The one distraction that the financial services industry needs to watch as we witness a technological evolution is the white noise that goes with it. There’s always an opinion, it’s generally considered the right opinion (by those offering it) and it generally isn’t based on sound evidence.
With the Robo-advice automated investment strategies gaining a large amount of attention of late, we see a need to define what exactly FinTech is and is it something that will be worthwhile spending precious time and money on?
Our consultancy services are now largely spent on application of digital strategy to streamline operations and services. When first sitting down with a prospective client we always use what I call the ‘Kettle test’. Making a cup of tea is an everyday (or hourly if i’m working from home) activity for me. Yet if I want to analyse how this works I need to apply a 3 tier strategy: Inputs, Processes, Outputs
Not that i’m that sad that I do go through such a process every time I make a cuppa, but it illustrates a point when we discuss the process professional service firms are facing when it comes to addressing applying technology to operations and service supports.
It’s not rocket science and we should certainly avoid open heart surgery when it comes to assessing client, business and admin/task management. It’s quite simply a process of understanding the business owner requirements, their staff and client needs. We need to move to a strategy of aspiration for future growth, not a mere tour of the business operations.
So, as we can see, it’s important to keep it simple and concise when considering your digital future. A 3-tier process tends to help:
- Discover: A diagonal slice of the firm is viewed through a tailored onsite audit to assess all key staff views and identify gaps and actions required to ensure efficient business practice.
- Design: Focusing on key must haves and nice to haves can then ensure whether the firm would require a holistic overhaul or a add-on solution
- Deliver: Action planning is designed around the long term objectives and implementation is project managed to ensure minimal disruption and maximum traction
By keeping the client needs at the centre of this strategy, we can ensure the business can grow rapidly in assessing and employing the right technology. At the end of the day, if you overcomplicate the process and don’t meet stakeholder, staff, client and compliance needs, then you may end up in position that I personally loath: A cup of tea stired by a spoon just used for a cup of coffee. YUK…
