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Meeting of Minds discussion pack

Using technology to increase efficiencies and reduce operational costs (& change the game)

| 1st December, 2010

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Using technology to increase efficiencies and reduce operational costs (& change the game)

Source: DT Survey of Meeting of Minds members, November 2010 45 responses

Areas for discussion:• Improving existing processes• ‘Changing the game’• A new operating model• Inhibitors to be overcome

Data:• MoM survey completed by 45 members, mostly nationals and regionals with 50+ advisers. Respondents were mostly general managers• DT IFA survey, June 2010, 152 responses

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What’s driving technology use? The need for consistent processes and cost reduction along with enhancing existing customer relationships and risk profiling

Source: DT Survey of Meeting of Minds members, November 2010 45 responses

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Why aren’t benefits being seen? Systems not talking to each other and the cost of change. On average advisers key data into 4 separate systems to complete a case

Back office system

CRM System

Online tools

Product provider site

Quotation portal

Platform/wrap

Online application

Online underwriting

Suitability letter generation

Pension tools

0 10 20 30 40 50 60 70 80 90 100

Source: DT Survey of Meeting of Minds members, November 2010 45 responses Source: DT Survey of IFAs, June 2010 152 responses

Where do you normally enter data and where will you re-enter the same data to complete a case?

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Applying technology to key processes and integrating them should deliver significant cost reduction / productivity improvement

Source: DT Survey of IFAs, June 2010 152 responses

All respondents “On average, how long do you spend on the following tasks?”

“On average, how long do you spend on the following tasks?”Respondents where technology is used

on a task ‘often’ or ‘all the time’

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How could online technology be used with customers? Improving access to documentation, valuations and adviser contact are seen as important. Newer forms of engagement seen as important by almost 50%

Source: DT Survey of Meeting of Minds members, November 2010 45 responses Source: DT Survey of IFAs, June 2010 152 responses

Source: Google 2010

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Providers/platforms

Front /middle office

Back office

TransactionsMultiple wrappersValuationsRebalancing

Adviser

Should future operating models revolve more around the front office and direct interaction with customers than the traditional back office?

Paper & tools

Adviser

Customer

Call centre

Mobile

Front office and customer facing

Platform(s)

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Technology is clearly key to cost reduction, consistency of process and new forms of customer interaction however there are significant inhibitors