Specialised smart phone and iPad applications are “the next big thing” in the financial services industry, according to Rice Warner.
The actuarial and research firm says it has seen a dramatic increase in interest from its clients for branded apps that they can offer to members and staff. It also reports increased demand from financial planning groups for apps that can be used by advisers when consulting with clients, and from wealth management companies looking to provide their sales people with tools that can be used in remote locations without the need for internet connection.
“We believe the popularity of apps in the financial services sector will grow very quickly,” said Rice Warner Senior Consultant, Greg Wilkinson. “When we launched our online calculators a couple of years ago, we observed that the rest of the industry had seen the benefits enjoyed by the first adopters and quickly followed suit. We expect that this will also be the case with apps.
“Our clients also want to show their customers that they are at the forefront of technological developments and feel that they really need to get into this space to remain relevant.”
Research released earlier this year by Zurich indicates that iPad usage is on the rise among financial advisers, with one in two likely to own a tablet device in the next 12 months (see: Advisers Switching to iPads).
Zurich and TOWER have launched iPad apps in recent months to support advisers working in the field. General insurers NIB Health Insurance, Just Car Insurance and NRMA have also entered the market, releasing apps for customers that allow users to request quotes or lodge claims from their iPhone or iPad.
Rice Warner has recently launched what it believes are Australia’s first genuine superannuation apps. The apps can be customised to align with any organisation’s branding and fund design features, and include retirement, salary sacrifice, insurance needs and home loan calculators.
“Super funds have seen how online tools and calculators can be a great platform for member engagement and now want to take the next logical step, which is to provide their members with a range of apps that they can use on their mobile phones or iPads, helping them to become better informed about their super quickly and conveniently,” Mr Wilkinson said.
