| Let's get digital…
In last week's newsletter we reported on how British investors are keen to have more technology at their disposal when managing their money, and this week we have news that should be well received, with SIPP provider iPensions Group predicting that the digital transformation in the pensions sector will accelerate in 2021.
Client demand for accessing products and services online is transforming the industry, while the impact of Covid-19 speeding up the digital transformation and helping to reduce costs and risks for providers, iPensions Group says. But the company also notes that tech alone isn't enough and clients will still be looking for the personal touch.
“People want instant information but also personal service and the key to retaining clients is combining that well with technology," says iPensions Group CEO Sandra Robertson.
A new study from workplace pensions provider The People’s Pension and asset manager State Street Global Advisors meanwhile, suggests that six years on from the introduction of 'pensions freedoms' in the UK, older savers are 'sleepwalking into retirement' and risk having their pensions pots run dry with a third of their expected retirement remaining.
Staying with new technology, we also report on the launch of a new intelligence platform for retail investors by alternative data provider Sentifi. The company says that Portfolio Intelligence will enable retail investors to monitor sentiment shifts for their equities portfolio as a whole, or for individual positions in real-time, and make informed decisions on when to enter, increase, decrease or exit a position.
Wealth managers meanwhile, can take advantage of a new suite of predictive analytics software products developed by Broadridge Financial Solutions and AI company Fligoo. "Together, we are creating an entire predictive analytics suite that will enable advisors to personalise and digitalise their client engagements in a way that will deepen and broaden relationships in a more scalable manner," says Michael Alexander, President of Wealth Management at Broadridge.
With online financial fraud on the increase, wealth manager Quilter is doing its bit to keep customers safe with the launch of a new online tool for reporting suspected 'impersonation scams' whereby fraudsters clone a legitimate company's branding and marketing materials to dupe unsuspecting consumers. Impersonation scam notifications issued by the FCA are up over 600 per cent since 2010 and now account for over a third of the regulator's warnings.
"We are determined to do as much as we can to reduce the risk to consumers by making it easier to verify an investment proposition that uses our branding online," says Matt Burton, Chief Risk Officer at Quilter.
Wealth Adviser
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