"Various stages of the sales process are fulfilled on separate systems, but if they were brought together, data would be consistent, accurate and more reliable."
Consider an order processed through Amazon. information is entered, and through a set of algorithms no other actions required, the order is complete. We are blissfully unaware of the huge amount of moving parts and logistics involved in delivering a multitude of items for the next day, technology has converted the awkward and time consuming into a mundane and everyday activity. Why can’t all systems apply this approach to handling and processing data, in effect a set of systems which can communicate, integrate information and set out a process which just happens seamlessly for the user?
Take the mortgage and protection sector, various stages of the sales process are fulfilled on separate systems, but if they were brought together, data would be consistent, accurate and more reliable. When data is required to be entered numerous times the likelihood of errors increases, but by joining systems together and sharing data, that data becomes more trustworthy, a fundamental requirement when sourcing products and following compliance guidelines.
The question is why should an adviser spend a considerable amount of time rekeying data when their primary task is to deliver a service to their clients? Passing some of the initial processing over to clients can provide more time and improve the quality of data, but not everything can be captured in that manner. Our aim at 360 is to streamline processes for advisers, reducing the unnecessary pain and friction involved and delivering one system that just makes sense. From the initial opportunity and having the client completing an online FactFind, this notifies the adviser when complete allowing them to source mortgage, protection and GI products in the same place, then once product selections are made, that data automatically completes the Suitability Letter and flows back into the CRM for fulfilment. In our world, there’s no requirement for an adviser to rekey data.
With new integration options coming into play, the opportunity to reduce much of the data gathering and unnecessary duplication is fast becoming a reality. Open-banking APIs coming next year will revolutionise the way financial data is obtained, allowing permissive access into clients’ bank accounts and opening up new and creative methods to complete budget planners and validate applications prior to submitting to the provider. Our goal is not to have advisers keying in data, but to place them in the best position to service their clients, giving them well gathered and accurate data only assists in delivering that service.
