“The pandemic has accelerated the adoption of digital technologies - and advice firms are all the better for it” says Heather Hopkins, Managing Director, NextWealth in an article for New Model Adviser.
“The rapid shift to remote working in March made client portals a business-critical matter for many advisers. They allow advisers to securely share documents and typically offer access to details of holdings and account activity.”
“Adoption of e-signatures is rising rapidly among platforms with 16 out of 20 platforms now accepting e-signatures, up from nine in April.”
A shift from back-office …
Heather predicts a shift from back-office systems to CRM systems as adviser businesses should be engineered around the client and not the back-office:
and the death of the password …
Clients are increasingly using mobile devices where, even if you can remember your password, it is really difficult to enter a username and password at login.
When an app requires a username and password clients will typically get the phone to store the information meaning the app has no security if the phone is unlocked.
Clients expect biometric security and for very sensitive information this should be supplemented by a PIN number or other form of multi-factor authentication which is easily entered on the phone.
Relying on biometric security alone can be dangerous, as happened recently with Samsung’s new S10 phones where a cheap screen protector could allow any fingerprint to unlock their flagship S10 and Note 10 phones.
Our recommendation is to use biometrics to lock/unlock your phone and a pin number to access sensitive financial information. That way, even if one is compromised, the chances of breaking through both levels of security are extremely unlikely.
Read the full article from Heather:
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