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10 things to look for when going digital

To create the perfect technology infrastructure to support your business and complement your existing investment in technology, especially your back-office, you need to focus on putting your clients at the heart of your operational processes.

Digitising your client experience through your own branded app will deliver massive operational efficiencies and increase the effectiveness of your existing technologies. It should also be possible to achieve with minimal disruption.

It’s important that the provider you select understands how to perfectly integrate your client journey with your client’s digital technologies. Here are ten key considerations to look for when implementing a digital strategy to place your clients at the heart of your operation:

  1. Consumer Duty Obligations

Your digital journey must support you to meet and demonstrate that you are delivering against the four consumer duty outcomes on products and services, price and value, consumer understanding and consumer support. Ask your supplier how your portal can help you meet these obligations.

  1. Straight through processing with your platforms

Look for a provider that is working with your platforms and how they are using the increasingly sophisticated API integrations to improve your onboarding efficiency. The goal is to remove paperwork, secure your communications and provide a straight through processes that’s a more engaging experience for your clients.

  1. Mobile accessibility with your own branded app for Apple and Android.

To meet your clients’ basic expectations your service needs to be delivered as an app on their smartphone or if they are from an older generation they will love your service delivered as an app on their iPad they use to talk with their grandchildren. That app needs to be in your brand so they recognise and trust it and know that they are being protected from spam communications.

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  1. Your content delivered to their devices and not lost in their junk email folder.

Your portal should securely deliver financial information and paperwork but also offer other the ability to deliver custom content such as blogs, newsletters, videos, and integrate services like calendar bookings. Look for the ability to personalise and deliver content based on your client segmentation.

  1. Collaborative data capture.

It’s a pain for most clients and a reason they love having an adviser and it’s a task that typically advisers leave to their administration team to sort out. A digital collaborative factfind can make the process so much easier. Features to look for include the ability to customise layouts, language and fields to suit your own style and easy access for clients to provide you the information they hold such as a quick snapshot via their smartphone camera to upload paperwork for your admin team to deal with.

  1. Document Vault

One of the features clients love the most is your portal’s ability to sort and store all of their important financial (and sometimes not financial) paperwork. You should be able to deliver your reports automatically to your clients, organising the paperwork into folders for them to find the information when they need it. Clients will love having an ICE (in case of emergency) folder where they can also store copies of their driving licence, passport and insurances etc which will be available for them in the moments that matter.  

  1. Family Balance Sheet

Your portal should provide the ability to link accounts for spouses and dependents, facilitating the sharing of financial information within families all with full compliance with ICO data sharing and privacy regulations. A view of the whole families net worth (a family balance sheet) can help clients make informed decisions for tax planning.

  1. Streamlined administration

Whilst your portal can deliver some pretty amazing functionality its important that your provider has also thought about the everyday administration that you will need to handle including first-line client queries, password resets, linking related parties and checking data feeds so check out the portal admin features including how you respond to messages and access that all important audit trail of communications.

  1. Link in your professional connections.

Your portal obviously provides access for your clients to their data but it should also support your advisers, professional connections and introducers. Make sure you can control who has access to specific data, communications and reports.

  1. Security by design

Clients expect your portal to be secure and that includes all the things both you and they would expect to protect their data such as biometric security, two-factor authentication, secure communications, IP address white labelling and from a supplier that can demonstrate they take data security seriously, independently audited and accredited for ISO 27001.

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Finally, your provider should be able to deliver you regular enhancements with an ongoing roadmap to continuously improve your client experience. Implementations in all but the most complex cases should be typically around three months from sign off-to-launch.

This is how we’ve designed moneyinfo to provide you with perfect digital relationship management whilst leveraging your technology investment. A moneyinfo portal delivers a seamless client journey, always in your brand. It’s your service to your clients when and where it suits them, on all the devices they use.

Digital relationship management is the most powerful piece of technology you can implement to deliver your service to your clients integrated seamlessly into your operations. It is the heart of the modern investment management ecosystem, supporting firms to deliver a better way of doing business.

Choose a supplier that can deliver you the best client experience through a robust suite of features accessible to clients and advisers via your own fully branded client portal and mobile apps for Apple & Android.

Game-changing client engagement – www.moneyinfo.com

Sim Sangha

Business Development Director

moneyinfo limited

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