The majority of advisers are processing new business electronically but most are not using the services to their full capacity, according to The Exchange.
Its report shows that 81 per cent of the 500 IFAs surveyed through IFA portal Exweb are processing new business electronically but 92 per cent are not using the technology to its full potential. Advisers submitting business electronically are still collecting data on traditional paper application forms and re-entering it at a later stage into office-based computers.
Only 8 per cent of IFAs are using technology for efficiency and time-saving by entering data directly into a PC while with the client.
The Exchange believes there are a number of reasons for this problem, including the client declaration form, which means there is still an element of paperwork in the e-application process.