The Internet is a treasure trove of information and insight especially for financial services professionals who enjoy web browsing. We’ve compiled a list of the top blogs for financial services professionals to follow. These blogs cover a wide range of topics such as industry news and trends, commentary and FinTech. Whether you’re an advisor, IT professional, or in an executive position for a firm, these blogs will ensure you’re well-equipped to help your clients meet their investment objectives in today’s constantly evolving landscape.
Last Thursday, we hosted a webinar “Effective Onboarding Practices: Improving Your Firm’s Most Critical Business Process.” In the webinar, members of our product team Ray Mulligan and Randy Barnes guides participants through the onboarding process from the front to the back office and provided tips for improving any wealth management firm’s onboarding system.
Within the financial services industry, perspectives vary widely on whether new customer onboarding is a front office or back office function. In fact, a 2011 study from the Aite Group showed that, among small wealth management firms, 26% of respondent viewed new customer onboarding as a front office automated tool, whereas 46% of respondents saw it as a back office function. And, among large to midsize wealth management firms, only 8% of respondents indicated that new customer onboarding is a front office automation tool, and 64% responed that onboarding is a back office function.
Some of the greatest challenges operations professionals face at financial services firms stem from fragmentation between front and back office systems and staff. This fragmentation can be especially costly during the onboarding process, when these two departments must work in orchestra to open and fund new accounts in a timely manner. Without the necessary tools and practices in place to unify front and back office staff, the onboarding process is susceptible to inefficiencies including administrative errors and lack of or miscommunication. As a result, the amount of time it takes to open accounts is increased, customers become frustrated and valuable staff are caught up in administrative functions instead of value-add ones.
As Ray mentioned in his recent blog post about the past year in financial services, there have been numerous exciting changes in terms of the products and services that are available to the financial consumer. When we look ahead to 2016, we see some immediate and long-term challenges that will face all of us. Let’s take a look at some of the more significant ones and what you can do to prepare.
In a world of increased connectivity and accessibility, today’s customers are demanding more. They want to do what they want, when they want, and on the device they want to use. These expectations are no different in the rapidly changing, yet highly regulated world of financial services. In order for client services and sales teams to meet these expectations, they must be equipped with the right tools, and more importantly, your firm must have the right processes, systems and technology in place. Often, firms turn to process automation projects as a way to create these systems, but without a clear vision and strategic approach, many of these projects end in failure.