Client experience Vs cost reduction Vs revenue growth - A battle for budget
Expert: Keith Hare, Group Development Director, Benchmark Capital
Facilitator: Paul Miles, Founder, Silverback Consultancy
Key Takeaways:
We must adapt to new and existing client expectations
- Ask client what service they require
- Personalise advice both FSF and digitally
- Offer real-time support
- Operate across multiple channels
- Provide a ‘Hybrid’ version of what you were doing pre-March 2020
- Increased willingness of clients to receive automated advice
- Not just younger generations prefer online
- Client portals playing a much bigger part of client engagement, but there can be confusion about which portal to use
- Working from home can provide better productivity but collaboration and creativity is worse
- Increased new business from existing clients due to pandemic and improved client engagement
- Reduced overheads are significant
- Reviewing product suppliers/solutions
Key challenges:
- When should you make the investment to incorporate more digital into the business
- Cost of implementation
- Pain of switching technology
- What tech to choose
- Integration of tech
- Choice of client portals
- Staff collaboration and creativity with staff working from home
- How to deliver different types of service
Conclusions/Solutions:
- Listen to what your clients want and provide a suitable service
- Evaluate your existing tech partners to make sure they have the right product and skills to support your business now and in the future
- Don’t underestimate the importance of accurate and clean DATA
- If you don’t make a decision to become more digital now, you will get left further and further behind the service offered by your peers
- Implement technology that can be bespoke to your business
- To action now.
