This morning, as happens every week, I received a text from my bank itemising what was in my account and the transactions that had taken place since the week before. It’s not something I specifically asked them to do but the fact it happens provides me with enormous comfort. Often I’m too busy to think about checking what’s in my account so the fact this comes through automatically makes my life easier and provides me with the security of knowing all is well with the account.
In fact, this is such a good service that, should I consider moving my account, I would only do so if I knew the other bank offered the same deal. This is typical of how the clever use of technology is changing consumer attitudes to what is expected from service providers.
Such expectations are not restricted to banks. The growth in mobile technology is fuelling change across the board. The challenge for financial advisers is to ensure they don’t get left behind in this digitally driven landscape. Luckily there is no need for this to happen as tools exist that give advisers more than a fighting chance to compete with the might of big corporations.
Understanding how the digital revolution is changing the nature of what consumers expect from the services they buy is the first step in staying ahead. To help facilitate this we’ve put together a white paper that paints a picture of the changing landscape and highlights some of the misconceptions that can be barriers to growth. Called ‘Switched On’, the paper is free to download and provides a concise overview of the challenges and opportunities provided by today’s technology.
As more companies switch on to the benefits offered by digital advances, so the expectations of everyone - regardless of age, gender or wealth status - change and develop. Those advisers who respond and adapt to this now will reap the benefits in terms of business development. Those who don’t are likely to find themselves running to catch up and breathless at the speed of change.