TECHNOLOGY IN YOUR BUSINESS
DATA MANAGEMENT FOR BETTER BUSINESS
Nick Eatock CEO intelliflo
Intelligent use of the data you hold across your business can generate enormous benefits in terms of client relationships , retention and engagement . It can also help firms streamline processes and create efficiencies that lead to a more profitable , scalable proposition . Intelliflo ’ s CEO , Nick Eatock , looks at how firms can best manage their data and capitalise on its value .
The finance industry has always used large amounts of data
to make decisions . Banks have often led the way , becoming adept at using the wealth of customer transactional information they hold to track spending patterns , customise offerings , cross sell products , detect fraud , improve customer service , efficiently deploy resources and much more . Data is now starting to play an increasingly important role in the financial advice process , too . Modern technology can transform the client data you hold from mere numbers on a spreadsheet to meaningful information that can help refine your firm ’ s advice proposition . From a business management perspective , it can help you understand the effectiveness and efficiency of your processes to see where changes can be made to improve productivity , profitable areas for investment and how best to deploy resources . For clients , interactive tools can bring their data to life , encouraging buy-in to their financial plan , and creating better client engagement through access to real-time information on their portfolios . Modern integrations and APIs allow your data to be shared between partners and providers more easily than ever before . Initiatives like Open Banking also give you access to a far wider set of data than previously available . Advisers who take full advantage of the data available to them are in the unique position of having a truly holistic view of their client ’ s financial position . The insights offered by this combined data can be used to improve the advice process and create a more streamlined service , while a broader understanding view of your client ’ s finances can help improve relationships and drive engagement . Yet too often , financial advisers fail to recognise the importance of the data they hold , regarding it as a by-product of the service they offer , rather than a way to underpin their business strategy . Of course , data for data ’ s sake is not helpful . Not managing your data properly could create added overheads through data protection breaches and additional storage costs . Not being able to share information between systems can be frustrating , requiring manual workarounds that are time consuming and inefficient . Ensuring your data is accurately stored and maintained not only
meets the regulatory requirements of GDPR and MiFID II , but will have a positive impact on your business .
Keep it simple Establishing a structured data strategy for your firm may sound like a daunting prospect , but it can pay dividends . The key to success is simplicity . Start by answering some basic questions : What data do you currently hold ? Is it accurately logged ? Why do you hold it ? Do you need to keep it ? When will you need it ? Who will need to access it ? Where will you store it ? The reason for designing and implementing a data strategy is to ensure that all your data resources are positioned in such a way that they can easily be used , shared and moved . The strategy needs to establish common methods , practices and processes to manage , manipulate and share data across the business in a repeatable manner . Remember that your data is a critical asset to your business . It should underpin your advice process and inform decision
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