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GDPR has been tech driver amongst adviser firms

23 January 2019

The General Data Protection Regulation has led to growing demand for new technology, according to back-office provider Intelliflo.

The software company said the introduction of the stringent data rules last May prompted an increased number of advisers to look at ways to communicate with clients in a more secure way.

Over the course of 2018, the firm’s Intelligent office software increased its client base by 359 firms, giving it over 22,700 users and 2,425 firms. One of its main attractions was the Personal Finance Portal which allows advisers to exchange messages with clients and provide round-the-clock access to their specific asset data, the firm said.

Nick Eatock, Intelliflo’s executive chairman, said: “Having a system that offers secure messaging across PCs and mobile devices and that also dovetails with tailored customer financial data is becoming something that people expect as the norm, largely due to the services now offered by the major banks.

“The GPDR was a catalyst for advisers to embrace this technology and those that have are reporting excellent customer feedback as a result.”

Intelliflo said over half of the firms using Intelligent Office are now using the portal in their advice process.

A recent survey of Intelligent Office users found that regulation was seen as the biggest business challenge for advisers in 2018 and remains their number one concern for 2019.

However, regulation also scored highly among advisers when asked about potential opportunities for 2019, which Intelliflo said suggested advisers with access to technology “can turn a perceived negative into positive driver for better business and customer outcomes.”

Professional Paraplanner