The world has gone digital, and financial advisors and their firms looking to stay relevant are realizing the need to adapt accordingly. Society’s continuous integration of technology into everything we see and do has led to a significant shift in business, with an increasing demand to work with and take advantage of such tools to succeed. This has made way for some amazing opportunities as more and more firms realize the benefits digital transformation can bring to their operations and client experience.
In this blog post, we’ll go over some of the most pertinent reasons financial advisors adopt digital transformations and how they’re benefiting from them.
A More Effective Way To Engage With Clients
One of the most significant advantages of technology is that it allows for an extreme degree of control and specificity when targeting and connecting with clients. It serves as a way to easily track, tabulate, and manage information to enable financial advisors to get better insight into their clients and create more personalized interactions.
Research shows that 35% of business executives believe that digital transformation has helped them better meet their clients’ expectations. An even greater 38% state that they plan to invest more in technology to obtain a competitive advantage.
Adopting Technology Increases Efficiency
Another major boon of digital transformation is the simplicity and efficiency it can bring to a firm’s operations. By automating and simplifying redundant tasks and processes, technology positions financial advisors to use and manage their resources more effectively and, in turn, run more efficient workflows. This can offer a range of positive results, such as less strained employees, less wasted time, and even better customer service.
An example includes the use of OnBord’s client onboarding platform. It allows a financial advisor to open up multiple accounts at one time using a secure, compliance-approved process.
Digitization Supports Growth
Similar to how firms benefit from the efficiency promoted by digital transformation, the change also supports business growth in several ways. For example, by implementing better technology systems and processes, organizations can manage an increased workload without increasing their staff size. Additionally, by leveraging modern digital marketing techniques, companies can reach new markets and customers more efficiently and lower costs. All in all, leveraging technology means, in many cases cutting costs and optimizing operations, which can do nothing but support a company in its long-term development and growth.
Altogether, it’s evident that the advantages brought about by digital transformation are many and varied. It’s become clear that businesses must begin to prioritize the concept to stay ahead of the curve. This means embracing digital technologies and using them to drive innovation and change both now and in the future. It’s the only real way to ensure that businesses are well equipped and compatible with the increasingly digital society. Schedule a demo of OnBord today or contact us to learn more.
