A survey conducted by Skandia shows UK advisers leading the way in their adoption of online technology. Over 99% of advisers in the UK use online technology for new business, compared to a global average of 77%.
The results also show that advisers in the rest of Europe haven’t yet fully adopted the use of online technology, with just 53% of advisers using it for new business, figures are slightly better in the Middle East at 60%, and better still in Asia at 72%.
Out of the advisers using technology, UK advisers are again using it for a greater proportion of their clients. UK advisers transact approximately 58% of their new business online, compared to just 13% in the Middle East, 15% in Europe, and 19% in Asia.
Advisers across all regions predict the amount of business they place online will increase. On average, 66% of advisers believe it will increase, with 33% expecting it to stay the same, with less than 1% expecting it to decrease. Out of those who said they expect it to increase, some advisers said they expect it to ‘increase a lot’ – with advisers in the Middle East leading the way, with 27% saying it will increase a lot.
Advisers were also asked which features would encourage them to transact more business online. The results were conclusive across all regions; ease of use was the top priority, closely followed by functionality and servicing options, and then reliability.
Phil Oxenham, head of proposition marketing at Skandia, comments:
“The UK seems much further ahead in their use of technology compared to the other regions surveyed, and is testimony to how quickly and extensively advisers have adopted the use of platforms in the UK. Online technology can help support the adviser in all stages of the advice process and can play a pivotal role in helping advisers run their business more efficiently and effectively. We have been steadily developing and enhancing our online functionality for our international proposition, in anticipation that the demand for such functionality could increase significantly and it is encouraging to see this materialise.”
*The quarterly international adviser confidence barometer was conducted by Skandia, part of Old Mutual Wealth, in Q3 2013 and attracted responses from 311 advisers from around the world, including: the UK, Europe, Asia and the Middle East."
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