The Internet is ending a period of experimentation where users have received information and services for free, says MyLife MD Gavin Came.
The period has been characterised by an expansion of the user base, but once critical mass has been achieved, Web site owners can begin charging for their content and services, he added.
"We have little or no advertising on our site. Our philosophy is that our customers must pay."
Came was speaking at the IQ Business Group`s new economy symposium, held at the BDFM financial summit in Sandton last week.
He reviewed the process leading to the transformation of the Liberty Group, a traditional, conservative financial services company, into a wired company able to cope with the demands of the electronic-based economy.
Came said Liberty`s computerisation resulted from the fact that the environment in which it was operating changed extensively.
Several factors drove the group towards computerisation, including the increased complexity of its product offering, the volume of business and fear of regulatory changes relating to disclosure, appropriate advice and record-keeping.
All of these demanded an automated process.
In response, Liberty launched Blueprint in 1995. Blueprint is a client data and needs analysis application which led to a paperless processing environment in which the policy document is the only paper.
Came said the advent of the Internet empowered financial services customers, which constitute a small but growing DIY base.
The Internet is close to the customer and offers "awesome computational power", real-time processing and advice, allows a financial services "supermarket" and real one-to-one customer relationship management.
Previous advances, such as laptops, empowered intermediaries and "foot in the door" salesmen.
MyLife resulted when Liberty identified the need for an Internet-enabled financial services fulfilment site, said Came.
He noted that a wired service needs to be customer-centric. A financial services customer wants to conduct deposit taking, borrowing, event planning, account payments and saving in one place.
He said 65% of respondents in a UK poll said they would "definitely not" buy financial services on the Internet. However, MyLife`s target market is the 20% who indicated it was "unlikely" and the 15% who replied "highly unlikely".
The bottom line, said Came, is that Liberty believes the "clicks and mortar" concept works.
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