April 12, 2021

Maintaining human touch in a digital advice world

Simon is Business Development Director at Wealth Wizards, with over 20 years' experience driving the development of automated financial advice.

Turo blog
Ironically, the advice businesses that utilise digital tools effectively are set to provide the most 'human' experience.

As digital becomes the new ‘normal’, the primary challenge for businesses in the financial services industry will be around personalisation. A financial adviser can no longer take a trip down the M1 and sit in someone's living room with a cup of tea and biscuits all afternoon. Equally, the prospect of lengthy Zoom calls - which may yield no sales - is off-putting for prospects and your team, alike.

Technology has the potential to bring people together, and indeed it has, especially over the past year. The internet is all about the connection of experiences, information and people. But at times, it can have the reverse effect, the deluge of content and information can sometimes be overwhelming and confusing.

We believe that the advice businesses which most intelligently embrace technology are those that will provide the most 'human' experience. And new market entrants have a once in a decade opportunity to leapfrog the competition by designing a personalised customer journey for the 'new digital normal'.

There are many options out there for digital businesses to maintain their human touch and they all centre around the idea of personalisation.

It is still a work in progress; anyone who has had to explain their problem to a voice recognition bot, on a customer services call, to an internet provider, can tell you that there is still a long way to go!

All the same, the industry is moving forward in many ways. Deploying a conversational platform on your website is a compelling way that you can improve your customer journeys. Such an interface can be used as the first point of a contact with a customer or prospect, to determine their needs and suggest the most appropriate service.

For advice customers, an on-screen conversational platform can help to expand an advice firm's offering, helping you understand your prospects' primary pain points, capture customer data and triage them down the most appropriate guidance or advice route - human or digital. This in turn can reduce the cost to serve, and make financial advice available to new customer groups who are lower down the wealth chain.

To the customer, by mimicking and having the flexibility of a conversation, it can help to solve the simplest (and some complex) needs, at a time to suit the individual, and without having to wait in a queue to speak to a real human being.

For more complex advice cases, automated technologies can help to save hours of needless fact finding and administration, by gathering key information on your prospects and clients, before they speak with an adviser, as well as huge time savings through automation in gaining quotations and preparing suitability reports.

By 'powering-up' an adviser with relevant technology, you are enabling them to save time on key parts of the advice process, better suited to technology, and thus freeing up this time to spend better understanding customer needs. As a result, technology provides the opportunity for advisers to spend MORE time with the customer by automating these key areas of financial planning.

To create a human touch requires careful consideration of the customer journey, and building the right technology stack around those needs. Now is the time to seize this opportunity to address customer service in this new digital ‘normal’.

Find out more about Turo and how it can automate key parts of the advice process for your clients and advisers.

Find out more

Do you want to keep up to date with the latest digital advice articles from the Turo team?

Sign up to the Turo newsletter

Blog

Get in touch

If you would like to find out more about Turo, fill in the form and one of the team will be in contact with you.

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

This site is best viewed in Chrome, Edge or Firefox (not Internet Explorer!)

Wizards House
8 Athena Court
Tachbrook Park
Leamington Spa
CV34 6RT


Disclaimer

Registered Address: Wizards House, 8 Athena Court, Tachbrook Park, Leamington Spa, CV34 6RT.
Registered in England & Wales, No. 07014133. The information contained within this site is intended for UK consumers only and is subject to the UK regulatory regime.

Wealth Wizards®, Pension Wizard ®, Retirement Wizard®, Turo® and MyEva® are registered trademarks; the trademarks, trade names and logos on this website, and the copyright and pending patent applications, are used by Wealth Wizards Benefits Limited under licence from Wealth Wizards Limited. Pension Tidy-up, Pension Predictor, Investment Wizard, are trademarks and logos of Wealth Wizards Limited.

Wealth Wizards is independently audited and certified by the British Standards Institute to ISO/IEC 27001:2013, an internationally recognised standard specifying comprehensive security controls and best practice.

© 2021 Wealth Wizards Limited.