Ignition and Altus Consulting launch paper to improve technology in financial advice market

Ignition and Altus Consulting have launched a blueprint for improving the use of digital capabilities in the financial advice market.

The whitepaper was published in response to the COVID-19 pandemic and looks at how advice firms could engage new and existing clients.

The paper, Reimagining financial advice, explores the notion of “hybrid advice”, which is a method of advice provision where technology could enhance, rather than replace, the work of a financial adviser.

Ignition CEO Europe, Terry Donohoe, said that there are “significant hurdles” to clear before this type of advice becomes the norm.

“We have seen that there is real demand in the UK financial services market for true digital advice, which seamlessly combines technology and human expertise to provide an easy-to-use service that helps customers make better financial decisions,” Donohoe commented.

“As our whitepaper shows, there are still significant hurdles to clear before this model becomes the norm, but we are now closer than ever to revolutionising the advice industry and closing the advice gap.”
 
Altus consultant, Sam Turner, added: “Despite recent advances in technology, the current UK advice landscape is testament to the fact that pure digital advice remains a challenging proposition to deliver profitably. The initial hype around so-called ‘robo advice’ seems to have cooled and the industry is now turning towards a more hybrid model, which works in various forms to combine digital tools and human expertise.
 
“The market may well be primed for a significant and lasting digital transformation, but implementing change on this scale is never a straightforward matter and our research has identified a number of key challenges that businesses will need to overcome over the next few years.”

    Share Story:

Recent Stories


Will open banking revolutionise the lending industry
Adam Cadle speaks to Jack Tenwick, Head of UK Sales, Yolt Technology Services, about how to get the most out of your lending business and the role of open banking

Mortgage Insider Series 2 Episode 7: Diversity: Pride Month
Listen to our latest episode where we discuss the importance of diversity and Pride month.



Why is it good for business to have a diverse and inclusive workforce? Nancy Kelley, CEO of Stonewall, and Hannah Bernard, Head of Business Banking at Barclays, tell us what it means to be allies to the LGBT+ community and how to challenge assumptions that create communication barriers.



Make Money Work For You.

FREE E-NEWS SIGN UP

Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Please tick here to confirm you are happy to receive third party promotions from carefully selected partners.