For the second year running, BT Panorama has achieved the highest total score for online business management, mobile platform and client portal features, according to the latest Platform Competitive Analysis and Benchmarking Report from Investment Trends.
The number one rating is supported by BT’s insights into how advisers and investors are using the BT Panorama mobile app. In the past 12 months, the popularity of the app has doubled, with over 6,000 unique users logging in per week (up from approximately 3,000). Investors are checking their investments more frequently, logging in four times per week on average (up from three times six months ago); and the mobile app is by far their preferred way of accessing their accounts, with 70 per cent of investor logins being done via the mobile app.1
Investors are more likely to check their investments when there are dramatic spikes in sharemarket performance, with logins peaking at 3,043 in one day on 16 January 2020, when the ASX reached 7,000 points. The recent downturn in global markets due to the impact of coronavirus also saw 3,312 investors log in on 24 February 2020.
Among advisers, the ability to obtain consent from customers online is a standout feature on the mobile and web apps – the use of digital consent has increased to 500 per month, totalling 5,500 in the 12 months to December 2019. The digital consent feature allows advisers to help clients make timely transactions such as making new investment orders without having to wait for signed documents by mail or email. By facilitating precise record-keeping, the feature also assists advisers with fulfilling their compliance obligations.
BT General Manager Platforms, Investments and Operations, Kathy Vincent said that as the business cost of providing advice increases, advisers are looking to gain efficiencies, especially through technology.
“We are constantly looking at how we can support advisers by improving the user online experience on BT Panorama, across both the adviser and client portal, and are pleased that recent enhancements have been well-received.
“We know that the quality of an investment platform’s mobile app is the number one driver of adviser advocacy,2 so it’s fantastic that advisers rate the BT Panorama app as the market leader,” said Ms Vincent.
Investment Trends’ in-depth research, conducted from August to December 2019, is based on detailed analyst reviews of 18 Australian investment platforms across 509 aspects of their service offerings. In addition to BT Panorama’s number one rating in the category of Online Business Management, Investment Trends also called out the improved reporting capability on the platform, as well as the addition of reporting on up to eight accounts at the household level.
Funds under administration on BT Panorama surpassed $28 billion on 11 February 2020. Strategic Insights’ latest market analysis from September 2019 shows that BT Panorama grew by 88 per cent over 12 months, and had the best quarterly and annual absolute gain in FUA compared to all other platforms, with more than $2 billion netflow recorded per quarter.
1 Based on BT Panorama data collected from February 2019 to January 2020
2 Investment Trends Planner Technology Report 2019
Media Relations, BT
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