BT Panorama expands digital offerings
Advisers and investors are in need of better platform functionality that allows end-to-end investment capability across direct equities, managed funds and portfolios, term deposits, and cash, according to BT Financial Group.
In a media roundtable yesterday, BT Financial Group general manager, John Shuttleworth, said the updates to the financial services company’s BT Panorama platform offering would simplify business operations and give advisers more streamlined access to portfolios.
BT Panorama had been integrated with Westpac’s online banking system to allow investors to view trade assets next to their bank accounts.
“The holy grail we are moving to is full electronic,” he said.
“Users have the ability to see their investments alongside their everyday banking providing convenient solutions for investors to access their portfolio via online banking.”
Shuttleworth said the launch of BT’s superannuation and life insurance had seen increased momentum for the firm, which expected to complete full asset transition for its Panorama offering by Q3.
BT Financial would focus on further development of accountancy software and expected to see around $100 million in cost savings after the full integration of its new platform.
BT had taken advantage of the strong growth in the superannuation industry, especially around self-managed super funds (SMSFs), which Shuttlecock said were estimated to be equal to $1 of every $3 Australians had invested in superannuation.
Shuttleworth said BT had looked to develop solutions for investors and advisers that had a focus on simplicity and logic, which included on-the-go trading through its mobile app.
“Superannuation balances are expected to increase at around 8 per cent per annum over the next decade and SMSFs will grow from around $650 billion in assets today to $1 trillion in seven years – this is a significant opportunity for the group,” he said.
Advisers and investors would also be able rate their investments against key sustainability factors on the app interface.
Recommended for you
Financial Services Council chief executive, Blake Briggs, is urging Minister for Financial Services, Stephen Jones, to take advantage of the QAR opportunity to reduce regulatory duplication and ensure advice is affordable.
Former chair of the House of Representatives’ Standing Economics Committee, Tim Wilson, is planning a return to politics after losing his seat in the 2022 federal election.
Morningstar is going to offer research ratings of funds in the $3.5 trillion superannuation sector for the first time in response to demand from financial advisers.
Treasurer Jim Chalmers has opened a consultation into the design of the annual superannuation performance test, canvassing views on a range of reform options.
