One form per provider, filled in from customers' memory
That is what a UK transfer-in journey asks of your customers today. Most of them can't answer it, so they leave to go and look it up and the transfer ends there. The data they are missing already sits with the provider they are leaving.
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The customer is the worst available source
For tax reasons most UK financial firms provide a way to transfer your ISAs in. It is a good service wrapped in a process that has not changed in years.
Each transfer form asks for the ceding provider, the account number, what is held and roughly what it is worth. Some forms print "if known" beside the account number field, which is the process admitting what it is asking for.
If the customer holds ISAs with three providers, that is three forms.
If they want to move only part of an account, they have to say which holdings should be sold to fund it. At several large platforms a partial transfer needs a separate signed letter on top of the form.
None of this is information a customer carries in their head. So they stop, and the ones who stop rarely return.
Retrieve the data instead of asking for it
Step 1. Connect The customer authorises a connection to their existing providers from inside your app. Explicit consent, given per provider.
Step 2. Select Their ISAs come back with provider, type and value. They choose what to move, across every provider at once.
Step 3. Authorise They sign the transfer authority in the same session, without leaving your journey.
The details come from the provider rather than the customer, so partial transfers are picked from real holdings and fewer transfers fail on incorrect data.
Already running in another market
Montrose is a Swedish investment platform. They used Insurely to remove the manual step from investment transfers, so customers could see their existing holdings before deciding what to move.
"More than half of the invested capital comes from investment transfers, which shows the true value of the product" Daniel Bargiel Almer, CPO, Montrose
Different market, different wrapper, same mechanism. Transfers complete when the customer can see what they hold.
Read the Montrose case
