The Future of Financial Services: Platformification?

As a generation, millennials tend to want everything instantly. Instant news, instant updates, instant coffee and instant answers to all our questions. Millennials walk around with faces in phones and tablets to discover the world rather than looking up at the world around them, so is it any wonder that there’s a new way to get financial advice? With banks turning more to self-service ATMs than actual humans behind the desk, we are all effectively welcoming our money being controlled by robots.

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Digital Financial Management

Financial management companies use many different back office systems for IFAs and these systems help us to understand how to manage our finances. Surveys up and down the country have shown that 67% of millennials prefer to receive financial advice on a digital platform, by using apps or inputting their details online as opposed to speaking to a bank manager in person. This means that the back office systems for IFAs need to be up to date and sharp to be able to interact with people today, and it seems that the wealthier the customer, the more they prefer to trust their money in the advice of a digital platform.

According to the MIT Sloan Management Review, customers are shying away from interacting with employees on the floor and increasingly prefer the convenience of self-service.. This means that digital based financial advice is more in demand than it used to be. In a world of convenience, it’s no wonder.

Platformification

Most of the population carry, in some form, a smart phone or a tablet. To get the right reach to the market of millennials, you have to invest in ‘platformification’ – in other words, providing services via digital technology. Apps should be east to navigate and offer an instant service, without computer bugs that slow them down. These intelligent office systems have to work fast to be able to please the user, as slow apps are deleted quickly. As it stands, financial institutions are not using up to scratch apps, so they need to get this sorted if they expect to be able to reach Generation Y. Companies like https://www.intelliflo.com/ are there to help financial institutions develop the right software.

Ultimately, if companies want to do more for the newer generations, they need to have instant apps with instant results. Nothing less will do now.

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