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Data analytics crucial for advisers to 'not be left behind'

Data analytics crucial for advisers to 'not be left behind'

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By Tony Zhang ·
August 20 2020

Data analytics crucial for advisers to 'not be left behind'

In a post-COVID world where the future of the advice industry is evolving, advisers will need to tap in on new approaches and move past the traditional client experience.

Marcus Cann, head of partnership engagement at Volt Bank and speaker at the upcoming Adviser Innovation Summit said that advisers can start adopting data and analytics as a core approach to help them drive value and empower a whole new client experience.

“The modern adviser moving forward will be the orchestrator of an individual’s / business’ total financial needs,” he told Adviser Innovation.

“This doesn’t mean they have to be the provider of all the services, but rather the trusted adviser who can make connections to a range of advice and products."

Mr Cann said that to understand what advice an individual or business may need, advisers will need to provide real-time, useful information on a client’s financial position.

This will include real-time data analytics on saving and spending habits as well as information as to changes in asset or debt situations.

It will also include real-time predictive analytics on the potential future changes in the client’s position and "allow the advisers to intervene."


“As most processes will be automated and delivered to the adviser directly, it should remove the paper war that advisers now experience and rather place real time information into their hands so they can provide value to a customer,” Mr Cann said.

Furthermore, advisers can use real-time customer experience focused around journeys and not traditional products to better connect with clients and innovate their advice.

“If COVID has taught us anything, it's that anything can happen at any time,” he said.

“And so a customer’s journey needs to be able to respond to the predictable and unpredictable.”

Mr Cann said that real-time customer data means that advisers can ensure a better understanding of predictable and unpredictable journeys.

“The analytics will allow advisers to know if customers have the correct underlying bank products and can monitor correct customer behaviours in real time to ensure they can satisfy their journey objectives," Mr Cann said.

“Key to this is that the customer and adviser can ‘design’ their bank products to suit the journey they are on.”

Mr Cann said too often that advisers still used traditional products that come with a "one size fits all approach", with each account having exactly the same features for every customer.

“Neo bank solutions, will allow customers and advisers to add features to the deposit or lending account that suit what the account needs to support the journey,” he said.

Mr Cann said as financial advisers move to a post COVID world, those who don’t want to be left behind will need to start adopting data analytics which will play a crucial role.

“The single biggest reason is that customers are going to need their assistance more and more,” he said.

“However to understand how to assist, advisers will need real time information on how to assist.”

“And this assistance will need to be responsive, rather than annual catch ups, or catch ups well after an adviser can assist”

“No more forcing advisers or customers into branches, they will be able to do it all from their own desks.”

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