Australian fintech Ignition forms multi year multi million dollar partnership with tier one bank
Bank of Ireland’s Seán Ó Murchú joined Manish Prasad and Alan Quinlan from Ignition Advice in today launching a new digital advice platform for Irish consumers.
Seán Ó Murchú, Director, Wealth Advice and Distribution at Bank of Ireland, said, “Creating a single, digital advice platform will have a transformational impact on the Irish market,”.
Ignition Advice technology will support Bank of Ireland customers across all areas of their financial lives, from financial wellness and saving, to investment and insurance. Scalable solutions allow the bank to offer digital financial advice to all of their customers, while the Ignition Advice hybrid model allows the bank to fully integrate digital advice with telephone or in-person experiences, as the customer requires. Ignition Advice delivers a custom-designed user experience, for maximum customer engagement.
Seán Ó Murchú, Director, Wealth Advice and Distribution at Bank of Ireland, said, “Consumers are increasingly using digital tools for many of their daily banking, shopping and entertainment needs. They want to complete simple transactions on-line, to easily access information, and to be supported, as appropriate through technology or by advisers, depending on the complexity of their requirements. Our new Life Advice platform provides the appropriate combination of technology and support from advisors and the offering will continue to expand through 2019. This is a genuine opportunity to enhance our customer interactions through a single advice platform which will have a transformational impact on the Irish market.”.
Alan Quinlan, CEO, Ignition Advice Ireland, who leads the European business, said, “Ignition is delighted to partner with Bank of Ireland as they implement a truly customer-centric and ambitious wealth transformation. As we build our European business Ignition will continue to announce partnerships with like-minded enterprise clients across the spectrum of financial services.”.
While Ignition Advice is already established as the leading provider of highly customised, bank grade, SaaS platforms for enterprise clients in Australia, the partnership with Bank of Ireland represents the firm’s first announcement of a major European deal.
Manish Prasad, Group CEO, Ignition Advice, acknowledged the partnership as a significant milestone, commenting, “We are excited to bring our world class digital advice technology to the European market. Ignition is a unique, bank grade, global enterprise solution with significant data security and risk management capabilities. The firm holds ISO/IEC27001 certification and is GDPR compliant. Meeting the technology innovation needs and compliance standards required to partner with a tier one European bank is a significant milestone for Ignition and demonstrates our commitment to innovation and excellence.”.
The Life Advice platform, when fully rolled out, will facilitate end to end online applications for life insurance; personal pensions; savings and investments; providing a digital one-stop-shop for personal financial advice.
The first phase of Life Advice is now live and enables Bank of Ireland customers to calculate their life insurance requirements, receive a quote and complete the application process in minutes. Over the coming months additional insurance products, personal pensions, savings and investments will be added to the platform. During 2019 Life Advice will be launched to New Ireland’s financial advisors and brokers.
The platform also enables customers to identify their financial goals, put targets and timelines in place and monitor their progress. Customers can choose how they access advice and if they need to talk to or meet an adviser.