Discover how Findex have revolutionised financial planning through innovative thinking and market leading technology.
In Australia over 40% of Australians consider access to financial advice to be out of their reach. The reality is that the average cost of a full financial plan is typically in excess of $2,500. However the irony is that those who feel that they cannot afford the assistance of a financial advisers could likely benefit the most from it.
Financial Index Group wanted to find a way to close the gap between high wealth individuals and those that saw financial advice as out of reach. If they could create a way to make financial advice accessible to such a broad market segment they felt they could really shake up the industry.
Findex Group have been no strangers to technology and realised that by partnering with a forward thinking and innovative technology based company they could build something that allowed customers to engage with Findex in a low cost manner.
"More and more technology platforms form the basis of the returns for Australia’s 540,000 SMSFs."Spiro Paule, CEO – Financial Index
Findex Group chose Aptiture to work with on their idea as we presented them with fresh ideas and innovative ways to engage their target market, and because we were able to demonstrate significant experience in designing user experiences and interaction patters for financial service customers.
In the first stage for the project we ran a number of workshops where we refined concepts, established high level requirements, and specified systems and platforms which would require integration.
We conducted in depth analysis and drew upon insights to develop a comprehensive strategy centred around the concept of disruptive innovation and challenging traditional financial practices.
We conducted a number of interviews with users within target demographics to determine the viability of the solution and to test the idea.
Additionally Aptiture set to task on developing a brand which would suit the platform.
Based on an assessment of the target customer profile a community driven strategy was developed, taking advantage of crowd-based collaboration and sharing to reduce support costs, and extend marketing impact through advocacy.
Aptiture developed a full financial planning community portal with a range of tools including:
- Learning Centre with Videos and Tutorials
- Visual Goal Planners
- Interactive Savings and Wealth Forecasting graphs
- Lifestyle budgeting and analysis tools
- Crowd sharing and discussions through forums and blogs
Through the use of integrated financial planning software, the Movo platform allowed the creation of a statement of advice online in under 30 minutes.
The success of the project was highly dependent on creating a friendly and accessible user interface, especially for the collection of personal financial information. Aptiture’s UX team designed data collection screens for ease of use and efficiency based upon a complex set of required data, and our highly advanced data collection frameworks were used to minimise the time necessary for users to spend entering information by re-using information already entered within tools and calculators previously used.
The project also utilised advanced online identity verification services and intelligent document workflows which allowed customers to purchase financial products through the portal. This innovative self-service approach allowed Findex to sell a range of well suited financial products to customers at the lowest cost, passing on additional savings to customers.
Due to the success of the MOVO platform, Financial Index was awarded BRW 12th most innovative company in 2014.
The launch of the new platform has produced some impressive results
"Our service is personalised to the needs, goals and life-stage of the consumer. All advice provided is in accordance with ‘best practice' advice standards, while our business processes are ISO 9001 certified - the highest internationally recognised quality standard."Spiro Paule, CEO – Financial Index