"Like all technology, the more it is used, the greater likelihood intermediaries will truly reap the benefits of that technology, and again, it’s all down to the CRM."
FR: What have 360 Dot Net been up to in 2018?
I am delighted that our 360 Lifecycle software continues to prove popular with advisers and we are growing our market share. We are currently providing our solution to over 6,500 financial advisers across the UK, capturing 20% of the mortgage space, and being selected by some of the most prestigious brands such as Alexander Hall, Knight Frank Finance, HLP and New Leaf.
We’ve had a busy 2018 delivering from our ambitious roadmap that included the deployment of some big releases of new functionality and features based upon new industry regulations, feedback from our clients and enhancing the overall user-experience. Part of this process is extending the product to support wealth advisers but staying to our core principals towards client engagement, data re-use and lean data capture, where the FactFind can be focussed to only capture data relevant to the advice being serviced.
We are currently in the process of making some exciting integrations which will help streamline the advice process further. Clients will not only be able to perform their own FactFind and pass over documentation through our secure client-facing portal, but new integrations will enable advisers to benefit from clients accessing their own Open Banking data, electronic ID verification and credit reports. It is key that when a client decides to provide access to this kind of data, they are performing it within a trustworthy environment that is a natural extension of adviser’s proposition such as their own branded client portal.
FR: Tell us a bit about 360 Lifecycle and what it can offer advisers. How does it differ from other client management systems?
We are often asked how our software differentiates itself from our competitors, and our response is always the same; it’s in the CRM where it starts! The CRM is the central hub of an adviser’s business and where the true value of the business lies for both overall efficiency and delivering genuine quality of service. Underpinning this is an established enterprise infrastructure that is reliable, scalable and above all else, secure.
We take pride in delivering innovative, new solutions which shape and refine processes for the better; our client-facing FactFind and secure portal are examples of this. When they are combined, they introduce new opportunities to engage clients, enabling them to provide their own data and documentation and start that on-going digital relationship. But without a powerful CRM at the centre, a true ‘end-to-end’ solution means nothing, and new tools and integrations become insignificant as client data is then spread across multiple systems.
FR: What do you mean by ‘It all starts with the CRM”?
The CRM is designed to do exactly what the three letters denote, Manage Client Relationships. With all client data stored in the 360 Lifecycle CRM, it is an adviser’s only version of the truth – the initial entry point which is referred back to time and time again; a springboard for exchanging data between, clients, service providers and onto lenders. Advisers and clients have every right to pose the question, why don’t these systems talk to each other? 360 Lifecycle continues to expand its third -party relationships thus continuing to enhance the adviser and client experience.
Clients are becoming more aware and educated regarding providing their personal and sensitive data, this and GDPR requires a heightened level of commitment and responsibility for advisers to keep that data secure. Client data should be stored safely and securely in a trustworthy data source, like 360 Lifecycle, not in an Excel spreadsheet or a post-it note stuck to their computer screen. Imagine going to your financial adviser for advice on say a re-mortgage, and out comes a coffee-stained notepad from the bottom of their drawer, containing various clients’ personal financial information. Any foundation of trust would rapidly dissolve.
FR: How are people using 360 Lifecycle at the moment?
Like all technology, the more it is used, the greater likelihood intermediaries will truly reap the benefits of that technology, and again, it’s all down to the CRM. From the initial data entry, information is passed throughout the process filling in the gaps along the way. We should not be dismissive of how much the client can and should be involved during the process whether this is passive in terms of notifications and updates to being involved filling out the initial FactFind and helping the fulfilment process. What we’re seeing, and is something that is yet to be realised, is how this initial engagement and trust-building foster a relationship post-servicing that can be extended and built upon.
We could talk about our FactFind with integrated mortgage, protection and GI sourcing or client engagement tools, but what it actually boils down to is what else and where else can that data be used. 360 Lifecycle provides functionality to structure all areas of the advice and fulfilment process from structured workflow, marketing, accounts package and management information. This is where our system stretches beyond the mundane and becomes a true end-to-end solution, relieving advisers of tedious data entry, connecting the process together and ensuring a smooth and superior client outcome.
FR: If you could see one headline about financial services in 2019, what would it be?
It is exciting to see the new functionalities and integrations prevailing within the industry, but headlines should not be about technology as such, but how advisers service their clients, aid retention and deliver great client outcomes. Let’s remember that technology is the enabler, not the disruptor.
Nevertheless, there is a pattern we, and others, are seeing within other industries where those who introduce digital in a harmonious manner, are beginning to gain significant footholds, and in some cases dominate. Therefore, maybe a tempered approach is still about advisers advising and continuing to see great client outcomes, but maybe how digital assists through better engagement, productivity and efficiency.
