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What’s my back-office for? | Making Digital Easy | Part 5 of 7

In this series, we will show you how to use digital technology within your business to transform your everyday processes, enhancing client loyalty, increasing profitability and delivering compliance confidence.

The seven-part series will cover the following topics -

  1. Meeting your clients’ expectations.
  2. Using digital to transform your everyday business processes.
  3. Going from Good to Great
  4. Using your app with your next generation of clients
  5. What’s my back office for?
  6. AI and the future of financial services
  7. Keep it simple and on-brand

Like this article? There's more where that came from. This is part of a 7-part series on Making Digital Easy. To view the full guide, click below.

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Most firms have three key technologies – their platform, their back-office system and their client portal. There are other technologies firms will use including Office 365, cashflow planning tools, money laundering solutions, appointment booking apps etc., and firms may use multiple platforms. We integrate and co-exist with all the key platforms and back-office systems and very much complement what they offer.

Technology designed to take cost from your business has been hugely successful when you consider the efficiency improvements that both platforms and the back-office systems have delivered.

Both the platforms and the back-office systems offer a ‘free’ client portal i.e. it is included as part of their package and in terms of functionality, the free portal seems to offer a lot of the same functionality - secure messaging, DocuSign integration, access to valuations etc. but with more than a third of our firms using Intelliflo Office and another third using one of the other three main back-office systems (Curo, X-Plan & Wealthcraft), it’s clear that there is a difference between adding a portal which evolved out of the back-office and a system designed for digital.

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We live in a world of WhatsApp and Amazon, and we expect our suppliers to provide technology that is as simple to use and intuitive as the things we use every day.

A free portal does not deliver the experience your clients expect and is not available as a branded app from the app-stores.

Rather than replace all your technology, we integrate with all the major back-office systems, platforms and portfolio management systems and very much complement what they offer. Firms sometimes tell us they want a single supplier for all their technology - the reality is that best of breed technology rather than a jack-of-all-trades approach is far better at delivering benefits.

It is far easier to implement our technology if we co-exist with your existing back-office rather than replacing the technology outright which would be a significantly bigger project with less obvious benefits. Our strategy is to complement your investment in the back-office and other technologies, whilst delivering a much-enhanced client experience which in turn leads to significant efficiency improvements. 

A new model ecosystem

Think of us as the data engine. We are aggregating data, documents and tools from multiple sources and it’s our job to ensure its always up to date, refreshed, clean and ready to share with clients.

moneyinfo and the back-office

There is an expanding overlap between moneyinfo and the back-office systems as we evolve our CRM capabilities taking advantage of new technologies now your client is connected, we call this Digital Relationship Management. The portal is complementing the strengths of the back-office system in automating tasks. Firms can decide which bits sit where in your organisation, as each organisation is unique and whatever works best for your firm is the correct choice.

We are not making the back-office redundant, any more than the platforms do. We are making you more efficient and enabling you to deliver a better client experience. Our job is to make digital easy for you, to ensure you get the advantages of digital with no need to replace your existing IT investment. 

Once you have the key elements of digital client engagement in place with your clients through your branded app, you can assess each area of your business looking to take advantage of features such as the collaborative fact find, appointment booking, workflow and task management. You can make your business more efficient now your client is connected.

It is an ongoing evolution as we take advantage of advances in technology such as the smartphone and artificial intelligence. The back-office is where the work gets done. You need to pull together research, provide a cashflow plan, produce recommendations and then these need to be delivered to your client through your portal. Your client can share and sign paperwork including application forms which can be sent digitally through to your platform. All the information is stored on the back-office including work in progress, with a compliance record showing what’s shared with the client on the portal. Compliance confidence for both you and your client.

Consistent client engagement across multiple systems and platforms.

You need your back office to be as efficient 

as possible, as this is where the work gets done. Having digital engagement through a moneyinfo branded app, allows you to utilise new technologies in your back office without affecting your client experience. Our branded apps enable you to plug in all the main technology suppliers, platforms and providers. Consistent client engagement regardless of the suppliers you use in the back-office. 

If you are acquisitive, we make the process of bringing new firms across into your business so much easier, as your app can talk to whatever systems you need to use as you move the back-office across to your central proposition.

If you do need to switch technology or introduce a new platform, it is much easier if you don’t need to replace your client facing technology. We can integrate with multiple platforms and multiple back-office systems, enabling you to use whatever work best for you to deliver the information your clients need. You can spin up a new system, run systems and platforms concurrently, whilst you migrate business units and assets across. We make it easy to take advantage of new technologies that will enhance your proposition.