Five tech trends advisers need to watch
By Kirsten Hastings, 9 Jan 17
Adviser platforms, wealth managers, and financial advisers need to keep five key technology trends in mind as they navigate the ever-shifting financial services landscape, according to Alex Kerry, head of Winterflood Business Services.
When we consider customer experience, it is important all segments of the market are represented. While millennials are seen as the first tech-savvy generation, we must not forget about the underserved generation X.
Like millennials, generation X prefers mobile and digital interaction and is comfortable transacting online. These people will increasingly also look to interact with financial advisers in this way.
According to Ofcom, internet use among adults in the UK aged 16 and above is 87%, with the time spent on the internet increasing every year. While computer internet consumption has been falling, internet ‘on the go’ usage is also growing each year.
The most popular internet activity is sending and receiving emails, followed by information on goods and services – of which the highest numbers of users are between the age of 35 and 44, or generation X.
While this generation has the ability and capacity to invest, a large proportion of this segment does not invest, or keeps money in cash-based products. According to HM Revenue & Customs (HMRC), about 80% of Isa subscriptions remain into cash, despite today’s incredibly low interest rates.
Research suggests the real key to engaging the generation X audience and new investors is through enhanced customer experiences.
Tags: Investment Strategy
