The financial services industry is getting hit hard by digital disruption. As is with any industry, there is always a bit of push-back from skeptics who are nervous that the shift will hurt their businesses. Your experiences (or lack thereof) that you have with technology shouldn't keep you from finding the technology that fits your firm’s needs. Overcoming the challenge of adopting digital change in your firm is a must for future growth, especially with these shifts in mind.
4 Reasons Your Firm Should be Adopting Digital Change:
1. Mobile interaction is growing.
Mobile is now the fastest-growing channel across financial services. Clients are expecting firms to be able to communicate with them through more than one channel. Convenience and personalization are taking precedence over formality, and emails are slowly losing their preference in the area of client-advisor communication. Text messaging is becoming one of the most desired channels of communication, and without jumping on board, you’re likely to miss out on opportunities. Your customers are already on their phones regularly, and expect most things to be optimized for mobile. Why not meet them here?
2. Clients are shifting to omnichannel.
Think about the last time you were beginning a journey in any area of your life. Where was the first place you went to find information? Most likely the internet. Many wealth management clients begin their journey online by following suggestions made by their friends on social media or directly searching for firms and advisors. Digital outreach is often what persuades clients to take action, but human interaction is what gets them to stay. In-person contact is still just as important as it was ten years ago, but now people want to be able to choose when and where that interaction takes place. The more options you have available, the more likely you are to bring on new clients.
3. Other sectors are changing the standards.
When one sector in financial services makes a significant shift in their processes, clients begin to expect the same shifts in the other sectors. For example, with banks now offering digital fund transfers and online account servicing, consumers expect some sort of digital interaction within other sectors. Over time, those raised expectations eventually become standards. If your firm doesn’t adopt the newly implemented standards, potential clients are likely to look elsewhere for a firm that is more up-to-date with their practices.
4. An increase in remote engagement.
Even though a majority of digital change can be traced back to the minds of millennials, there are some people who want or need to have remote interactions with advisors. This may be because of their geographical location, busy schedules, or solely because they want to work with a specific advisor that’s not in their area. Adopting digital change will allow firms to open up their services to this new client demographic, while the firms who shy away from digital and technological advances will miss a huge opportunity in growing their business.
If you’re ready to stop missing out on opportunities and finally adopt digital change into your firm, Benjamin is the perfect place to start. With Benjamin, you’ll be able to focus on enhancing client relationships while increasing your bandwidth. Reach out to us here and we’ll get you started right away.