The Adviser Innovation Summit is the premier industry event for financial advice SMEs who understand the importance of embracing change and new technology. As the name suggests, it’s a forum for technological innovation; a place where thought leaders and tech experts discuss everything from must-have apps and web based software to the cutting edge of artificial intelligence.
From the definition of ‘innovation’ and how to cope with change using insights from neuroscience, the audience was treated to a real holistic exploration of what it means to change the way you do business because of technology.
There was one clear direction that emerged from the days’ discussions: personalisation. Namely, harnessing the power of big data and advanced analytics to provide increasingly personalised experiences for clients.
Data are collected from a huge variety of sources that most of us don’t think about on a regular basis. Most people have some form of social media presence, such as Facebook, from which we can glean a variety of useful stats on things like their content preferences, their political opinions, the way they like to socialise, their priorities in life, and the way they use language. Smart phones provide location and app usage data. Wearable fitness trackers monitor activity in real time. Website cookies track a visitor’s behaviour from the moment they land on a page. And perhaps most importantly, advanced software – some approaching artificial intelligence – can make sense of this data in context. In other words, it can take seemingly unrelated pieces of information and identify statistically significant trends and patterns.
Many advisers already divide their client base in to a few different groups. But simple age, gender and wealth level segmentation is no longer enough. Financial advisers will be able to drill down into thousands of different variables that affect clients’ interaction with their service, and their behaviour around financial matters in general.
It won’t be long before we see direct, time-sensitive links between technology and the products that advisers deliver to clients. For example, going back to that fitness tracker, a client’s cardio exercise milestones could be delivered directly to a platform to adjust their insurance premiums based on reduced risk. Advisers will remotely deliver advice to clients when they need it, rather than waiting for a regular review appointment. Clients will be able to stay on track with their budgeting and savings goals with real-time monitoring of their location (stay away from that tempting sale!) and spending on their cards.
A few of the world’s leading banks and dealer groups are already using artificial intelligence to cut down back-end work and essentially help advisers fit several hours’ work in to a few seconds. Robots can scan and analyse thousands of sources of investment research at once and present a personalised summary based on client data for the adviser to discuss with their client. Within the next two to three years, the uptake rate of this kind of tech amongst even small and medium firms will dramatically increase.
Director Clare Murphy presented a question and answer based session which took the focus on personalisation and applied it to content marketing. With the huge volume of information available to today’s client, especially online, it’s important for advisers to make sure that anything they put out there is particularly relevant to clients’ needs, goals, interests, and preferences. Users of the Advant Plus platform can take the data and insights they gather on clients, and apply it to creating beautifully customised and branded client communications. Using the platform, advisers can adjust what they publish and send out by mode (social media, email PDF, eRead, print), timing and regularity (once a quarter, once a month, once a week on a Friday between 2pm and 4pm but only if the ASX does X and the dollar does Y), topic, theme, style, and more, to get the best possible results. The best part is that it doesn’t take hours to produce a publication – just minutes and a few clicks.
To find out more about the Adviser Innovation Summit, check out the resources on their website. If you’re ready to discuss how Advant can help you meet niche client communications needs without hours of extra work, check out our website or give us a call on 03 9416 0655 to arrange a free demo over the phone.