EV Insights 2024 - Talking Product Development with Ashley Staples

Ashley Staples, Product Director at EV, shares his views on everything related to technology and product developments at EV over the next 12 months.

What’s 2024 looking like for product development at EV?

“2024 is looking exciting for us. Our strategic plans include advancing development in three of our primary financial planning areas: Advisory, Digital Advice, and Financial Guidance.

We’ll continue to evolve our adviser solution, EVPro, by enhancing its capabilities to empower our adviser clients to concentrate on nurturing stronger relationships, delivering substantial value to their clients, and streamlining their adviser tech stack and processes.

With our recently introduced end-to-end hybrid digital advisory service, which we launched with AIB life in Ireland, we aim to further expand under the EVDigital banner. This will include our inaugural UK offering in the first half 2024, focusing specifically on investment advice. 

We see evidence that the market is shifting towards augmented financial guidance solutions to address the advice gap. At EV, we are aligning our focus accordingly. We’re currently revitalising our EVDirect financial guidance offering to better serve individuals in making crucial financial decisions. We remain committed to supporting them in navigating their financial journeys across various life stages.

Following the above, our mission continues to work towards making complex financial scenarios more understandable for individuals. Our calculation engine remains at the heart of everything we do, so this will continuously evolve and can be accessed through our various products, tools or APIs.

Our primary goal is to establish a comprehensive solution covering all financial planning aspects, including guidance, digital, hybrid, and traditional advice. This approach will ensure a seamless transition between consumer-driven tools and adviser-led solutions, allowing for a more personalised experience that suits everyone's needs.”

What future customer demands will our technology address? 

“The advice gap is expanding, so the financial industry continues to face the challenge of individuals not receiving consistent financial guidance and advice. The good news is that digital or hybrid advisory services can provide a solution to this challenge by offering comprehensive advice at a low cost, personalised to your unique financial situation, risk tolerance, and goals.

Retirement advice is essential, especially when individuals are making significant financial decisions that can impact their lives. It can be challenging to navigate retirement income options such as tax-free cash, drawdown, or an annuity, and determining the optimal timing can be even more confusing.

But the good news is technology is here to play a vital role in identifying the best solutions quickly, which significantly reduces the time and effort required. A robust model that supports these calculations is essential for reliable outcomes. These models use advanced algorithms to analyse financial data, including cash flow, assets, and goals, to provide personalised recommendations.

I believe that digital or hybrid advisory services can provide a comprehensive and cost-effective solution to the advice gap. With the help of technology, individuals can receive reliable financial guidance or advice, especially concerning retirement planning, and make informed decisions that can secure their financial future.”