Success stories

Case Study 1

The Company

First Independent Direct is a new breed of customer-driven financial services company. It is an IFA-registered independent financial advisor, pledged to delivering totally impartial advice and to paying back up to 50% of its commission to its customers using unique technology in being able to deliver real time advice over the internet.

The service was delivered primarily via the telephone, but the launch of a Web-based programme has demonstrated that clients are increasingly learning to trust the Internet and to understand complex financial products - provided it is presented to them clearly.

The Challenge

The biggest challenge was to translate the high level of personal service traditionally associated with financial services by having a face to face meeting into a Web-based facility that provided an equally intuitive and personalised service. The Internet had to work for us because it is a critical part of our competitive position. It offers dramatic reductions in the cost of sale and distribution costs, which enables us to channel a share of the commission back to customers.

So we needed to find a solution to conduct online compliant financial advice to customers who were not local to us, but more importantly gain the customer trust in an online advice process.

The Solution

First Independent Direct's web site succeeded in generating an encouraging response, but could not compete in terms of conversion with face-to-face meetings and regulatory requirements now needed. It seemed there was no substitute for the advisor sitting with the customers, armed with a laptop, and taking them through the products step-by-step.

Yet even this barrier was overcome by the development of an ingenious technology called Claripoint Virtual Advisor which enabled the delivery of using any financial software analysis such as Trigold, Mortgage Brain, Exchange, Synaptics, etc. package normally used on a lap top and make this internet enabled.

This provided a much more personal and tailor-made solution to the customer request. What is also unique about the system is that it does not require the customer to download any special software or Javascript beyond the web browser.

All the client has to do is simply enter a URL address and enter the online quotation page of the web site. The customer can then sit back and let the advisor explain the product with an impressive personalised on-screen presentation for which the advisor can simultaneously alter or annotate it in real-time as if the customer was viewing a TV Set.

The information the customer sees was a tailor-made solution quickly and easily presented which could compare other products from our competitors, which builds up the trust in the advice process and demonstrates that clearly we are matching the right products to the customers' needs.

Regulation and Compliance

In addition to this, audit trails were generated as each screen shot was viewed by the customer making the whole process completely compliant for a remote advice system. This also showed consistency on the advice given to match the products or advice given at point of sale.

Using the Claripoint Virtual Advisor system it is now bullet proof with the insurance that providing the advisor uses the system correctly (easily monitored in a call centre environment) it will be impossible for a mis-selling claim to be made against the company.

The Rewards

Before using Claripoint Virtual Advisor technology, sales conversion via the Internet were pretty poor, as most companies will testify due to their demise. Using Claripoint Virtual Advisor technology, conversion rates have increased to a proven 80% which is better than face-to-face advice.

The reason for this we believe was quite simple. In any financial advice process it's all about information. What the Claripoint Virtual Advisor system does is serve up this information in the right order very fast. This made the customer come to an informed decision very quickly, but more importantly gains the customer's trust to place the business with us.

It has also increased the profitability of each advisor and reduced costs in having to see the customers face-to-face which has allowed us to pass some of these savings and benefits over to our customers. Each advice session takes about 45 minutes and people are starting to prefer this way of doing business as it saves them time in visiting advisor's offices or having an advisor in their home for up to 2 hours.

First Independent Direct has pioneered and used the system over a 5 year period and has won many awards in using the technology within the financial services industry.

It also has conducted many advice sessions over a 5 year period providing remote compliant financial advice for Mortgages, Life Insurance, Pensions and Investments with an overall sales conversion rate of 80% and exceptional rate of first time connections.

First Independent Direct was the first company in the UK to demonstrate that you can sell complex financial products compliantly over the internet using Claripoint Virtual Adviser technology, anywhere in the world.

Claripoint Virtual Advisor technology has also created unique embedded features such as creating a full audit trail accepted by the FSA (Financial Services Authority) and integrated pictorial sales processes that make customers want to buy.

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Case Study 2

Principality Building Society is a Building Society in the UK with over £5 billion in assets.

Principality did a pilot scheme and used Virtual Advisor to investigate the remote selling of financial products. This has led to the launch of Moneypilot, a wholly owned new subsidiary of Principality, which was created around our technology which provides remote compliant financial advice for Mortgages and Life Insurance products.

Moneypilot.co.uk explains how the concept for Moneypilot came about:

"Mortgage advice is readily available, but in today's time-poor society, we all want to be able to access the best advice quickly and easily."

"Our web-based mortgage service makes it easier by providing a convenient way of getting good advice without the unnecessary burden of having to physically go and see an adviser or invite them into your home."

"The web technology enables the adviser to feed relevant information through to the customer's computer screen whilst discussing the options with them on the phone at the same time. Customers can also see application forms on their own screen as they are being completed by the adviser."

"It's great that we can exploit this technology for the consumer's benefit. The mortgage interview is so much clearer when customers can both listen to and actually see all the information available to the adviser on their own web browser."

"Moneypilot believes customers will value the transparency this free service offers and it has the added benefit of being delivered at a time and place to suit the customer - whether at home or during their lunch hour in the office."

Tracy Morshead, managing director of Principality Building Society, said: "This is a revolutionary service that is using technology in a completely innovative way. We expect there to be a UK-wide take up on this service and early signs are very encouraging."

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