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Home / Insurance / Innovation of the month: Bank of Ireland promotes economic well-being | Insurance blog

Innovation of the month: Bank of Ireland promotes economic well-being | Insurance blog




Ahead of the Efma-Accenture Innovation in Insurance Awards 2022, we have presented an outstanding innovation every month. This month, the Bank of Ireland (BoI) is in the spotlight, with a Digital Wealth Advice Platform changing the way financial advice is delivered to clients. This truly hybrid omni-channel digital model provides clients with personalized, regulated advice that enables them to make better financial decisions and gives them control over their financial future.

Seán Ó MurchúCommercial Director, New Ireland, Wealth & Insurance, Bank of Ireland Group.

says: “At Bank of Ireland, our clients’ financial well-being is our priority. Financial well-being is about having the confidence to manage your money, to plan for your future and to be as prepared as possible for the unexpected. The best financial advice is crucial for this economic well-being. “

Historically, financial advisers, who worked face-to-face with clients, were the foundation of the prosperity process throughout the industry. This model is supported by paper and labor-intensive back-office features, usually supported by various IT systems. It is expensive to deliver and is not scalable. But consumer needs are changing.

“Consumers now regularly use digital tools for many of their daily banking, shopping and entertainment needs. They want to conduct simple financial planning transactions online, to easily access information and get support, depending on what is appropriate through technology or advisors. , depending on the complexity of their requirements, ”says Seán.

The introduction of the new cutting-edge platform BoI Digital Wealth Advice ensures that customers receive the best financial advice through the channel that suits them best, whether it is face – to – face with an expert advisor, by telephone or digitally themselves. serving. Research supports this and shows that better customer travel correlates strongly with faster revenue growth while reducing the cost of serving.

But while it may be ideal to deliver an advanced omni-channel customer experience, it must be done strategically and intentionally. To be the customers’ choice partner and to maximize efficiency in the future, BoI continues to promote a digital culture that supports their vision of being a digital prosperity business. They do this through a digital transformation program, which will help enable digital, real-time integrated end-to-end capabilities for our customers’ financial well-being and service.

This digital transformation redefines the status quo for those who are qualified to disrupt the financial industry. Some assume that only disruptors, such as small fintechs, can benefit from the gap created in the market by global forces, but there is no reason why established institutions such as the BoI can not also disrupt the market with an agile, innovative approach.

Seán adds, “We partnered with Ignition Advice to create the platform, a relationship that was crucial to delivering the platform and meeting the needs of our customers, 10,000 of whom had signed up shortly after launch. The result is a channel-friendly platform, that we provide consistent financial advice to customers through the channel they choose. This gives the customer the opportunity to drive their own financial well-being through the best-in-class advice delivered via a truly customer-focused hybrid model. ”

But how was decision-making built into the platform? Seán explains, “The bank has used the information that our customers have shared with us to provide them with focused, relevant information on aspects of financial advice and financial well-being that are specifically relevant to them. For example, after a digital fact collection and in accordance with business rules, set up a standard premium savings plan or a one-time premium one-time investment on a completely self-service basis.But at any time in the process, they can choose to engage with a financial advisor via the platform, by phone or face-to-face. customer journey takes them outside our business rules, we refer them to one of our financial advisors.The advisory-assisted function of the platform enables advisers to actively engage with clients through the platform to meet their financial needs in pension and investment solutions and supports the provision of regulated financial advice on a range of products a gives advisors the opportunity to conduct end-to-end advisory trips digitally with their clients. ”

Unsurprisingly, independent customer surveys show that the response to the user experience of the platform has been positive. From the first phase of the project was launched, Sparar & Investingar has directly to the customer (self-service) seen c.10 000 customer registrations and significant new business volumes. Already a significant part of BoI’s Wealth’s new operations are now delivered digitally via the platform and via its complementary telephone-based direct team. This is a seismic shift from the traditional customer offering in the industry that only gave a face-to-face engagement with an advisor during multiple meetings.

Seán concludes, “Bank of Ireland is committed to becoming a truly digital Wealth business by leveraging digital, innovative, agile methods to meet ever-changing customer expectations. Today, our Digital Wealth Advice Platform provides the right combination of technology and support from advisors , which enhances our customer interaction through a single advisory platform, which has had a transformative impact on the Irish market. ”

This is a fantastic example of customer-centric, omni-channel engagement that enhances consumers’ overall financial well-being.

Find out more by watching a recording of our latest Efma-Accenture Innovation in Insurance webinar there Seán Ó Murchú was a guest in our panel discussion.


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Disclaimer: This content is provided for general information purposes only and is not intended to be used in consultation with our professional advisors.


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