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Why financial advisors need a digital transformation

Drive value creation across your entire business

Even before the pandemic, many financial services firms prioritised improving their client experience. Offering a straightforward, convenient interface will create further client loyalty and competitive advantage.

An effective change management strategy can facilitate a firm’s growth by adopting new, impactful digital initiatives. As part of the process, it’s vital that firms also balance their operational strategies with assessing and evolving the workforce. Any skills gaps or pushback can prove detrimental to your digital goals.

It’s also critical that there is visible support from leadership at the top of the firm. 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. When executed effectively, digital investments will translate to better employee morale, productivity and retention.

What is digital transformation?

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. Going digital can be from replacing paper with online facilities.

Instead, send out a digital link for a fact find or investment risk profiler. Clients will need to populate this digital form rather than a hard copy that clients must manually complete.

Instead of sending out paper forms for clients to fill out, clients can enter their details into a digital system. Going digital speeds up the process and allows 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.

Why does digital transformation matter?

Digital transformation is essential to keep firms competitive and allow happy clients to interact with financial advisors easily.

It benefits both parties by allowing more efficient communication and streamlined business operations while providing better client insights and access to services and products.

By taking advantage of innovative digital technologies, advisors can reduce operational costs and make strategic decisions based on real-time data insights. Digital transformation also plays a crucial role in helping organisations respond quickly to industry changes or client demand, ensuring they stay ahead in the ever-evolving market.

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 with 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, firms can use data analytics to identify process improvements and areas of potential cost savings.

Reach your target audience: Understanding your target audience is integral to digital transformation. It entails understanding client needs, discovering their motivations for purchasing decisions and learning which digital channels will best capture prospective clients’ attention.

With the growth of digital channels, it’s essential to consider which digital marketing strategies will likely be most effective for reaching the desired target audience.

Utilising client data to build segmented personas can assist in achieving a successful digital transformation by targeting the right message to the right people.

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. A clear vision 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, select partners with the necessary expertise and experience to support your initiative.

Building a business case: Building a strong 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.

Valuable opportunity

The COVID-19 pandemic 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 new revenue and business models that will yield lasting benefits.

Ready for guidance on how to focus on the right areas of business growth? 

At Goldmine, we’ll help you to focus on the right areas for growth at every vital step of the process for your business. To find out more about how we can support your firm, please get in touch with our highly experienced team for more information — call: 0845 686 0055 or email:

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