Some of the key issues facing the financial and professional service sectors
Keeping up with new financial technology, staying relevant to the next generation of investors and finding ways to integrate artificial intelligence into investment decision-making and into the client service process are some of the key issues facing the financial and professional service sectors today.
Deliver an exceptional digital experience
There is no doubt that firms and their advisers are now at a turning point and have a great opportunity to reinvent themselves in order to both deliver an exceptional digital experience for the digital natives, as well as to define a new generation of high touch services as clients investment and service needs rapidly evolve.
Findings from a Thomson Reuters report, Digitalisation of Wealth Management 2018, reveal that 68% say learning about and keeping up with new financial technology is the top challenge they face, while 69% are concerned about staying relevant to a younger generation of investors, and 41% say advanced analytics and cognitive technologies will have the greatest impact over the next three years.
Providing advice, client objectives and risk tolerance
Only 27% currently have and are happy with their mobile platform, even though they believe this is the digital capability that clients value most, while 65% spend most of their time on client acquisition and on boarding, followed closely by providing advice, client objectives and risk tolerance. Many believe financial technology can help them become more efficient with each of these tasks.
The report further notes that the role of financial and professional service advisers could change dramatically in the next few years. Not only will many clients expect better tools of engagement, but advisers will likely be serving even more clients and for lower fees. Communication tools for the next generation and augmented decision-making capabilities for advisers and their clients are clearly on the horizon.
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George Davies, Senior Business Development Executive, Goldmine Media