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Bank of Ireland Digital Wealth Advice Platform

Bank of Ireland
Re-imagining the Customer Experience

Elevator pitch

Bank of Ireland's Digital Wealth Advice Platform is transforming how financial advice is delivered to customers in the market. Offering both digital self-serve and advisor assisted digital options, the platform puts the customer in control of their financial future and helps them to make better financial decisions, through a unique, simple, streamlined integrated digital proposition. This is not Robo-advice, but a truly hybrid omni-channel digital model through which the customer receives personalised, regulated advice. The customer decides how, where and when they want to engage.

Innovation Presentation

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…

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