Fintech and Insuretech innovation hub, Axell, has released a comprehensive research report, Human touch in a new digital world: The future of financial advice, (the Report) which explores future opportunities for digitally transforming financial advice around the world.

Axell Founder and CEO, Moshe Tamir, said extensive research for the Report was conducted over a six-month period, and included interviews with thought-leaders and industry experts from across the globe, including Australia.

“The global economic fallout from COVID-19 means there has never been a more important moment for financial advice than right now,” he said. “Years of digital transformation have been accelerated into two months of rapid change in financial advice delivery and the industry needs investment in digital transformation initiatives to meet rising customer expectations while continuing to attract new prospects, at scale and efficiently.”

Mr Tamir said the Report is a call-to-action for insurance and wealth management businesses around the world to invest in technology across the value chain, particularly platforms that facilitate a more personalised connection between adviser and client.

“The Report considers the needs and opportunities of stakeholders in the ecosystem of financial advice delivery,” he said.

Key findings from the Report, which deep dives into key opportunities and provides practical, actionable steps for incumbents, include:

  • Customers want personal, digital service – human connection in the right channel at the right time is what will attract and retain advice customers.
  • Financial advisers of the future – the massive growth and evolution of Fintech combined with human touch will be the competitive advantage of the successful adviser.
  • Digital revolution requires incumbents’ leadership – the role of incumbents is to champion an innovation and digital-first mindset, integrate technology and demonstrate its value through education.
  • Partnerships with FinTechs will be key – collaboration will enable resources to be prepared for the future. Strategic partnerships will enable both traditional incumbents and newcomers to unlock new scalable opportunities across the value chain.

Bianca Smith
Lead Adviser, Australia & New Zealand