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Insurance Innovation of the Month: Bank of Ireland’s Digital Wealth Advice Platform 07 April 2022 854

Efma-Accenture’s Insurance Innovation of the Month award for April goes to Bank of Ireland’s trailblazing digital advice platform.

All too often, seeking wealth management advice can boil down to a choice between lengthy face-to-face interactions with an advisor or depersonalized robo-advice through digital platforms. Bank of Ireland is seeking to combine the best of both worlds – and ditch the worst of them – with its new Digital Wealth Advice Platform.

Offering both 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. The first of its kind in Europe, this is a truly hybrid omni-channel digital model through which the customer receives personalized, regulated advice. The customer decides how, where and when they want to engage.

While many traditional banks are still dragging their heels on fully digitalized customer-focused solutions, allowing agile fintechs to zero in on the gap, Bank of Ireland is committed to full digital transformation to compete with both traditional and disruptive challengers. Developing the digital platform in partnership with Ignition Advice, a third party fintech from Australia, has allowed the bank to leverage Ignition’s development and UX expertise along with their own market knowledge, scale and customer base, to deliver a first-class customer journey.

The platform essentially provides an online one-stop-shop for customers to research and open an investment plan tailored to their individual risk profile, choosing between self-service and advisor assistance, or a combination of the two. For customers it offers a smooth end-to-end personalized experience, while for wealth advisors and the bank itself, the system streamlines administrative processes and enhances efficiency while reducing operational costs. 

Since the first phase was launched in 2020, offering a self-serve savings & investment journey, the platform has seen some 10,000 customer registrations and €15m in sales volumes. The second phase, incorporating the advisor-assisted journey, is now being fully rolled out, and we look forward to seeing this groundbreaking service go from strength to strength!

Bank of Ireland’s innovation will be automatically selected as a nominee for the Efma-Accenture Innovation in Insurance Awards 2022. No more innovation of the month for this year. We are now entering the home stretch. Submit your innovations on the Innovation in Insurance portal until 13th April (included) for the yearly awards. Participation is free of charge and open to all insurance institutions. 

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