behaviour By seeking to join-up all stakeholders that comprise the financial services domain Conducting primary research Conducting secondary research Producing position papers and research abstracts Acting as an information and knowledge broker A programme of 3 themed events per year

The Forum:Making connections in financial services How we do it Stakeholders comprise: suppliers of financial services, providers of services to the fs industry, consumer groups, government departments, the regulator, the academic community

The Forum:Making connections in financial services How we do it 4 Core research disciplines: Financial competence, education & regulation: David Knights Consumption, provision & distribution: Christine Ennew Provider financial behaviour & risk: Steve Diacon Organisational strategy & learning: Ken Starkey

The Forum:Making connections in financial services How we do it Themes for 2005: – March 1-Trust and Financial Well-being, at HM Treasury – June 28- Gender, Ethnicity and Financial Exclusion, at National Savings & Investments – November 8- Treating Customers and Citizens Fairly, at Financial Services Authority

The Forum:Making connections in financial services Challenges we have faced Role definition and focus Alignment of stakeholder agendas Engagement of academic staff in our agenda Relevance & timeliness for practitioners Member engagement & participation Output dissemination & usage

The Forum:Making connections in financial services Challenges we have faced Getting and keeping fee-paying supporters Management of expectations Communication styles RAE Full-economic costing Knowing our limitations

The Forum:Making connections in financial services Challenges for the future Stakeholder management Sustaining a 2-year rolling programme of activities Broadening the supporter base Securing our income stream Improving relevance and timeliness Informing the big debates Solving the RAE problem

The Forum:Making connections in financial services Recent research outputs Consumer Policy Issues in Financial Services (effects of regulation) Reluctant Consumers: Consumer Knowledge, Identity, and Citizenship in Financial Services (why people dont buy) Corporate Governance in UK Mutual Financial Services Organisations(informed the Myners Review) Outsourcing to India and the Asia-Pacific Region

The Forum:Making connections in financial services Recent research outputs Framing Effects: Risk Perceptions and Stakeholder Products The Compendium of the Financial Services Domain Corporate Social Responsibility in Financial Services The Trust Index

The Forum:Making connections in financial services Thank you