Today’s digital consumer is demanding, but there is no reason why financial services cannot meet their needs. The technology exists and Mark Loosmore of IRESS has seven ways we can use it enhance the financial advice journey.
We live in a world in which the level of access we have to technology means we demand simple, clear and easy to access information. On top of this we want to be able to respond to this information by whatever channel we choose at that given moment. The retail industry may be leading the way on this, but there is no reason financial services can’t keep up.
Here are seven ways digitalisation and technology can enhance the financial advice journey:
1 – Digitalise marketing strategiesTechnology and modern marketing techniques make finding and attracting new clients far easier. Having a strong social media and online presence can extend reach and provide a huge pool of potential targets to engage with. Then, once contact has been established, the latest CRM systems, like XPLAN, provide full digital campaign management solutions that make marketing and client communications a breeze.
2 – Think multi-channelConsumers may want to conduct their financial activity online, or they may want one-to-one contact with an actual person, or a mix of both. This necessitates a multi-channel approach. New adviser technologies enable advisers to deliver a fast, efficient multi-channel service, available on-demand and in real-time from any device. Therefore, enabling clients to engage with their finances in the manner they choose.
3 – Automate for efficiencyIntegrated adviser technology systems enable fact finds to be done online with the client data fed seamlessly into the database. There’s no rekeying of data, saving advisers time and allowing them to concentrate on the human dimension of the process.
4 – Give clients a single viewThe reporting and analysis tools available in systems such as XPLAN enable advisers to show their clients their financial situation through graphs, charts and reports at the touch of a button and in real-time. This single useful view is something nearly a quarter of people want* and helps clients better understand their financial situation.
5 – Make it visualAdviser technology enables advisers to evolve into financial ‘coaches’ rather than just consultants by enabling them to present recommendations and alternatives in high quality, visual and interactive reports on multiple channels. The result is a far more engaged client.
6 - Implement efficientlyChoosing the right advice system is key. A unified, integrated solution encompassing the front and back office s will streamline transactions, save time and money, enabling advisers to demonstrate due diligence and provide clients with the very best service.
7 – Empower clientsThe latest adviser software enables clients to securely log in to online portals, view a summary of their investments complete a risk profile questionnaire or request a meeting with their adviser. By empowering clients in this way the adviser’s workload is reduced and the digital consumer satisfied. Advisers still stay in control by choosing a technology solution that is configurable and flexible, enabling them to choose what clients can or can’t see and do.
Technology has opened the door to servicing clients in any way, any place any time. The adviser technology exists, it is now up to the industry to embrace it.
IRESS is the leading software provider to the financial services industry, known best for its market-leading solutions including The Exchange, XPLAN, Trigold and MSO.
*Investment Trends May 2015 UK Adviser Technology & Business Report, based on a survey of over 900 financial advisers
*IRESS ‘Data, disruption and the digital consumer’ report, April 2015