How Covid came and left us more digital

When the pandemic hit in 2020, the trend to using online services accelerated. Almost three years later, those who used digital channels for the first time during lockdown are sticking with them.

Australians and New Zealanders are noted as early adopters of new technology, especially within the financial services space.^1,2 Even before the pandemic, the market for digital banking and payments in our region was thriving. But the abrupt closure of bank branches and insurance offices during COVID-19 lockdowns forced more people to try these apps and platforms for the first time.

Some experts say digital adoption rates surged five years ahead in just eight weeks.³ It’s a change that’s here to stay.

Research in the US by McKinsey Digital revealed three-quarters of those who used digital channels for the first time during the early days of the pandemic planned to keep using them as business gets back to normal.⁴ It’s likely we’ll see the same in Australia and New Zealand.

The appeal of digital channels

The numbers show most people prefer a digital approach. Research by the Australian Banking Association (ABA) found 80% of customers now prefer to check their accounts, make transfers and pay bills online than in branches.⁵

In New Zealand, a recent survey revealed more than 80% of New Zealanders use a digital platform for their banking, insurance or KiwiSaver services, and more than 60% use mobile banking or insurance apps.⁶

Convenience is the main appeal of these digital services – customers can check their finances, pay bills or update their details from almost anywhere, at any time.

Responding to customers, financial services providers are putting in money and effort to make their digital channels even easier to use.⁷Budgeting tools and calculators are being joined by digital identity checks, artificial intelligence programs and new payment systems.⁸

Businesses are bolstering their digital offerings

As customers move online, their financial services providers are quickly moving to meet them. Major banks and financial institutions alike are racing to offer better, faster, and smarter digital services for their customers. This new digital ‘arms race’, as some are calling it, has seen financial services of all shapes and sizes increase their spending and investment on new technologies to improve customer experiences.⁹

For Resolution Life, this has led to the creation of our new customer portal through My Resolution Life. This provides customers with instant access to their policy details and statements online. Customers can use a computer, phone or tablet to access the portal and make changes to their cover or products wherever or whenever they need, keeping them in control.  If you haven’t registered yet, simply click on the link below and follow the steps.

Register

My Resolution Life also has useful tools to help customers find forms or g ask for help in real-time using the portal’s ‘click to chat’ feature, which connects them directly with a member of our team who can assist.

Importantly, the portal also allows customers to commence the claims process as soon as they are ready, instead of waiting for business hours during what is often a stressful period. Customers can submit an intent to claim via the portal at any time that suits them, streamlining the claims process by allowing our claims staff to prepare any relevant documentation before they call to discuss next steps. This ensures Resolution Life staff have all the information they need to begin working constructively to help customers.

These features are all designed to make dealing with insurance even simpler and faster. Customers don’t need to call and wait in a phone queue to manage basic tasks and many can now also pay premiums with their credit card via the ‘make a payment page’ right on our website: Make a payment - Resolution Life

[1] Global Australia, ‘Financial services and fintech’, Australian Government, N.D., accessed 17 August 2022.

[2] ASX, ‘NZ fintech sector’s bright prospects’, ASX On The Boards, 23 February 2022, accessed 22 August 2022.

[3] A Baig, Bryce Hall, P Jenkins, E Lamarre, B McCarthy, ‘The COVID-19 recovery will be digital: A plan for the first 90 days’, McKinsey Digital, 14 May 2020, accessed 17 August 2022.

[4] A Baig, Bryce Hall, P Jenkins, E Lamarre, B McCarthy, ‘The COVID-19 recovery will be digital: A plan for the first 90 days’, McKinsey Digital, 14 May 2020, accessed 17 August 2022.

[5] Australian Banking Association, ‘Banking customers continue shift to digital’, 19 October 2021, accessed 17 August 2022.

[6] Statista, ‘Usage of digital financial services in New Zealand in 2021, by gender’, 27 April 2022, accessed 23 August 2022.

[7] L Jouan, ‘Aussie Banks doing digital’, ANZ Bluenotes, 19 January 2021, accessed 17 August 2022.

[8] L Jouan, ‘Aussie Banks doing digital’, ANZ Bluenotes, 19 January 2021, accessed 17 August 2022.

[9] T Dring, ‘Australian major banks’ full year results 2021: Investing to win with digital’, EY, 9 November 2021, accessed 7 September 2022