Financial advisors look to balance using technology and client service

Like many industries, Financial Services straddles a line between maintaining a human approach in customer relationships and evolving technology. One example is the popularity of automated systems like robo-advisors,  where consumers answer questions about their financial goals online without having to interface with another person. As we continue to hear about more and more services becoming automated, and in some instances without the need for human connections, many may wonder, “Is this the future?”

Today’s reality is less extreme. There will always be a need to balance both technology and human interaction, within many industries and for many tasks. Many people, in fact, are still most comfortable with services that foster a sense of security by speaking to an actual person.

For the Financial Services industry in particular, shifts, like those resulting from increased regulations, make it even more important to maintain the client/advisor interaction, where advisors not only have to deliver the attentive, personalized services that clients may seek but also document these interactions clearly and accurately to mitigate compliance risks.

Ironically, close to 90% of financial advisors responding to a recent survey say heavier documentation requirements, in the face of increased regulations, are limiting the very thing that will help them establish more solid relationships with their clients  – valuable face time. These limitations can be attributed, in part, to advisors spending upwards of 3 hours each day writing financial plans, filings, and having to complete other paperwork after client meetings, according to the survey.

With stats like this, it’s no wonder that financial advisors are seeking tools in their quest to preserve a human touch in a digital world. Solutions like speech recognition that help them tackle several issues in the growing digital landscape, particularly when it comes to inefficient documentation processes, can help. Because advisors can complete financial documentation more efficiently, they are better able to improve service by delivering more detailed, accurate and customized plans, all while meeting compliance and getting back time to spend with each client.

The choice between going digital and maintaining human connections are not mutually exclusive, and tools that offer a compromise between automation and personalization are tremendously valuable.

You can read the results the Role of Technology in Financial Documentation Compliance survey here.

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