Is a Lack of Integration Holding Back Digital Solutions?
Recent research has shown that financial advisers are being held back from successfully implementing digital solutions. One of the main reasons for this is due to a lack of integration.
Many financial advisers are keen to reap the benefits of using the latest technology offered by automated and digital solutions, but the lack of integration between back-office systems, platforms and digital tools is making this aim incredibly difficult to achieve.
Facts and Figures
According to Professional Adviser, in a survey recently carried out, one in six (or 17%) financial advisers cited integration between systems as the most significant challenge to overcome in their business operations.
Provider process was also to blame, according to 13% of financial advisers surveyed. 11% of advisers thought staff training was an issue, and 10% cited security issues as the main challenge to overcome.
Most financial advisers are keen to become more efficient in their business operations, so they are forced to adopt a hybrid stance when it comes to technology. This means that part of the advice process is automated – typically the analysis and modelling segments – while other parts are still reliant on manual input.
When it comes to software for financial advisers, such as that available from https://www.intelliflo.com/, there is an increasing need in the advisory market to make use of digital solutions and automate processes. This provides improved efficiencies, and clients get a better service. Systems integrations can reduce costs and deliver data speedily, and, crucially, they play their part in keeping data secure. This is especially important with the recent data protection act implementation.
While systems integration was once a nice-to-have scenario, it’s increasingly becoming the norm. Those advisory services that fail to step up to the mark may find they miss out in the long run.
More platforms are offering increased integrations to meet adviser demand, with the focus on back-office systems and digital tool suppliers in particular. Such integrations tend to occur only where a clear business case is shown and where adviser or business demand is at its greatest.
With research suggesting that those advisory businesses that use multiple bespoke point-to-point integrations face increased risks, costs and complexities, there is a need for simplification. Never has there been a more pertinent time for the financial advice industry to review how it approaches integrations.