BT to 'radically simplify' platform
BT chief executive Brad Cooper is looking to reduce the “duplication and complexity” that has built up over the 13 years since BT Wrap was built.
In a market update presentation delivered yesterday, Mr Cooper said BT has spent the past two years developing a new investment administration platform “from the ground up”.
“The new platform will more closely integrate banking and wealth. It will have a single sign-on, mobile access, and increased straight-through processing,” Mr Cooper said.
“It will open up the platform to a wider investor base, particularly SMSFs, and allow us to compete strongly with other market offerings.”
The new investment technology will also “radically simplify” BT's existing “complex systems”, said Mr Cooper.
“The BT Wrap platform was built some 13 years ago, so moving to a modern technology architecture will reduce much of the duplication and complexity built up over those years,” he said.
Mr Cooper also reaffirmed BT's commitment to the wealth management space, and listed “increasing advice revenue” as a key priority for 2014.
“Our solid growth in planners combined with the significant improvement in productivity has lifted returns in our advice business,” he said.
Revenue per averaged salaried planner increased from $334,000 in 2009 to $451,000 in 2013, according to BT.