People – Technology – People

People - Technology - People

‘People – Technology – People’ is fast becoming my mantra for 2024.  It’s been an exciting half year working with firms exploring the new technology coming to the industry and discussing the latest developments and trends.  From conference organisation, Integration Mergers and Board Advisory, I’ve worked with both established tech firms and start-ups as well as Adviser Firms and had the opportunity to discuss many of the key themes around data, technology stacks and digitisation through the new group Change Curve Podcast.

I’ve been interested in technology and processes from an early age. Although never my main role I have frequently tested, help develop and even managed proprietary software.  I’ve also been very fortunate to be involved in leading industry tech projects throughout my career.  In the early 2000’s these included the implementation of early CRMs, involvement in the Origo Contract Enquiry Messaging creation, online submission of Bond applications through The Exchange (award-winning at the time) and an early online version of investment fund re-balancing.  Many of these collaborative and innovative projects formed the bedrock of much of the tech used today and some initiatives such as the Contract Enquiry messaging are still in use.

This however, is the current paradox within the industry.  On the one hand we’re seeing a surge in new innovative solutions this year joining the ever-evolving established tech, including automated data analysis, increased used of Robotic Process Automation (RPA) in larger firms and solutions to automate the data completion of Suitability Letters.  The fourth industrial revolution is rapidly changing how Adviser Firms operate and as recent tech shows have demonstrated, there are currently a myriad of options to consider to the point of being overwhelmed by choice.

On the other hand, Financial Services, particularly the providers, are still hampered by legacy systems, products and processes.  Having built proprietary software decades ago, providers have long found that replacing these is both time consuming and costly with hard choices on where to best innovate.  Unfortunately, as recent personal experience shows both as a witness for a car accident and releasing money from a Trust, wet signatures, printing and postage are still frustratingly required in many cases.  In other instances, as reported in the industry press this week, simple processes such as LOAs are still taking far too long despite the efforts of some businesses to digitise this on behalf of Adviser Firms. 

Adviser Firms are also affected as a surprising number still have at least one legacy CRM in the background having switched systems over the years, or specific software that cannot be easily replaced.  Admittedly, Adviser Firms are more easily able to adopt newer technology initiatives to benefit their clients, but however shiny the front-end looks from the outside, the back-end processes are currently slower to change and genuine seamless straight-through processing for many is still a future utopia.

This paradox between current and legacy means businesses need to first assess their existing Technology Stack before making any changes.  Under-utilisation of existing technology is a common issue and it can often sit in the ‘too difficult’ pile, but taking a step back and assessing first whether to stick or change will pay dividends later, not just in costs, but processes and the buy-in from end users who ultimately determine the success of any transition. 

Which comes back to my original phrase of ‘People – Technology – People’.  There’s a lot of great innovative technology available, but ultimately it’s the people within businesses that need to assess, decide, implement, bed in and fully embrace the planned changes to enhance and streamline their optimum end-to-end customer journey.  Without people, technology is just technology not reaching its full potential.

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The Change Curve Podcast started in 2024 covers collective thoughts around digital technology to assist Adviser Firms, expanding on the concepts discussed above.  To listen to these on Spotify, please see the link https://mintblueconsulting.co.uk/2024/03/19/the-change-curve-podcast/

Helen runs a range of operational and change management projects with consultancy to support growing and / or changing businesses, tailored to requirements.  For more information please contact [email protected].