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E-commerce to hit 3.2bn by 2009

IFAs will be transacting 3.2 bn of business electronically by 2009, according to The Exchange’s 2005 technology index.

This figure, from an annual survey of 300 IFAs, reveals that 55 per cent of IFAs questioned say they will be conducting at least half of their business electronically in five years time.

Saving time was cited as the main reason for intermediaries to adopt and use technology, with 51 per cent saying this was the greatest benefit.

Nearly half of IFAs, 43 per cent, said that better electronic application services must be delivered over the next year to encourage them to use more technology, with 22 per cent saying that a greater transfer of data between applications was needed.

The Exchange managing director David Child says: “The fact that more than half of IFAs expect to be conducting in excess of 50 per cent of their business electronically in five years time demonstrates how far they have come in recognising and adopting technology and using it to deliver real commercial benefits.”

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