How did your company fare? Needs must! The key is what comes next. Personalisation at scale is the name of the game
Experts: Andrew Back, Chief Commercial Officer, Multrees
Facilitator: Paul Miles, Founder, Silverback Consultancy
State of play
- 75% of FS businesses have been negatively impacted by CV19 but firms have, and are, adapting quickly, and reviewing their operating systems
- Seeing a move towards Wealth Management and Financial Adviser firms integrating
- Firms are looking to build value by adopting technology to allow scale
- Technology can facilitate personalisation at scale
- Potential to create a private bank model
- We must adapt to new client expectation
Key challenges
- Cost of implementation
- Pain of switching technology
- When to make the investment to incorporate more digital into the business
- How to deliver different types of service
- 47% of market still do not use digital signatures
Conclusions/Solutions
- Price and disruption to switch platforms can be prohibitive so need to consider new entrants
- Listen to what your clients want
- Evaluate your existing tech partners to make sure they have the right product and skills to support your business now, and in the future
- If you don’t make a decision to become more digital now, you will get further and further behind the service offered by your peers
- Implement technology that can be bespoke to your business
