Focus Solutions Group plc (AIM:FSG), a leading provider of multi-channel distribution software to the global financial services industry, is pleased to announce that it has extended its contract with Bank of Ireland Life ('the Bank') for its focus:360° wealth management product.
The contract extension is expected to be worth approximately £300,000 in licence fees over a five year term in addition to the current contract revenue, plus an additional £375,000 in professional services. The Group anticipates this to be the first phase of a larger project which will run over the next year.
Under the terms of the contract, Bank of Ireland Life will be extending its focus:360° platform to support their mass market channel of around 130 advisers in addition to the newly created mass affluent adviser channel that went live last year. Both channels will be supported from focus:360°'s single platform, with the aim of achieving a more cost effective and sustainable solution for the Bank as well as an improved advice service for its mass market clients.
Commenting on the contract extension, Richard Stevenson, CEO of Focus Solutions said, "The decision by Bank of Ireland Life to extend focus:360° to support its mass market channel clearly demonstrates the advantages of implementing a single platform solution that can extend to new audiences in line with an organisation's growth ambitions. With the extension of focus:360°, Bank of Ireland Life will be able to benefit from a consistent adviser and client experience across both channels and extend the advantages it has already achieved with its mass affluent channel."