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IFAs told to learn from banking technology

Rachel Wheeler Archive
Independent financial advisers (IFAs) have been urged to learn from the advancements made in banking technology.

Michele Metcalfe, director of banking and financial services for Cable and Wireless Worldwide, said that new banking technology should inspire IFAs to provide a more modern service and keep their costs down.

She told FT Adviser: "IFAs and banks can come together to improve the customer experience. Banks have excelled in their use of technology, with online banking, which is popular."

Her comments follow the publication of a Cable and Wireless report which says that more customers would go online to help them find and compare banking services, instead of seeking advisers to speak to face-to-face, if the technology involved was more effective.

According to Voice and Data, around 30 million Americans used their mobile phones to access financial accounts in the last quarter of 2010, up 54 per cent from the same time period in the previous year.

Posted by Rachel Wheeler