The first home owners who used Skype and podcasts for financial advice

When book designer Alissa Dinallo and her partner Nick, were looking to purchase their first home, they were overwhelmed with information.

“There was just so much conflicting information and we were starting to feel a bit lost, which is why we decided to use a financial adviser, who specialised in property.”

But tech savvy couple, rather than finding a financial adviser through traditional methods like word-of-mouth, found their planners through a podcast.

“We had specific goals. Wanted to purchase our first home and set up a 10-year plan to also purchase investment properties. We found our financial advisers through their podcast, the Property Couch and we liked their perspective on property,” she said.

“Because they are based in Melbourne, we had meetings over Skype and any other questions we had, we corresponded with them over email.”

And like Alissa, a new report revealed that Australians during the coronavirus crisis, are turning to digital contact methods.

The KPMG report, which surveyed around 1,500 Australians in May found that 80 per cent of people believed that financial services providers, like super funds, financial planners as well as insurance companies, should offer more digital services.

Only 20 per cent of those surveyed preferred the traditional method of meeting face-to-face.

The survey also found that emailing was the preferred method at 36 per cent, while chat and mobile apps was next on 28 per cent and online portals were at 27 per cent. But the majority still wanted traditional contact methods as a back-up option if extra help was required.

The figures are an increase, with only a small majority of people favouring digital methods.

“Our survey finds clear signs among consumers of a ‘refusal to return’ to the pre-COVID-19 ways of interacting with their providers. There is a new consumer expectation that businesses will offer greater value for money and be more flexible in the services and products. Those brands that fail to meet higher expectations in delivering a world-class digital customer experience risk being left behind,” said Tim Thomas, a partner at KPMG FS Strategy.

For financial planners, it’s a mixture of good news and bad news. More and more people are seeing it as a discretionary spend. But for those who use financial planners, more than 70 per cent were satisfied with the service, compared to 59 per cent for their superfund.

“While we see the benefit of having face-to-face meetings with financial advisers, making sure we have digital options, especially during COVID, gives us a peace of mind,” said Ms Dinallo.

“It was incredibly convenient and given that the specific advisers we wanted were in Melbourne, meant that we could use their expertise but be a state away.”