Robo-advice isn’t the only way to simplify the advice journey

Robot Adviser

Automation has so many possibilities in the financial service sector. But to truly offer value, the goal is to make more routine aspects of an advisers role faster and simpler whilst also enhancing the adviser and customer experience.

When automation is mentioned in the sector, people are usually referring to a ‘Robo-adviser’. But whilst these tools certainly make a process faster and simpler, and there is most certainly a place for them, they will not be able to develop the relationship and loyalty that is critical to well-crafted and personal financial advice. However, this is not the only form of automation that is available. There are alternative tools that have been designed to support advisers in their role, removing or simplifying more routine tasks and ultimately enabling advisers to spend more time with their customers.

Enabling efficiencies

People are the most valuable resource a firm has. They are ultimately the differentiator in any customer experience. Whilst the growth of digital advice tools will almost certainly continue, there will always be a demand for that human level of reassurance when making significant decisions about our future. Enabling those who give that personal advice to spend more time with customers is where automation is key.

84% of millennials seek advice, showing there is a necessity for world class investment advise

As part of their role, many advisers undergo lengthy fact-finding and data gathering processes. Whilst it is essential to have detailed information surrounding the client to deliver thorough advice and proposals, it’s not necessary for this to be done manually, especially by the adviser when there isn’t support staff available.

Aside from the time aspect, this process is also mundane and repetitive, involving trawling through multiple files which could be in numerous formats; audio files held on Dictaphones or written notes. On average, this traditional process of collating information takes advisers or paraplanners 24 hours each week. Sophisticated tools such as ours have the capability to remove or reduce this administration, taking the load off the advisers and allowing them to spend more valuable time with their clients.

Making insight accessible

Our Capture tool automatically records and transcribes all client conversations in any meeting format such as video calls or in-person meetings using an app. This removes the need to manually transcribe from recordings, but more importantly, it will be stored securely in our platform and be used as a basis for further analytics where advisers will derive even greater value. We’re trusted by some of the largest banks in the UK as well as the UK Government to record and store sensitive conversations so you know you’re in safe hands.

In particular, our Extract tool highlights core information from conversations such as personal details, assets or even the needs and objectives of the client. Due to our expertise in the financial sector, our solution has been trained to identify nuanced terms and phrases. It can identify the type of investment, their attitude to risk and understand why they are investing.

This type of detail is essential but not traditionally easy to find. Sophisticated tools such as ours are designed to automate this aspect to assist the adviser and give them the facts at their fingertips.

In less structured meetings, data points such as assets and liabilities may not be available in just one area of a conversation and could be broken up through an entire conversation or across multiple interactions, making collating and reviewing exceptionally difficult.

Our Classify tool is able to visually overlay the topics of discussion onto a recorded conversation, meaning that when an adviser or compliance manager is reviewing, they can be instantly directed to the exact area of the conversation that holds the relevant information. This more accurate and complete view of client data means no detail is missed and less time is lost referring back to handwritten notes, or the clients themselves, for clarification.

Our solution integrates with existing processes and practices and offers benefits across the board, driving time efficiency savings alongside providing client insights.  

If you would like to find out how you could enhance and simplify your firm’s administration processes, then get in touch.

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