Revising data collection methodology - evidence from the Australian financial sector

Abstract

Time requirements of data collection account for a significant portion of the total time required to provide financial advice. This research applies data collection software to the financial planning process seeking to identify benefits that may assist to reduce rising barriers of accessing financial advice. Experimental two-phase study seeks qualitative input surrounding problematic themes before quantitative input records impacts of data collection software use. The research seeks to evidence beneficial impacts that software use may have on the data collection requirements by way of comparison between traditional and software methodologies in Australian professional practice. Respondents were asked to complete data collection inputs using both traditional and digital methods with metrics recorded throughout the process. Input from 112 consumers and 71 practising advisers were recorded. Results suggest the use of software may decrease time taken to complete task and often results in higher levels of data accuracy. Traditional methods were affiliated with extended time periods and lower levels of data accuracy. Results aim to evolve methods of traditional practise within the financial sector. The research provides original contributions to financial planning literature by examining the potential impact data collection methodologies may have on reducing barriers to accessing financial services in Australia.