Digital switch to accelerate in 2021

Client demand for accessing products and services online is transforming the industry with the impact of COVID-19 speeding up the digital transformation and helping to reduce costs and risks for providers.

Technology will still need to be combined with high standards of personal service creating an opportunity for providers and advisers to demonstrate the value of specialist services and advice.

However, our predictions for 2021 warn that the SIPP industry will see continued consolidation, leaving firms which have not adopted new technology struggling and demonstrating a need for business leaders to look for strategic partnerships potentially including sharing technology platforms.

In terms of our hopes, we wish to see greater vigilance on pension scams which continue to increase and, more importantly, an increased focus on preventing scams in the first place.

Group CEO Sandra Robertson said: “Covid-19 dominated last year, and those businesses which adapted quickly and looked after the wellbeing of their people were the ones that could continue to trade successfully whilst tackling the challenges of the pandemic. There is a real opportunity in 2021 for forward-thinking companies to build upon their experiences and innovate further for the benefit of clients and advisers.

“More needs to go online and happen digitally as technology will help advisers to do business more efficiently and become the new normal post-COVID.  

“People want instant information but also personal service and the key to retaining clients is combining that well with technology.”

The rising cost of Professional Indemnity cover and regulatory costs are major issues which are hitting providers who are already under pressure due to price competition and also having to prioritise investment in new technology.

Here at iPensions Group, we have made significant investments in technology as part of our growth strategy driven by a focus on innovation in the SIPP market as well as efficient and timely support for advisers and members.

Our bespoke technology platform, which was developed internally over three years, is enabling us to add new SIPP products such as the Platform SIPP and to develop new services for our advisers and members.

Disclaimer 

The content of this article is for general information purposes only and should not be construed as legal, financial or taxation advice. You should not rely on the information contained in this article as legal, financial or taxation advice. The content of this article is based on information currently available to us, and the current laws in force in the UK. The content does not take account of individual circumstances and may not reflect recent changes in the law since the date it was created. It is essential that detailed financial and tax advice should be sought in both jurisdictions and any legal advice, if required.

iPensions Group Limited is authorised and regulated by the Financial Conduct Authority, Licence Number 464521.