Nick Eatock, Intelliflo’s executive chairman, was recently interviewed by Asset TV about the far-reaching consequences of technology in financial services and, more specifically, financial advice.
The concept of big data is nothing new and it has been discussed in the financial services space for many years, being poured over at conferences as banks and intermediaries alike have grappled with all of the data that they house, how they can monetise it and how they can use it to improve their businesses. But, practically, what does it mean for your financial advice business and how can back office technology help?
We are all well versed in using apps – they add capability to our smart phones, tablets and televisions. Installing an app boosts the functionality that is available to us, be it having a weather forecast to hand, playing a game to kill five minutes on the train, messaging friends or checking the football scores. And the beauty of this is that it is a very unique thing. Whilst several of the people you know might have the same phone as you, it is unlikely that they have the same set of apps as you, so bespoke is your user experience.
We have been running our social media survey for five years now to gauge how financial advice firms use social media platforms in their businesses. The presence of platforms such as Facebook and Twitter have become so ubiquitous in our everyday lives that their use from a business perspective has become inevitable.
It’s the season of regulatory merriment for financial advice firms at the moment, with MiFID II set for implementation on 3 January 2018 and GDPR closely following on 25 May. There is a lot for firms to consider and there have been countless articles, papers, webinars and blogs (such as this one), highlighting a multitude of perspectives, interpretations and concerns about both.
The recent spate of global cyber attacks owing to the infamous WannaCry 2 and Petya malware programmes has caused consternation in a multitude of industries and countries – they have been indiscriminate attacks that have claimed victims from Telefonica to the NHS. They have also also affected a number of financial advisers, too.
Fishing may be seen as an idyllic activity to be enjoyed at leisure, especially in the heat that we have recently been enjoying, but its phonetically identically cousin, phishing, is leaving us all in real danger of being caught on indiscriminate hooks.