CRM for Financial Advisors: A Key Enabler in Revitalizing Businesses Post COVID19 Crisis

The financial services industry has been a hyper-sensitive sector. Companies operating in this sector face the challenges posed by Fintech disruptions, revenue, and fees compression pressures, changing business models, as well as increasing client models. Adding to this is the COVID-19 pandemic impact that has affected businesses around the world and the financial services industry is no exception. Further, this has led to a Volatile, Uncertain, Complex, and Ambiguous (VUCA) environment, wherein digitization has become an important pre-requisite.

Orchestrating Digital Transformation

One thing that is very much clear from the current health crisis is that the financial services businesses that have embraced the Fintech disruptions could easily combat the aftermath and bounce back more powerfully than before. Organizations that implement the new –age technologies like CRM for financial advisors are empowered to create, conceptualize, and deliver world-class services to the underserved and unserved segments of the consumers.

Besides, adopting a CRM for financial advisors enables the companies to seamlessly access data at every touchpoint and make informed business decisions. It allows them to innovate existing business models, achieve operational excellence, and experience an altogether different level of agility. Supporting the fact that new-age technologies are revitalizing even the traditional industries from the COVID19 crisis is the data sourced from PwC. It states that the credits availed by micro, small and medium enterprises (MSMEs) have increased at a CAGR of 19.3% in recent years.

Advisor Empowerment is the Key

Witnessing a paradigm shift from a transaction-led model to a relationship-based one, the financial services industry has changed leaps and bounds. In order to thrive in the cutthroat competition, it is important to offer highly-customized bits of advice to the client based on their life events and goals. This is possible only when the financial advisors know their clients very well. This thus highlights the importance of implementing the best CRM for financial advisors.

A financial service CRM enables the financial advisors to get a holistic view of their client’s information and get real-time updates about their activities thus helping them to create that hyper-personalized bond that their client is looking for. It is an effective tool that acts as an enabler in the quest of delivering exceptional customer journeys as well as providing world-class services to the customers at a large scale.

Refining Scale and Omnichannel Servicing

What advisors want is to modernize as well as automate error-prone and time-consuming tasks so that they can focus on delivering client value. Automating processes such as account transitions, account opening, and e-signatures helps in reducing errors as well as enhance the operational scale. The pandemic has augmented these initiatives with both clients as well as advisors looking for straight-through processing by leveraging workflow-based tools. Technologies such as CRM for financial advisors have eased the process of managing disruption by enabling close collaboration and putting clients at ease.

Transforming Organizational Workflows

Even though the client-facing initiatives top the priority list of every organization, the pandemic accentuated the need for improving operations and welcoming digitization. A majority of companies grapple with the inadequacies introduced by workarounds, legacy platforms, and customizations made to support the business. So, the leaders looking to scale new heights must decide between building focused-point automation and large-scale transformation. In such a case, implementing a CRM platform can help them strike a perfect balance between the two.

Bottom Line

With digitization being at the forefront of the evolution, leveraging an advice-centric model for the betterment of financial advisors has become the need of the hour. They want a unified experience as well as functionalities including client portals, account aggregation, CRM for financial advisors, and client servicing tools. Besides a customer relationship management model assumes greater importance in the wake of the pandemic, while the organizations are doubling down on these initiatives.

Summarizing it all, the financial services industry has well-adapted to the disruption created by the novel Coronavirus. Remote working or working from comfort has become a new normal that does contribute significantly – information security – to the slew of challenges faced by this sector. Though digital transformation was already in the pipeline, the urgency created by the pandemic gave a big push to its adoption and implementation.

Moreover, the key to successful digital transformation lies in orienting the company towards a digital mindset!