In early 2015, one of the largest independent broker-dealers announced plans to ramp up its level of automation by over 450%. Now, a year later, the firm has automated many of its money movement processes including ACH set up, debit and credit transactions, checks, journals and federal wires. We had the opportunity to sit down with one of the firm's Senior Vice Presidents to learn more about what drove the project, how the firm measured their success, and the plans the firm has for automation in the future.
According to a survey conducted by Schwab Advisor Services and published in Financial Advisor Magazine, less than 20 percent of financial advisors believe their firm is doing the most they can with their CRM system. The same survey indicated that 98 percent of advisors most often use their CRM to store client information, and 61 percent use their CRM to prepare and send client communications. While these two functions are powerful capabilities of a CRM, they only scratch the surface of what financial services firms could do with their existing CRM.
As the first touchpoint with a new client, onboarding is arguably the most important part of the client lifecycle. In the financial services industry, it is a particularly complex process that requires coordination between multiple departments and stakeholders. With so much at stake during the onboarding process, financial services firms, along with other types of organizations, are looking to technology to simplify the process, satisfy customers, and improve operational efficiency.