The success of any tech in a business and advice process lies in the implementation and change of human behaviour. Tech needs to be intuitive, but it also goes hand-in-hand with clear communication, training and guidance involving employees and clients, encouraging human adoption.
Implementing the right technology into a business requires assessing the company and the adviser’s time and willingness to invest and adapt to new ways of doing business.
The common barriers to implementing tech are:
Sourcing accurate client data can be complex; in addition, cyber security, privacy measures, client identification issues require high levels of data security and governance measures.
Utilising multiple processes and platforms can be difficult and inefficient to update and automate. Many companies have created an ecosystem of platforms, tools, spreadsheets, software and systems that integrate into an inefficient and time-consuming end-to-end advice process.
Culture will often drive whether tech is effectively implemented in a business.
Communication is key to supporting clients to a new way of doing business. Moving them to a digital approach is less problematic as many clients use technology in much of their day-to-day interactions.