Decimal is one of the largest producers of statements of advice through an automated advice software platform in Australia, now delivering advice to members with combined balances in excess of $20 billion. Decimal’s 2019 Digital Insights report takes a closer look at how digital advice is being used and the impact it is having for Australians.
This year’s usage data highlighted the uniquely accessible and inclusive nature of digital advice, with Decimal’s digital advice platform being used by all segments of the Australian population, at all times of the day, every day of the week. While 50-60-year old Australians remained Decimal’s most frequent users,
Decimal’s accessible platform drove significantly enhanced early engagement of members, with 46% of users aged between 35-54, compared with an industry average of just 26%.
Advice licensees use Decimal to deliver advice incorporating superior investment strategies, contribution strategies and/or investment cost savings, resulting in overall improvements of projected retirement outcomes. What’s more, these improved projected retirement outcomes were delivered by robust, rules-based advice, ensuring advice is consistent and compliant.
Decimal recorded surges in user demand during key milestones of the Hayne Royal Commission and other significant events during the financial year, reflecting investors actively using digital engagement to monitor their investments. Upon publication of the Hayne Royal Commission report, Decimal’s robust yet agile compliance solutions enabled advice licensees to respond rapidly to regulatory change.
Decimal’s platform removes time and cost barriers to accessing financial advice, enabling more Australians to obtain actionable advice anytime, anywhere. For more insights on digital advice demographics and how digital advice and engagement is driving improved compliance and retirement outcomes, download the full report.