Over the past few years finance professionals have increasingly turned to technology to streamline various aspects of their profession, but with so many digital solutions on offer, it can be overwhelming to choose the right one.

In this post, we take a quick look at 3 common business challenges firms look to solve with financial technology, and the features to look out for when choosing the right solution.


Challenge 1: Improving business efficiencies


There are many different types of efficiency challenges finance professionals use technology to solve, from reporting to billing, fund management to communication. A growing problem area is data collection.

Gathering data, particularly for HNW or older clients who have their finances spread across multiple financial platforms can be a tedious process, defined by endless back and forths. Even once a client’s information has been compiled, data needs to be organised and routinely updated – involving more work and time that could be better spent on value-adding activities.

Data aggregators compile information from many different sources into one location. From live cashflow platforms to digital fact finds and client portals with individual client profiles, advisers can use a variety of aggregation tools to consolidate data on clients’ business and personal finances.

Features to look for: Multi-platform integration, digital forms/wizards, live balance sheet, digital document signing


Challenge 2: Delivering an exceptional (and digital) client experience


Many finance professionals are turning to digital tools to deliver a better customer experience. For example, email marketing tools are used by advisers and accountants to create targeted mailing lists for clients with similar interests, allowing them to tailor their messaging and create a more personalised experience. Similarly, wealth portals like myprosperity can be used to automatically send personalised monthly reports outlining clients’ current financial position.

Beyond email, a branded mobile app can help you differentiate your offering and provide clients with an unrivalled digital experience. White-label options mean firms can layer their own brand on dedicated apps without having to outlay the time and money required to develop proprietary software. What’s more, a fully integrated mobile app allows you to take this immersive experience a step further by collaborating with clients where and when they want, ensuring they know you’re keeping their financial needs front and centre.

Features to look for: White label apps, third party integrations, user-friendly interface, in-app notifications, high touch personalisation


Challenge 3: Uncovering new revenue opportunities

From social marketing automation tools that help build better brand visibility to software that facilitates referrals, there are various platforms advisers can leverage to generate leads and business opportunities.

In particular, client-facing technology is more than just a fancy add-on. Wealth portals like myprosperity that aggregate live data can help you identify opportunities and/or gaps in a clients’ financial situation (and in so doing, uncover new revenue streams) while in-built referral tools around estate planning can help you leverage your professional network and generate additional revenue.

Features to look for: Analytics that highlight gaps in clients’ financial situation, built-in referral tools