The demand for automated financial advice among consumers will boom in the next five years, according to a new report from Meridien Research.
The report, 'Integrated Advice: Are Your Customers Listening to You?', predicts the number of consumers receiving online financial advice will increase from just over five million today to almost 24 million in 2006.
Karen Prest, analyst at Meridien Research, notes: "The biggest challenge to cope with this booming market is to create an objective and consistent experience for the customer."
The research suggests that online self-service financial planning applications which support objective, consistent advice across multiple delivery channels will increase customer retention and satisfaction. Such applications will also increase product sales, competitive advantage and cost savings, says Meridien.