At the March edition of COVER’s TechFest event, industry experts highlighted the pressing need for integration and collaboration in the financial advice industry. Jen McKay, Rudy Bedeker, Sandro Geyser, Jason Judge and Pieter Erasmus discussed various aspects of this crucial topic, providing valuable insights for advisors and businesses in the industry.
Jen McKay, Co-founder of LinkTank, in her talk, focused on the challenges faced by advisors due to the lack of integration options in technology solutions. She highlighted how the limited availability of integration options leads to inefficiencies and a loss of profitability for advisors. The need to interface with product providers further complicates the situation, adding to decision fatigue and frustration. McKay emphasised the importance of collaboration and investment in technology for improved efficiency and client service.
Rudy Bedeker, co-founder of Concourse IT, addressed the challenge of digitisation and the difficulty of knowing where to begin. He stressed the importance of breaking down the digitisation process into manageable steps and focusing on addressing the most pressing needs. Bedeker highlighted the risks of not embracing digitization and urged businesses to evaluate the potential consequences of not pursuing this route. He emphasized the need to identify real needs, find a supportive tech partner, and consider scalable billing models for successful digitization.
Navigating fraud challenges together
Connect, visualise and analyse data to identify and stop fraud with DataWalk: Our graph analytics platform using AI & ML to solve fraud challenges.
Sandro Geyser, Managing Director of Integrisure, provided insights into the broker’s journey towards embracing technology and digitisation. He emphasised the need for IT investments to align with business strategy, rather than technology driving investment decisions. Geyser advised brokers to adopt technology thoughtfully, considering their specific requirements and objectives. He stressed the importance of a comprehensive change management process and the need to capitalize on low-hanging fruits to streamline processes and enhance client experiences.
Pieter Erasmus, co-founder at Ctrl, highlighted the importance of understanding the ecosystem and omnichannel environment in the financial advice industry. He emphasised the availability of solutions that connect brokers, insurers, and third parties, enabling the enrichment of the ecosystem with data. Erasmus emphasised the significance of client segmentation and focusing on the end user’s needs to provide exceptional service.
Jason Judge, co-founder of Concourse IT, highlighted the importance of digitisation and cloud computing in his talk. He emphasised that partnering with the right technology provider is a solution for small to medium-sized enterprises facing challenges such as cost, time, and skills when it comes to tech investment. By selecting a provider that offers long-term partnership and assistance throughout the implementation process, organisations can overcome these obstacles and focus on their core business processes. Cloud computing was highlighted as a significant component of digitisation, offering collaboration, accessibility, and data security.
Overall, the presentations at the conference underscored the need for integration, collaboration, and investment in technology within the financial advice industry. By embracing technology, streamlining processes, and focusing on client needs, advisors and businesses can enhance efficiency, improve client service, and navigate the ever-evolving digital landscape successfully. Long live advice!