Implementing An Effective Change Management Strategy
Even before the pandemic, many financial services firms prioritised improving their client experience to offer a more straightforward, more convenient interface to create further client loyalty and competitive advantage.
An effective change management strategy can facilitate a firm’s growth by adopting innovative digital initiatives. As part of the process, it’s vital that firms also balance their operational strategy with assessing and evolving the workforce, as any skills gaps or pushback can prove detrimental to your digital goals.
There must also be visible support from leadership at the top of the firm because having a champion for each digital initiative will help ensure employee buy-in and organisational alignment.
Every financial services firm’s digital strategy success starts with its employees, so you must evaluate the workforce and set it up for success. Digital investments will translate to better employee morale, productivity and retention when executed effectively.
Drive value creation
The digital transformation uses technologies to create new or different business processes, services and products. It involves the application of digital technologies to drive value creation across your entire business.
For financial services firms, digitisation should help meet clients’ needs more effectively and efficiently. It enables firms to gain a competitive advantage by providing new ways to reach and engage with clients and prospective clients and improve operational efficiency.
A financial advice firm’s digital transformation can have a positive effect depending on the business needs. This can be from replacing paper with online facilities, like sending out a link for a fact find or investment risk profiler that clients need to populate rather than a hardcopy that must be manually completed.
Instead of sending out paper forms for clients to fill out, they can enter their details into a digital system, speeding up the process and allowing it to be easily accessed and reviewed regularly.
Integrating data into digital platforms can allow instant access to up-to-date asset valuations, speeding up product acquisition and reducing potential errors. However, before embarking on a digital transformation journey, it is essential to understand what it entails and how it can benefit your firm.
What are the benefits of digital transformation?
There are many benefits firms can realise by embarking on a digital transformation journey.
Some of the most notable benefits include:
Increased client engagement
Digital technologies help firms better engage with their clients. For example, social media platforms can provide clients timely updates about services, products and the firm and facilitate two-way communication. In addition, mobile applications can make it easier for clients to access account information and conduct transactions.
Improved client service
Digital transformation helps firms improve their client service. For instance, chatbots can provide 24/7 assistance to clients, while online portals can help them resolve issues without needing to speak to a client service representative.
Increased operational efficiency
Digital technologies can also help firms increase operational efficiency. For example, automation can reduce manual processes and improve accuracy. In addition, data analytics can be used to identify process improvements and areas of potential cost savings.
What are some critical considerations for financial services firms?
There are a few critical considerations that financial services firms should keep in mind when embarking on a digital transformation journey.
Identifying the right opportunities
Only some digital transformation initiatives will be equally beneficial for some firms. Therefore, it is essential to carefully assess your business needs, objectives, and market opportunity before deciding which ambitions to pursue.
Defining the scope and objectives
Once you have identified the right opportunity, define the scope and objectives of your digital transformation initiative. This will help you focus on the most important goals and the necessary details.
Selecting the right partners
A successful digital transformation journey involves many stakeholders, including IT, marketing, operations, and managers. Therefore, choose partners with the expertise and experience to support your initiative.
Building a business case
A solid business case for your digital transformation initiative is essential. You need to consider the costs and benefits of the initiative and how it will impact your firm.
Tap into new revenue and business models
The past few years have prompted a much broader and more rapid adoption of digital engagement, representing a valuable opportunity for financial advice firms. Implementing a digital strategy will help your business get closer to your clients and tap into new revenue and business models that will yield lasting benefits.
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