Workflow Automation for Financial Advice

Transcription

1 Workflow Automation for Financial Advice

2 Automation: The Future of Advice Advice businesses are amongst the most process intensive in all of financial services. Day to day operations still require manual work, efficiencies are compromised and growth is limited. Workflow automation reduces the need for manual work, drives efficiency and enables scale. It s particularly compelling for processes that have a large number of client touchpoints, such as the onboarding journey and portfolio reviews. Financial advice firms have an opportunity to convert routine processes into consistent experiences, gaining a competitive advantage as a result.

3 Transform the Client Journey An efficient client onboarding process is critical to building a scalable advice business. There s a large amount of manual work required to sign a new client and get them up and running. Manual work presents a risk of human error and potential quality issues. It s also time consuming. Whether it be arranging strategy planning or discovery meetings, scheduling follow ups, tracking communications or completing paperwork, the only way to minimise or remove the associated risks is to automate. Those that provide the customer with the best experience from start to finish along the journey can expect to enhance customer satisfaction, improve sales and retention, reduce end-to-end service cost, and strengthen employee satisfaction. - McKinsey, The Customer Experience Journey, 2014 Without automation, paperwork suffers and client service deteriorates, which can have dire consequences. With PractiFI, you can introduce a level of automation that not only improves the efficiency of your business, but also the overall client experience. From frontend pre-engagement through to backend postengagement, you ll achieve scale whilst reducing costs. Imagine a client expresses interest in a service you offer. No matter the source, a record is created automatically in PractiFI, triggering a client experience journey that is managed through integrations with marketing tools such as Campaign Monitor and Autopilot. The benefit of a high quality, consistent client experience is a more effective sales process, reduced end to end service costs and improved satisfaction and retention. 3

4 Transform the Client Journey Alongside the client experience journey, an internal workflow is created, allocating specific tasks to the appropriate team members. Typically, an administration assistant will be tasked with setting up an introductory meeting with an adviser, collating the relevant documentation and scheduling follow up intervals. Using technology to automate the client journey contributes to a streamlined operation, a beautiful client experience and ultimately a stronger, more scalable advice business. No matter what tools you use to run your business, deep integration ensures that all interactions are written back to a unified client record. With PractiFI, this workflow is completely automated, scheduling the discovery meeting, sending an interactive welcome and including key documents such as the Financial Services Guide. This happens automatically, significantly reducing the costs of this time and labour intensive process. The fact find process can also be automated, sending a paperless short form fact find to the client, with completed information flowing directly into their PractiFI client record. This removes the duplicate effort required to rekey information and reduces the need for human intervention. The result is consistent, accurate client information and a reduction in cost. Process automation can cut costs for financial services firms by up to 75 percent. - KPMG, Rise of the Robots,

5 Benefits of Automation! Reduce error Reduce error and increase quality by removing manual work. " Maximise efficiency Free your team of administrative burden by automating repetitive tasks. # Grow your business Reduce the cost to service your clients and introduce scale to your operations.

6 Streamline Client Reviews Client reviews are a critical part of the advice process. They re not only a compliance requirement, but they impact the client experience and the overall client relationship immensely. Identifying clients due for review, collating portfolio details and reports, reviewing personal information and generating the required documentation is time consuming. There s a heavy reliance on manual processes and human effort. In addition, a complete audit history of reviews and client interactions is kept on the client record at every stage of the process. Increasing regulatory and compliance requirements are met with zero additional effort and compliance reviews are seamless. With PractiFI, you can see which clients are due for review and kick off an internal review process. This ensures that a review meeting is scheduled, reverse fact find automatically sent to the client and key tasks allocated to the appropriate staff members. Personalised documentation for each client is then scheduled and generated automatically. The client receives their review on time, every time. It s the quality of service they ve come to expect from your business. Track workflow productivity by type of process, team or team member and client segment. Interactive, drill-through analytics uncover workflow bottlenecks and drive better client outcomes. 6

7 Streamline Client Reviews Aligned with reviews and compliance activity, are FDS and Opt-In requirements. With PractiFI, this too can become an automated process. Identify which clients are due and generate personalised documents by simply launching a process, or creating a trigger to fully automate it based on due date. Your team will gain valuable time and be free to focus on what matters most - servicing your clients. With so many processes involved in running an advice business, the potential for automation is limitless. Reduce human error, improve turnaround times and provide an outstanding client experience, all whilst maintaining full compliance. These are just some of the benefits that a robust automated workflow engine can bring. Enhanced productivity, reduced cycle time, and improved accuracy and compliance are some of the benefits of this technology. - EY, Robotic Process Automation, 2016 Configure each process step with a set of possible outcomes. Define actions to manage task dependencies and branching logic. 7