INTERVIEW Positive
INTERVIEW Positive feedback loop To ensure maximum relevance, the new features were developed using Agile project management methodology. “We focus on short blocks of work, roll them out and get feedback from clients and advisors. Then we update based on that and get guidance on what the next important thing is to build. We believe this approach has helped us build a platform that represents what clients and advisors actually want rather than what we think they want,” says Fraser. Feedback has been very positive across each of the channels. “The new secure site has had excellent feedback. The app has had great feedback from a usability perspective and quick access to your information. The PPS Horizon tool has had excellent feedback from those who understand how to use it in their businesses. “Our focus for the next period is to build case studies of people who have used the tool successfully and take that as a roadmap that we can roll out to other financial advisors. This will help them understand and build the tools and analysis to enable segmentation of their clients and run their own campaigns.” Ultimately, the aim is to create a member- and advisor-level view of the PPS Group as a whole with a true omnichannel approach to match. “The app, the website and the PPS Horizon tool are separate at the moment, so you can basically engage with us on multiple channels,” says Fraser. “What doesn’t happen is if you’re halfway through PPS Horizon and you want to pick it up again on the website – that link isn’t there yet. “However, we will soon be launching a PPS Group secure site that will enable members and advisors to log in and see their holistic offering in the group, from short-term insurance to life insurance, investments and medical aid. As part of that development going forward, we’re looking more and more at an omnichannel experience.” Touch and engage Being ahead of the game has its own challenges – especially in the traditionally conservative space of financial services. “Getting buy-in can be an issue. People are used to apps like AirBnB and Uber but from a financial services perspective it’s not always as clear. Banking is one thing – you’re spending money on your card or bank account every day, so there’s something to go and look at – but from an investments perspective it’s a longer term horizon: you don’t really need to look at your investments every day. Part of the challenge going forward is how to engage with investors – also from an insurance perspective. In this space, the touch points are even more infrequent – generally the member engages when they take out their insurance and when they need to claim,” says Fraser. However, the primary objective of digital technology is to help investors behave less emotionally and stick to their longterm goals. “A lot has been written around investors not achieving the same performance as the markets because they’re buying at the wrong times. That’s often driven by media speculation, short-term focus or feardriven decisions,” says Fraser. “The ability to access instant valuation of your investment could encourage you to look at it too shortterm. A typical knee jerk reaction is a client thinking, 'my investment fell by 5% yesterday so I must sell.' Tomorrow the investment could come back up by 5%. That’s where technology will help. We are investigating machine learning and artificial intelligence and using them to nudge and guide our investors. What we hope to see in the next 5 years of this journey, is that when an investor logs in and there’s been some event in the markets, we can drive a message into our digital platforms, whether it be the app or our online site, to say ‘don’t worry, speak to your financial advisor and look to the longterm, you are still on track for your long-term goals’. “We believe this is the next step in our journey. We need to create that touch point, to have that level of engagement and communication with our investors. It should not only be about the performance of my investment but whether I am on track to achieve my goals,” Fraser concludes. • 22 www.bluechipjournal.co.za
