BT Panorama has experienced a significant jump in usage of its mobile app feature from SMSF clients, with individuals accessing the service in this manner more than tripling in the back half of 2019.
BT Financial Group SMSF strategy national manager Neil Sparks has attributed the shift to client realisation that the overall functionality of the platform is truly portable.
“One of the keys of the design of Panorama is it’s about being able to use it anywhere, anytime. Being fully optimised it means you get the same performance out of the mobile app that you get from the tablet or on your desktop computer. So clients, particularly those with SMSFs, have worked out that the mobile app is effectively the full Panorama operating system in the palm of their hands,” Sparks told selfmanagedsuper.
“We haven’t built something where you can just look at a report and view a balance; we’ve actually given the full power of Panorama in the palm of the user’s hands.”
He said with mobile app a client can process the payments for their SMSF, such as the council rates for a direct property asset, while they are travelling by public transport on their way to or home from work.
Further, BT Financial Group expects the popularity of the Panorama mobile app to continue due to the behavioural characteristics of younger Australians, with the average age of SMSF trustees continuing to fall.
“Statistics show the younger demographic is moving into the SMSF space, with most funds being established between the 35-year-old to 50-year-old age group,” Sparks noted.
“That’s a very device-savvy, tech-savvy demographic and they’re looking to fully engage. Their mobile phones are never out of their hands.”
With regard to funds under administration, BT Panorama manages $27.3 billion of client money, with $8.8 billion attributable to SMSFs.
