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What are the next stages in our evolution?
From paper-based prints and portable documents, we will see a more visual representation of SOAs. We know consumers connect more with visual stimulus’ such as pictures, videos and infographics as a style of communication. This form of content can be used on both paper-based technology, as well as digital and future technologies.
As financial advice technology evolves, we will move into a digital format, presenting advice in a way where clients can access their advice on their own digital devices. Clients will be able to engage with their own personal, interactive financial plan, in a secure portal or smartphone app, similar to how internet banking has taken over traditional banking.
Remember when you would visit a bank branch? Today you can do most of your banking via a mobile app.
Open banking data feeds and greater connectivity will improve the accessibility and accuracy of client information, providing real-time insights into our futures. Think about how quickly bank statements become out of date the moment they’re created.
Statements of Advice will become real-time, provide up-to-date records and become more relevant for decision making based on insights into the client’s future. They will be produced instantly to keep up with consumer expectations and demand.
As we evolve future technologies, a new dimension will open up, technologies such as augmented reality and virtual reality will provide clients and consumers with more than just information. These technologies will provide personalised immersive 3D experiences that will engage, captivate and demonstrate the value of advice to clients.
There will be many new forms of technology utilised in advice delivery over the next 10 years, with a stronger focus on the user experience as we see a shift away from the ‘one size fits all’ approach. Every client will have their own individual and tailored experience based on their communication code and their behaviour toward money. This behavioural finance understanding will be key to achieve the best outcome for clients.
Technology will make the new-world of advice delivery smarter, safer and more efficient, a win-win for consumers, planners and other stakeholders like AFSLs and regulators.
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