Digital transformation - the technology needed
If you are going to digitally transform your business, you need to have the right tools and technology. Digital transformation is a journey. Therefore, you need a technology stack that fits the here-and-now and that also provides a strategic platform to build out from. The features of such technology include:
Unifies data from across the business and uses it to improve processes
Technology that has sufficient processing power to handle the increasing volumes of data. For example, the current model of asking clients to fill in forms (fact-finds) and then key-in the data will soon become seen for what it is, i.e. an analogue process in a digital world. It will increasingly be replaced by a mechanism whereby clients simply give their permission for their personal data to be consolidated to create a much deeper and richer picture, with hard-facts coming from Open Finance sources and soft-facts coming from analyzing patterns of behaviour across the internet (social media, Amazon, Google, etc.)
Extract powerful insights from your data
Technology that natively includes the right kind of tools that will be required to analyze and manipulate large flows of data. Tools that can, not only accurately convert speech into text but, identify client’s tone, sentiment, and intent. In addition, tools that can spot common patterns of client behaviour and produce insights from which advice firms can create new propositions and services.
Automation and improved productivity
Software that can be configured to automatically perform the simple tasks that you perform over and over again, thereby driving greater efficiency and higher productivity. Automation isn't necessarily about reducing human resources. It can be used to free people from low-level activities and release them to do more high-value tasks.
A seamless multi-channel user experience
Deliver an intuitive and consistent user-experience across all distribution and client engagement channels. Switching between channels should be seamless.
Single sign-on
Technology should enable just a single, highly secure, sign-on process that enables users to move quickly and safely between frequently used applications.
Cyber Security
The best and latest cyber-security safeguards to ensure not just your data but, the data imported to and from other applications is kept safe and secure.
An integrated technology eco-system
Your core advice software solution should enable your business to interact easily and quickly with third-party systems and specialists tools using modern open architecture and a suite of highly functional API’s.
