2018 has been a year like no other for Ignition Advice and this new era has been driven by the focus and increasing sophistication of our global clients. Having recently joined the Ignition family, I can see the pace of change accelerating. Key issues are driving the increased demand for digital advice services from leading players worldwide.
Issue 1: Digital advice to drive member outcomes
Traditionally advice services were for the select few who could pay for them (retail) and for those lucky or determined enough to get access within profit-for-member fund sectors. Barring a few select funds, the advice proposition was an add-on service that not fully integrated into the member proposition. Leading superannuation funds now view digital advice, delivered digitally at scale as a key plank in delivering their common priority of helping members achieve their best (retirement financial) outcome.
Ignition insight #1
Ignition Advice understands that every fund is unique and as such we start with a consulting mindset. Understanding the support tasks to be provided for each persona or member cohort is critical when configuring and delivering a digital advice solution that is relevant. We know that if you start the journey in the right direction, you are more likely to arrive at the destination of delivering successful member outcomes.
Issue 2: Striking the personal / digital balance
There is a growing appetite for a hybrid approach to financial advice and wealth management, incorporating both personal and digital services. Most funds and members favour the use of digital channels for simpler advice and transactions while they prefer face to face interaction for complex advice and transactions. Personal engagement are especially important when empathy and emotion are needed.
Ignition insight #2
Ignition Advice has always believed that digital was a key supporting capability for existing member propositions. Our journey frameworks are developed to offer both the member and the fund natural triage pivot points to ensure members receive the best, most appropriate and compliant experience for their situation. We support the total operating environment for funds including phone-based teams and existing advice teams.
Issue 3: Growing regulatory obligations
Transparency, disclosure, fairness, managing conflicts of interests, investment suitability and acting in the best interest of the customer are key regulatory themes which are important the world over. Financial services businesses are expected to demonstrate to their members or customers that they have a clear and relative understanding of their needs, to ensure that they are positioned to deliver positive outcomes for members. Leading funds believe that advice, including calculators, education and assistance, delivered at the right time and in a self-service model is central to meeting both regulatory and members’ best interest outcomes.
Ignition insight #3
Increasingly available data sources can be harnessed with leading data management and analytics or artificial intelligence (AI) techniques to better understand your members’ or customers’ needs and monitor the fulfilment of best interest duty before and during the provision of advice.
Ignition Advice’s highly configurable user experience and user interface designs (UX & UI) are supported by a central and continually maintained and advanced logic engine. This allows funds to deliver a truly engaging experience while ensuring adherence to all internal requirements and relevant regulatory standards. We believe that the quality of your members’ and customers’ experiences and compliance are equally important – and can both be successfully achieved in a digital world.