Part of our series of retrospective articles celebrating IFA Magazine’s ten year anniversary. Ross Laurie, CEO of the Scottish fintech company Visible Capital, which launched in 2020, predicts that the next ten years will see technology obtaining an increasingly integral role in the financial services.
Having launched in 2020, our focus is all on the next ten years, where we see use of technology in financial services expanding exponentially.
Open Banking/Open Finance/Open Pensions are all terms being banded around today, but very quickly they will be just the way things are done.
What we see going forward is technology both doing all the heavy lifting for financial advice firms – allowing financial advisers and paraplanners to focus on the areas where a human touch is needed, as well as enriching the data held by those firms, the ‘gold dust’, while also improving suitability of recommendations and thereby client outcomes.
If we look at the acceleration of how much more familiar and comfortable people have become with digital technology during the pandemic, working in virtual environments and dealing with people online, and extrapolate that year on year over the next decade, it gives us a very good idea of where we might be in 10 years’ time.
Our own technology already makes financial advisers knowledge of their clients far richer, more insightful and useful. And we are developing this further.
The next decade is going to be one where technology becomes ever more core to the operations and success of financial advice businesses.
