4 benefits of an automated advisory process

Advising and activating: those are values that financial services hold in high regard. Informing is naturally part of that. Because once a client has acted on your advice, you want the service they took on to keep serving them well.

Advise and activate your clients quickly and efficiently

That is why changes and updates are shared with your clients regularly. And that is a good thing, right? One small caveat on this point is that it brings a fair amount of work with it. All of your clients have to be informed, and then you have to work out what the update means for each individual. All of that gets written up and reported.

Many hands The right applications make light work

Financial updates: they are the moments when financial service providers call in reinforcements so they can inform all of their clients properly. Because who has that many colleagues standing by to reach the entire client base at once? Fortunately, it is now possible to automate this process. With the right bespoke applications, your clients are informed properly, the necessary details are filled in and the right reports are produced, without the stress that usually comes with it.

A good example of an automated advisory process:

So what does an automated advisory process look like? Suppose there are important changes or updates and your company calls every client to let them know. Your colleagues then have to fill in a long list of details. Think of name and address details, and changes in their current situation (work, income, married, and so on).

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A good example of automation would be a user-friendly application containing lists that your clients can fill in themselves. You could then connect a user-friendly tool to it that lets your clients work out for themselves whether the change affects them. All of that information can then be turned into a report automatically.

In short, this is just a small example of what is possible. The options are of course endless!

To give you a sense of how much easier an automated advisory process is, we have listed the main benefits for you:

1. Reduce the workload

How does the workload look the moment an important update comes along? Does your company choose to call every client personally with the new information? Then the workload at that moment is unlikely to be pleasant. By automating this part of the advisory process, all those phone calls become unnecessary and you cut the workload considerably.

2. Reduce the costs

Does your company bring in a call centre when the workload gets too high? By automating (part of) the process, that is no longer necessary. Do your colleagues handle all that client contact themselves? Then they no longer have to invest those extra hours. An automated advisory process means such (unforeseen) expenses are no longer needed.

3. Reduce errors

Filling in lists using information given over the phone unfortunately does not always go well. Spelling a name, passing on a specific figure: there is always a chance of a misunderstanding. Until clients get the option to fill in their own details, that is. It prevents needless misunderstandings and reduces errors.

4. Increase customer satisfaction

Let us be honest: with the arrival of the internet, today's consumer has grown used to getting information whenever it suits them. At the press of a button they can do their own research. They are so used to this that it is not always pleasant for a consumer to hear about changes only when they get a phone call. They want to be able to see their details at any time, along with the relevant updates. By automating the advisory process, you meet that need. If we set it up so the client can see any updates and adjust their own details whenever it suits them, customer satisfaction will improve considerably.

Having your advisory process automated

We have just set out the biggest benefits of an automated advisory process. The question is: how are you going to make it happen? By now we have helped so many different clients automate their advisory process that we know exactly what needs to happen and what needs to be built to answer your specific question. We would be glad to build your bespoke application, so you can reap the benefits.