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The evolving role of technology

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Colin Sloss presented 'Lifestyle goals investment planning - the evolving role of technology' at the CISI financial planners event at their London head office in January 2017.

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The evolving role of technology

  1. 1. iress.com Lifestyle goals Investment Planning – the evolving role of technology Colin Sloss / @Colin_Sloss – IRESS UK / @iressUK
  2. 2. iress.com 2 Too much paperwork
  3. 3. iress.com 3 Hours of research
  4. 4. iress.com 4 Don’t know where to start
  5. 5. iress.com 5 Confusing
  6. 6. iress.com 6 Bear market Operating cash flow Multi-leg options order Batch tradingExtrinsic value Intrinsic value Earnings Momentum Multi-currency Note Facility BBSY Accelerated Depreciation Macro-HedgeBalloon Options Barometer Stock Bill & Hold
  7. 7. iress.com 7 Acceleration of technology
  8. 8. iress.com 8 1960’s Barclays launched Barclaycard, the first British credit card World’s first cash dispenser was opened by Barclays in Enfield. Customers needed to purchase special vouchers to use in the machines
  9. 9. iress.com 9 1970’s The Royal Bank became the first British bank to offer a house purchase loan scheme to customers Direct Debits were introduced
  10. 10. iress.com 10 1980’s First telephone bank launches First UK debit card launched
  11. 11. iress.com 11 1990’s Cashback launched, allowing customers to withdraw money when doing their supermarket shopping 1997 - Nationwide launches first Internet banking service 1990 was the year for ‘peak’ cheque usage. With 11 million cheques written in the UK per day
  12. 12. iress.com 12 2000’s Introduction of first ‘chip’ and ‘pin’ credit and debit cards Contactless card transactions Launch of ‘faster payments’ - which enabled internet and phone banking payments to be made almost instantaneously
  13. 13. iress.com 13 2010 to now Debit card expenditure on the high street exceeded cash spending for the first time Contactless bank payment accepted on the underground App only Atom Bank launches Launch of mobile banking, with the first apps allowing customers to check balances Barclays launced ‘Pingit’, an app that allows customers to make instantaneous payments using mobile phone details
  14. 14. iress.com 14 2010 to now 11m banking app log-ins a day during 2015 - 2014 2% fall in Internet banking logins during 2015 - as people migrate to the apps 32% fall in branch visits between 2016 and 2011 347m payments made via banking apps in 2015, a rise of 54% since 2014 £1bn – investment by LBG for digital banking technology between 2015 and 2017 3 million people now registered for Barclays mobile phone banking service Pingit (as of Sept 2015)
  15. 15. iress.com 15 I use lots of different methods of paying for things – • PayPal to buy things like train tickets which use my fingerprints to login • Contactless cards and mobile payment to buy items under £30, usually lunch • I still use programs like excel for budgeting because I'm yet to find a better alternative • I use comparison tools to find the best rates on bank accounts, motor insurance etc The view of an 18 year old - today
  16. 16. iress.com 16 • I’ll ask you • Ok, in that case, I’ll get all the advice I need through an App or Google it • Comparison sites • If I speak to someone I doubt it will be face to face The view of an 18 year old - advice
  17. 17. iress.com 17 It’s more than just having an App…
  18. 18. iress.com 18 Basic expectations: Boring but critical... Application process
  19. 19. iress.com 19 Basic expectations: Boring but critical... Financial planning
  20. 20. iress.com 20 Basic expectations: Boring but critical... Reports
  21. 21. iress.com 21 Embracing the virtual world • Atom Bank launched in April 2016 • UK’s first bank built exclusively for mobile • Easy to use and quick to open • Biometric logins, AI customer service • Transforming the banking landscape
  22. 22. iress.com 22 Making planning come alive!
  23. 23. iress.com 23 Engage the client
  24. 24. iress.com 24 Use information to help the client navigate
  25. 25. iress.com 25 So what does good look like? Fully integrated Digitally enabled Visual planning Predictive Habit forming Engaging
  26. 26. iress.com 26 Integrated Approach to Powering your client proposition Digital Offering Parity
  27. 27. iress.com 27 Clear graphics & clear messages, drivers for communication.
  28. 28. iress.com 28 Give your clients news and insights
  29. 29. iress.com 29 Make it easier to see the important things Tilney Bestinvest – Online Client Experience – Research and Functional Discovery - (c) Ernst & Young LLP – Proprietary & Confidential
  30. 30. iress.com 30 Help clients invest anywhere
  31. 31. iress.com 31 Video and call enabling
  32. 32. iress.com 32 Digital advice delivery
  33. 33. iress.com 33 Same solution, different skin
  34. 34. iress.com 34 Make it habit forming
  35. 35. iress.com 35 Make it interactive and interesting
  36. 36. iress.com 36 Conclusions
  37. 37. iress.com 37 So what does good look like? Fully integrated Digitally enabled Visual planning Predictive Habit forming Engaging
  38. 38. iress.com Thank you @iressUK

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