For the third year running, the BT Panorama mobile app achieved the highest ratings from advisers surveyed, according to the latest Investment Trends Planner Technology Report.
Nine out of ten advisers who use BT Panorama rated the app as ‘good’ or ‘very good’, positioning BT Panorama as the clear market leader (90 percent for BT Panorama vs 79 percent for its closest competitor and 63 percent for the industry).
Similarly, 93 per cent of all advisers who use BT Panorama rated the online capabilities and integration of its client portal positively.
Advisers’ satisfaction with the support they receive from BT’s business development managers, technical support, contact centre and complaints teams all increased from the previous year.
“The positive results from Investment Trends’ survey, which was conducted in May, highlights how the investment we’ve been making into BT Panorama has successfully delivered digital solutions that have become essential for advisers in this new era of work,” said Kathy Vincent, general manager of platforms, investments and operations, BT.
While usage of the BT Panorama mobile app had been growing steadily in 2019, during the market volatility of COVID-19 it saw rapid take-up. Use of the app nearly doubled among investors in the first five months of this year (more than 80 percent), while advisers’ usage of BT Panorama across the app and via the web was up by 35 percent.
BT Panorama innovations to assist compliance requirements
Investment Trends reports that advisers have identified compliance burden as their number one business challenge. BT is continuously improving BT Panorama based on advisers’ feedback on compliance-related efficiencies.
In anticipation of new regulations being introduced, BT has recently added a feature which gives advisers better control over the administration of ongoing advice fees. Advisers can set start and end dates for ongoing advice fees on BT Panorama, and receive email reminders 30 days prior to a fee ending. They can also schedule a fee to start when another fee stops, giving certainty and control over their fee arrangements, and saving them from manually entering fee end dates.
Another recent upgrade allows advisers to receive automatic alerts related to Protecting Your Super regulations, letting them know if their clients are at risk of having their life insurance cover cancelled; as well as giving clients the ability to opt in.
“We’re building on the proven success of the platform, which has delivered practical tools for advisers, such as digital consent,” Ms Vincent said. During COVID-19, usage of the digital consent tool doubled, as advisers adjusted their clients’ position in accordance with market movements.
“At BT, we are continuing to invest in our technology by adding features that support advisers to run their business efficiently, compliantly and to their model.’” Ms Vincent said.
BT platforms continue to lead Australia’s platform industry with $141.6 billion funds under administration (FUA)1. For the twelve months to March 2020 BT Panorama ranked number one for netflow2.
1. Plan for Life, Platform Wrap Report March 2020 data.
2. Plan for Life, Platform Wrap Report March 2020 data (netflow comparison performed excluding corporate super and on an individual platform basis)
Media Relations, BT
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