"Ways of communicating are always evolving, and this data shows that the Covid-19 crisis has significantly accelerated the use of technology."
Between February and April 2020, logins to Intelliflo’s Personal Finance Portal, which allows advisers and clients to interact with each other via a secure online hub, increased more than three times (333%) and the number of co-browsing sessions between advisers and clients via its integrated Glia app increased by 589%.
In addition, Intelliflo’s digital signature functionality DocuSign experienced an uplift of 1189%.
This trend is supported by research from Intelliflo’s new Covid-19 impact poll which found that 50% have been able to adopt more technology with their clients; 42% have adopted technologies that will be permanently implemented; and 32% have adopted new technology that is already enabling them to become more efficient.
Additionally, despite the lack of face-to-face contact, one in five respondents (22%) have improved their communications with clients. This compares to only 5% of respondents who said they have struggled to communicate.
When asked about what the ‘new normal’ will look like, more than two-thirds (68%) expect to see less frequent face-to-face communications, suggesting that the current ways of working mark a turning point in the way advisers and clients interact.
The second most anticipated change (59%) was the greater efficiency brought on by the increased adoption of tech, indicating that the accelerated digitisation brought on by the current crisis gives firms some reason to be optimistic about the future.
Nick Eatock, CEO of Intelliflo, commented: “Building trusted relationships with clients is at the heart of the financial advice industry but this can be challenging to carry out face-to-face, not least during the current crisis. Ways of communicating are always evolving, and this data shows that the Covid-19 crisis has significantly accelerated the use of technology. There’s no doubt that this will shape the future for advisers and their clients and deliver greater efficiencies for both as a result.
“By using some of this time to become more familiar with the technologies available to routinely interact with clients, advisers can become ever more agile and efficient.”
