Astute technology helps drive SanlamConnect

ASTUTE TECHNOLOGY HELPS DRIVE SANLAMCONNECT

Progressive financial services companies look at cheaper, more innovative ways of serving their middle market customers

With traditional models of product distribution in financial services now only economically viable when dealing with more affluent clients, some product providers are looking at new ways to ensure that the middle market especially continues to receive service.

Central to achieving this, says Astute FSE Managing Director Biddie Biddulph, is optimal use of technology that is capable of bringing financial services to a broad base of clients in a way that is secure, cost effective and which empowers by helping them to plan and transact.

He cites SanlamConnect as an innovation that delivers in an entirely new and affordable way. Clients are able to undertake their own financial planning online, or work though the interactive process on a face-to-face basis with a trained consultant in offices, retail malls and business parks in Cape Town, Johannesburg and Pretoria.

A world first, SanlamConnect offers simple and transparent end-to-end financial planning, focusing on primary needs like retirement, protection and short-term savings. The unique blend of face-to-face interaction and internet access allows clients to build relationships with knowledgeable financial consultants, while also having direct access to the same tools and information that the financial consultant has.

Much of this information comes from Astute, the financial services exchange used extensively by financial advisers when undertaking personal financial planning for clients.

SanlamConnect uses an interactive interface with the Astute system for obtaining the client’s current portfolio of products. A unique feature of the SanlamConnect system is the use of electronic signatures by clients and electronic audit information technology.

During SanlamConnect’s process, the client is asked to electronically sign an Astute consent form that facilitates access to the client’s current portfolio of products from various product providers. This functionality is a first in the industry and allows for a completely electronic process, without the need for the client to physically sign any documentation.

Biddulph states that the process was fully investigated, noting that the Electronic Communications and Transactions Act of 2002 (“ECT Act”) specifically makes provision for these kinds of electronic transactions.

The SanlamConnect system is a prime example of innovation in financial services, and how Astute needs to adapt to new business and technology requirements in the industry, says Biddulph.