Deloitte Technology Fast 50: No. 1
Deloitte Technology Fast 50 2009 winner Distribution Technology provides financial planning and sales technology to financial institutions such as banks and insurers, large IFAs, and Distributors.
The Reading-based company has achieved a stratospheric 18,225 per cent growth rate. Founded in 2003, Distribution Technology supplies a range of financial software products that enable qualified advisors to pinpoint key products and cross-sell others to customers faster, more efficiently and more compliantly.
Ben Goss, CEO, explained: "There used to be 200,000 financial advisors in the UK, now there are around 50,000, due to increased pressure on margins and rapidly extending regulatory background. Most people in the UK seek advice when making complex financial decisions and this is a key reason why statistically most financial products on the UK market are sold, not bought. Our financial ecosystem compares a customer's needs and risk profile against available products, cutting a process that takes hours on paper down to minutes."
Over 25,000 advisers are registered on the company's planning and sales platform product in the UK with over a thousand using it internationally now. The platform is licensed per seat, and is provided on a Software as a Service (SaaS) basis for both on demand and on premises deployment. This lowers overheads for distribution technology, as it means only a single, central code base need be maintained. In addition, customer support is generally handled on-premises by the customer themselves, significantly reducing costs. However, Goss is keen to point out that development is far from over: "We've been investing significantly in R&D to extend our product line, and are launching two new products this month alone."
The company currently provides software to 25 major financial services organisations in the UK, including Aegon, AXA, Friends Provident, Lloyds, Openwork and Scottish Widows. However, Goss believes that the company’s current relationships with its clients are only the tip of the iceberg: "Most large financial institutions are looking to engage with their customers across multiple channels not just face to face but over the phone and online too. Our technology is uniquely placed to support them in this. As we grow our relationships so we will grow our business!"
