Bank of Ireland Digital Wealth Advice Platform
Historically, financial advisors, operating on a face-to-face basis with customers, were the basis of the Wealth process across the industry. This Model is underpinned by paper and labour-intensive back-office functions, typically supported by disparate IT systems. It is expensive to deliver and is not scalable. Increasing regulatory requirements cause a heavy compliance cost on the delivery of advice. Although positive for consumer protection, regulation makes advice in its current form expensive and highlights the need to disrupt the current Model.
In addition Global Macro forces, including the accelerating impact of technology on market competition and the accelerating flow of data are also causing challenges to the viability of the…