The survey provides an opportunity for Origo to assess the impact the service is having on an IFA's working day, and the industry's long-term goal of driving down costs.
The survey, which was completed by 2,332 users – almost three times the 833 users that took part in last year's survey, revealed some positive results. The survey shows that 60% of users stated that UNIPASS saves them up to one hour per week and 60% equate one hour of their time to over £40.
With 12,000 IFAs currently using UNIPASS, a conservative estimate of the saving being made in the industry is £288,000 per week. The actual saving is likely to be much higher as a further 21% of users reported that UNIPASS saves them up to three hours per week.
The results not only demonstrate the benefits of UNIPASS in terms of ease of use and increased productivity, but also the huge cost savings that are being made by the industry.
Additionally, it reveals interest for the product to be replicated in other sectors within financial services.
Paul Pettitt, managing director of Origo, says: “Over the past few years, particularly in reaction to regulatory intervention, everyone in the financial services industry has been under increasing pressure to improve operational efficiency and reduce costs. These survey results are encouraging and clearly demonstrate how the industry is delivering a service that is free to IFAs, easy to use and is driving down costs.
“Origo's role within the industry is to bring together many life and pensions companies to collaborate on issues that will deliver benefits for everyone. The fact that UNIPASS is now supported by so many of the UK's leading providers and portals, and IFAs are seeing real business benefits from the service, underlines the importance of industry-wide collaboration in delivering the much needed cost efficiencies from e-commerce.”