Innovation of the month: Bank of Ireland promotes financial wellbeing

[ad_1]

In the run-up to the Efma-Accenture Innovation in Insurance Awards 2022, we have featured outstanding innovations every month. The Bank of Ireland (BoI) is in the spotlight this month with the Digital Wealth Advice Platform, which is changing the way financial advice is provided to clients. This truly hybrid multi-channel digital model provides clients with personalized, regulated recommendations that empower them to make smarter financial decisions and put them in control of their financial future.

Sean O MurchuCommercial Director, New Ireland, Wealth & Insurance, Bank of Ireland Group says: “At the Bank of Ireland, the financial well-being of our clients is our top priority. Financial well-being is the ability to manage your money, plan your future and be as prepared for the unexpected as possible. The best financial advice is critical to financial well-being.”

Historically, financial advisors working face-to-face with clients have been the backbone of the enrichment process throughout the industry. This model is based on paper-based and time-consuming support functions typically supported by disparate IT systems. Shipping is expensive and not scalable. However, consumer needs are changing.

“Consumers now regularly use digital tools for many of their day-to-day banking, shopping and entertainment needs. They want to perform simple online financial planning, have easy access to information, and be supported by technology or consultants when needed, depending on the complexity of their requirements,” Sean says.

The introduction of the new cutting-edge BoI Digital Wealth Advice Platform ensures that clients receive the best possible financial advice through the channel that is most appropriate for them, whether face-to-face with an expert advisor, over the phone, or digitally over the phone. their own. service. Research backs this up by showing that a better customer journey is strongly associated with faster revenue growth while lowering service costs.

However, while delivering an enhanced omnichannel customer experience can be ideal, it needs to be done strategically and purposefully. To be the partner of choice for clients and maximize productivity in the future, BoI continues to develop a digital culture that supports their digital asset business vision. They do this through a digital transformation program that will help deliver digitally integrated, end-to-end, real-time experiences for the financial well-being and service of our customers.

This digital transformation is changing the status quo as to who is eligible for a breakthrough in the financial services industry. Some suggest that only innovators like small fintech companies can take advantage of the gap created in the market by global forces, but there is no reason why established institutions like BoI can’t also disrupt the market with an agile innovation approach.

Sean adds, “We partnered with Ignition Advice to build the platform, a relationship that was critical to delivering the platform and meeting the needs of our customers, 10,000 of whom signed up shortly after launch. The result is a platform that is channel agnostic as we provide clients with consistent financial advice across the channel of their choice. This allows the client to manage their financial well-being with best-in-class advice delivered through a truly customer-centric hybrid model.”

But how were decision-making capabilities built into the platform? Sean explains: “The bank has used the data our clients have shared with us to provide them with targeted and up-to-date information on aspects of financial advice and financial wellness that are of particular importance to them. For example, a customer can follow digital facts and business rules to set up a regular premium savings plan or a one-time premium investment based on full self-service. However, at any point in the process, they can contact the financial advisor through the platform, by phone, or in person. Likewise, if a client’s journey is outside of our business rules, we refer them to one of our financial advisors. The advisor-supported platform functionality allows advisors to actively engage with clients through the platform to meet their financial needs for pension and investment decisions, and supports the provision of regulated financial advice across a range of products. This gives consultants the ability to conduct end-to-end digital consultations with their clients.”

Unsurprisingly, independent customer research shows that user response to the platform has been positive. Since the launch of the first phase of the project, Savings & Investment’s customer-centric (self-service) system has registered almost 10,000 customers and generated significant growth in new business volumes. Already, much of BoI Wealth’s new business is being done digitally through the platform and its complementary face-to-face team on the phone. This is a seismic shift from the traditional industry client proposition, which involved only face-to-face contact with a consultant over a few meetings.

Sean concludes: “Bank of Ireland is committed to becoming a truly digital business, using digital, innovative and agile approaches to meet ever-changing customer expectations. Today, our Digital Wealth Advice Platform provides the right mix of technology and advisory support, improving customer experiences with a single advisory platform that has had a transformative impact on the Irish market.”

This is a fantastic example of a customer-centric omnichannel experience that improves the overall financial well-being of consumers.

To learn more by watching a recording of our recent Efma-Accenture Innovation in Insurance webinar where Sean O Murchu was a guest on our panel discussion.

Get the latest insurance industry insights, news and research straight to your inbox.