Ignition Advice partners with Bank of Ireland to launch digital advice platform

Australian fintech company Ignition Advice has partnered with Bank of Ireland to launch a digital advice platform for the bank’s customers.

The platform, Life Advice, will work to provide all customers with advice across the areas of financial wellness and saving through to investment and insurance. According to a statement, Bank of Ireland will roll out a hybrid model that will allow the bank to fully integrate digital advice with telephone or in-person experiences, as the customer requires.

With the company having opened an office in Dublin last year, Manish Prasad, group CEO of Ignition Advice, said the company is excited to bring its technology to the European market.

“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,” he said.

Seán Ó Murchú, director, Wealth Advice and Distribution at Bank of Ireland, said Life Advice provides a “genuine opportunity” for the bank to enhance its customer interactions through a single platform.

“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,” he said.

“Our new Life Advice platform provides the appropriate combination of technology and support from advisors and the offering will continue to expand through 2019.”

Founded in 2008 as Ignition Wealth, Ignition Advice has created custom solutions for a range of institutions across Australia, including two super funds.

It is one of a growing number of tech companies working in this space as financial services institutions look to boost their offering to customers.

Fintech startup myprosperity, which has created an online platform to help financial advisers better work with their clients, earlier this year announced a partnership with Macquarie Wealth.

The partnership will see myprosperity integrate with Macquarie’s Wrap platform, allowing customers access to the bank’s investment and cash management accounts.

With the number of direct to consumer robo advice platforms also growing, Adviser Ratings, which launched in 2014 to help consumers to find, rate and review financial advisers, the company has now expanded to include a register of robo advisers.

The review register aims to take the guesswork out of a consumer’s decisions around engaging with a robo advice platform.

Image: Manish Prasad and Ignition Advice Ireland CEO Alan Quinlan. Source: Supplied.