Aaron Knowles, group executive for product, talks about how we're making the software our clients rely on even better and what we're developing to support the digital future of financial advice businesses.
While life may be on hold at the moment, the tech world is moving faster than ever. COVID-19 has made us all far more reliant on technology and, with over half a million Iress users worldwide, we are very aware of the role our software plays in helping to keep a large part of the global financial advice industry performing at its best.
It’s not only toilet paper, hand sanitiser and Zoom that have been in high demand. We’ve seen a surge in the use of our software as financial advice businesses look for ways to stay connected and work effectively, virtually.
The demand for digital technology
Since the world went into lockdown just four months ago, the number of financial advice businesses offering our online client engagement software Client Portal has almost doubled and usage is at an all-time high. When we compare April figures with February ones, end-client logins are up 86% and sessions are up 70%.
The adoption of Digital Signatures has also risen rapidly. Users are up 400% and we’ve seen 18 times more digital signatures being done. It's a similar story with the use of the Secure Messaging and Documents functionality within Client Portal which has increased by 138%.
The fact is, needs are changing and we’re committed to delivering to those needs, and in better ways. We’ve got a lot to live up to. In April we were named in the 2020 WealthTech100 list as one of the most innovative technology companies transforming the global wealth management industry and we're going to keep on improving and innovating.
Needs are changing and we’re committed to delivering to those needs, and in better ways.
Group executive, Product
Making the technology financial advisers rely on even better
COVID-19 hasn’t stopped us from being able to design, develop and deliver software - and continue offering close support to our clients. We're a global team so we’ve always been geared up to work remotely. We still have scrums, sprints and stand-ups, only now they’re done virtually - while wearing sweatpants. Our agile ways of working means we react quickly when things change in the market. Times like now.
Some people might be using this time to make banana bread. We’re using it to make the Iress software our clients rely on even better and to fast track some of our development to get the new capability out there sooner. Whether it’s one-click Digital Signatures through our Client Portal; a better way for Trigold users to work remotely using Xplan Mortgage; or adding heaps of new integrations to Xplan to give our users greater choice and functionality.
Of course other software developments take a little more engineering work and there’s plenty on our roadmap to tell you about. In deciding what makes it onto our roadmap our priorities are much the same as yours. We know that digital, data and user experience is what’s driving efficiency and better performance in financial services (something you can read more about in Andrew Walsh’s article) which is why we make them our focus.
So let's get to it and tell you what's in store.
Iress financial advice roadmap
As well as fast-tracking some of our development to benefit you immediately in the current COVID-19 climate, data and integrations feature strongly in our roadmap to support the digital future of financial advice and make your business more efficient.
| What we're working on: |
|---|
| One-click process for Digital Signatures in Client Portal - available now |
| Android and Apple mobile apps for Client Portal - available now |
| New Xplan integrations we have recently added: Moberate, Pauda, LivePreso, Tiqk, Adviser Forms, Xeppo, Genovo, CashCalc, Voyant, MoneyInfo, O&M |
| New Xplan integrations we are working on: Finametrica, Practify, MyProsperity, Wealth Central, Zoom, LABGroup, Financial Express, Seido, Oxford Risk, Meeco, Nod, Dynamic Planner, AstuteWheel, moneybrilliant, Revex, Scanshare, Streamline ID, Ateb, Goodments, YTML, Greatsoft, Dorey, Volume, FinPal |
| 23 new or improved datafeed integrations via IressNet, including three major re-platforms in the UK |
| ‘New’ and ‘Review’ digital fact finds in Client Portal |
| Two-factor authentication for log-in to Client Portal |
| Significant UX improvements in Portfolio screens including: faster and easier bulk modelling changes; new performance and risk analysis tools; easier management of client models; faster and enhanced view of transactions |
| New business register added to Xplan |
| Improved and more detailed information to speed up IressNet datafeed reconciliation |
| A new data analytics solution that provides business and operational insights for decision makers |
| Launch of robo advice capability for Investments and Retirement in both Australia and the UK |
| Prime for the UK will be extended beyond reviews to ISA and investment advice followed by retirement adequacy and at-retirement advice |
The Iress Community
Since it was launched in March 2019, the Iress Community has proved to be a better way for the people that use our software to more easily and quickly connect with us and other users. We’ve been gradually introducing more users to it including, most recently, Xplan Mortgage and Trigold users and more will be added in the coming months.
We’re constantly working to improve the content across the Iress Community. Look out for:
- Improved search results
- Updates to the main product category pages
- Geo-targeted content
- The ability to provide your direct feedback on articles.
