The Hub also helps drive competition and innovation, by levelling the playing field for all players, no matter how deep their pockets.
In 2021 signings to the Hub doubled and we now have over 40 companies integrated, from large providers to innovative new joiners to the market.
3. Doing away with inefficient paper-based systems. Given we are in the 21st century, it is surprising that paper is still used to the extent that it is in our industry. While tackling operational inefficiencies has not been top of the priority list for financial services firms during the pandemic, for obvious reasons, this is now beginning to receive renewed focus amongst providers as they see it as a means to reduce costs and create operational differentiation in the market.
The Letter of Authority process, which is key for financial advisers to notify providers that they are authorised to work with new clients, is a case in point. Currently, advisers have to manually fill in forms and have them signed by the client and then email, or in some cases fax them, to providers. Origo is making a dent in this with our Unipass Letter of Authority service, a way for providers to help simplify the current ad hoc way Letters of Authority are processed, creating a utility that delivers greater efficiencies for providers and adviser firms alike.
4. Keeping communications secure. Cyber security has definitely risen up the priority list for financial services firms in 2021. As an industry we are handling huge amounts of personal and confidential information about individuals, which, if it falls into the hands of criminals, can be used to scam them or steal their identities. This can lead to devastating consequences for individuals as well as fines and reputational damage for the companies involved.
One of the most commonly used ways to communicate, i.e. email, is often the most vulnerable. This vulnerability is why we launched Unipass Mailock as a centralised industry utility to help businesses of all sizes secure their communications.
It encrypts email to keep the contents safe, combined with dual factor authentication, so the sender knows only the intended recipient can open it, and an audit trail is created for compliance purposes.
Two of the industry’s larger providers – Aegon and Royal London – started using Unipass Mailock in the past year to protect their communications with intermediaries and their clients, and other companies are in the pipeline to go live.
These are four of our achievements over the past year. We are not a large company and all that we have achieved is because of the dedication and expertise of our people, who, working together, physically and virtually, have done great things despite the pandemic.
If you haven’t done it already, I highly recommend taking a step back and contemplating your achievements this year. 2021 may not have provided the best environment for success but I will bet you will find you’ve achieved more than you think you have.
