"From a business standpoint, there is more than one way to maintain relationships and better service the needs of your clients, or in our case, users."
Video conference calls have and will continue to serve a real purpose, and in fairness they have proved crucial during the most challenging times from a customer, workforce and personal perspective. However, from a business standpoint, there is more than one way to maintain relationships and better service the needs of your clients, or in our case, users.
Establishing a strong relationship is centred around many different aspects, especially from a tech focal point. Inevitably, communication does play a huge part in this. But so too does knowledge, confidence in the product/service, adaptability, service, transparency and reliability. The pandemic really has demonstrated just how much people rely on clarity of information, advice and guidance from experts in their field. This engagement and communication process has not exactly been seamless from the government but this is not the platform to dig too deep into this. The point I am trying to make is that people and businesses really need to know who and what they can rely on from a human and tech perspective.
This reliance was highlighted in research from Zurich which suggested that Covid-19 was driving further demand for financial advice, with a sharp focus on mortgages and protection. It suggested that nearly a third (29%) of advisers surveyed reported more demand for their services with a majority (67%) saying this was for mortgage advice, followed by that for income protection (39%) and critical illness cover (36%). Conversely, demand for services including retirement planning and wealth management had both fallen for 38% and 34% advisers, respectively.
When asked about their relationships with customers, nearly a third (32%) of advisers agreed that these had strengthened through the pandemic, though more than half (52%) disagreed with this statement. This may suggest that general disruption and widespread changes to policies is impacting on service levels alongside the inability to meet clients face-to-face. However, relationships with providers were seen to have improved for 75% of advisers.
All relationships have been tested over the past 12 months. As a tech provider, we have concentrated on getting even closer to our users and lenders to ensure that we remain the best partner for their business. To the same extent, advisers need to embrace technology to demonstrate how they are adding value and better servicing a wider proportion of their clients’ needs in a more efficient and effective manner.
These are challenges that existed in a world before Covid-19. Although the increased reliance on technology combined with the lessons learnt over the past 12 months should help stand advisers, lenders and service providers in good stead when it comes to finding the perfect relationship between technology and the human touch going forward.
