The cost-of-living crisis has brought financial vulnerability to the forefront, exposing the limitations of traditional banking models for low-income and underserved populations. As everyday expenses rise and economic uncertainty grows, millions face heightened financial insecurity and limited access to essential financial services. For banks and policymakers, this is not just a moment of social responsibility—it is a strategic imperative to reimagine customer centricity and drive meaningful financial inclusion.
Lifecycle-led design represents a fundamental shift from product-centric, transactional banking to a holistic, customer-centric approach. Rather than viewing financial needs as isolated events, this methodology recognizes that every customer’s financial journey is complex, evolving, and deeply intertwined with life’s pivotal moments—such as starting a job, raising a family, or navigating periods of hardship. For low-income and vulnerable segments, these transitions are often fraught with risk and uncertainty, making tailored support more critical than ever.
By anchoring services around the customer lifecycle, banks can:
Modern banks possess a wealth of customer data, but the true value lies in transforming this data into actionable insights. Advanced analytics and AI-driven segmentation enable banks to move beyond basic demographics, creating multidimensional profiles that capture behavioral, transactional, and psychographic factors. This approach is especially powerful for identifying the nuanced needs of vulnerable groups—such as gaps in financial literacy, digital adoption barriers, or specific life-stage challenges.
Practical applications include:
Financial literacy is a persistent barrier for many low-income and vulnerable customers. Embedding education directly into digital experiences—through bite-sized tips, interactive simulations, and contextual guidance—can demystify complex products and empower customers to make better choices. Open Banking capabilities further enhance this by aggregating accounts, visualizing financial health, and automating actions like switching to more affordable providers.
While technology is a powerful enabler, true inclusion requires empathy. Vulnerable customers often value human support, especially during moments of financial stress. Lifecycle-led design ensures that digital journeys are not only accessible and intuitive but also offer seamless transitions to human assistance when needed. Combining AI-driven insights with access to professional financial coaches—virtually or in-branch—provides reassurance and tailored guidance, building confidence and resilience.
Delivering on the promise of inclusive, lifecycle-led banking demands more than new products. It requires:
Banks that embrace lifecycle-led, inclusive design are already seeing tangible benefits:
For example, leading banks in Asia-Pacific have leveraged AI and data analytics to proactively identify at-risk customers, offer tailored support, and deliver budgeting tools that are both intuitive and impactful. In Australia, research shows that 96% of customers expect banks to detect early signs of financial stress and provide proactive support—especially among younger and more vulnerable demographics. By meeting these expectations, banks not only fulfill a social mandate but also unlock new sources of growth and resilience.
With decades of experience in digital business transformation, Publicis Sapient partners with financial institutions to design and implement data-driven, inclusive solutions that balance commercial success with social responsibility. Our expertise spans advanced analytics, digital transformation, and organizational change—helping banks unlock new value for all segments of society.
Ready to lead the way in financial inclusion? Connect with our experts to start your journey toward lifecycle-led, customer-centric banking that empowers every customer, at every stage of life.