Headlines:
- Adoption of IT is not just for generating greater efficiencies but also for managing risk/de risking the business.
- Integration of systems is key i.e. keying in data only once.
- Signs of innovation from a small number of firms but it doesn’t feel as if we have moved on in the last 10 years.
- Without a proper training programme in place around new IT systems the outcome is generally poor and the system does not deliver what it was designed to do.
Key Challenges:
- Keeping pace with fast moving IT landscape.
- Getting systems to integrate with each other.
- Getting advisers on board for new IT processes otherwise they can often be a blocker to progress.
- How to interact with the children/grandchildren of existing clients as they do not favour the traditional ways.
- Open banking is increasing the pace of change and enabling greater services to be delivered easier but are we ready.
Conclusions and solutions:
- Not a massive amount of innovation present in the way businesses currently interact with clients but there was a view that we are on the cusp of change and things will now move quicker than they have.
- To date the conversation around IT has been focussed on the back office and not the client and there is a real danger that ‘traditional’ firms are not ready for change.
- Integration of IT systems is critical but often a key piece of the jigsaw is over looked and that is the relevant level of training also has to be given.
Expert: Paul Morely, Intelliflo
