Change. What is it good for? Absolutely...something, actually. Change in wealth management has meant better access, lower costs, more options for customers.
It’s easy to feel lethargic about embracing something like technological change. It’s complex, powerful and new - and it challenges many of the conventions of the last few decades in wealth management.
Obviously, being capable of scalable growth is vital for all financial businesses, and the cost of supporting the associated administrative burden is an inherent part of this scalability.
While automation can reduce overheads and increase productivity, thereby facilitating growth that was not possible otherwise - it hasn’t necessarily been welcomed by the industry with open arms. I can see why this might be, to some extent. Technology has been presented to the industry as something so complex that it’s difficult to take any practical steps to embrace it. Plus, nobody wants to be the person in the room raising a hand, saying “I don’t understand.”
One of the best things about technology its endless adaptability.
While the media often focusses on what automation could take away, or the dystopian vision of an omnipotent AI, the reality is that tech solutions can be as bespoke and simple as basic process reengineering.
This allows an industry facing significant regulation, and therefore a large administrative burden, to minimise time and resources spent on tasks that are very basic in nature but high in volume. With appropriate expertise, task automation alone can make a substantial impact on the industry.
With new directives being actioned year on year, the necessary client-authentication processes make it difficult to provide an expedited onboarding process for clients, without technological input.
For example, at Nucoro, we’ve completely automated the tasks listed below, in relation to onboarding:
What this means for our clients is that the admin associated with onboarding new clients is reduced from many hours - over several meetings - to minutes.
And that’s not all.
Digitising the regulatory and administrative service of an entire back-office, reduces the risk of human error in repetitive tasks, minimises overheads and provides time for more complex, cognitive tasks that people specialize in.
Things get even more interesting when we look at how Nucoro has enhanced the operational capability for its clients, streamlining the process-heavy, manual functions below:
Before you panic
The reality is that you don’t really need to build your own robo or solve the challenges of automating your processes. This technology exists, has been tested on the market and is available for businesses like yours already.
The not-so-scary thing about technology is that by removing repetitive tasks, you become much closer to your clients and their needs, and can get the best out of your people - by giving them the tools and time to get on with it.
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