FINANCIAL ADVICE
This includes chat journeys, blog articles and
interactive tools, plus access to digital or telephone advice. Within that framework, clients can select the recommendations as presented or choose their own paths. For each piece of content, we can measure completion and capture feedback on whether it is useful to the client or not. We run ML models using the client data cross-matched with interactions and behaviours – choices made, time spent and journeys completed – to optimise how we serve up the content, suggest the next best action and send nudge emails to return to app. We are currently achieving 90%-plus content approval and top decile customer satisfaction scores. And then these self-serve journeys can seamlessly transition to a human interaction when clients want guidance or advice on more complex areas.
The transformation opportunity is huge But this foreshadows an even bigger revolution. The advent of open financial data, where clients can give permission for advisers to access their financial data digitally, is making it increasingly easy for clients to get access to actionable personalised advice. And the opportunity is emerging to turn the traditional reactive advice process on its head to being a proactive always- on service linked to the live data stream, and, ultimately, running clients’ finances on autopilot. Then the value-adding relationship will be unambiguously between the client and their digitally powered adviser, with the financial solutions in the background becoming increasing commodified, and the largest share of economic value likely to accrue to the businesses providing these value-adding advice services.
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