Michelle Hoskin, founder and CEO, Standards International, looks at why automation, data analytics, outsourcing, process improvement, digitalisation, and most importantly, employee engagement strategies, are now so important for financial advice/planning firms.
The financial services industry is constantly evolving (statement of the year I know) with new technologies and regulations being introduced on a regular basis. However, in order to stay competitive and meet the changing demands of consumers, businesses must be able to streamline their operations and make the most of their resources.
One of the keyways to streamline operations in the financial services industry is by implementing automation. Automation can help to reduce costs, improve efficiency, and increase accuracy in a variety of areas, including compliance, risk management, and customer service. For example, using automated compliance systems can help financial firms to quickly and easily identify and address regulatory issues, while automating customer service tasks can help to improve the customer experience and reduce wait times.
Another important aspect of streamlining operations in the financial services industry is data analytics. By collecting and analysing data from various sources, businesses can gain valuable insights into customer behaviour, market trends, and potential areas for improvement. This can help them to make more informed decisions, and to identify opportunities for growth and innovation.
In addition to automation and data analytics, there are a number of other strategies that financial institutions can use to streamline their operations.
One of these is outsourcing, and one we often advise to our clients. Outsourcing can help to reduce costs and increase efficiency by allowing businesses to focus on their core competencies, while leaving non-core tasks to specialised providers. This can also help to improve the quality of services and reduce the risk of errors, as outsourcing partners typically have specialised expertise and experience in areas such as IT, accounting, and compliance.
Another strategy for streamlining operations in the financial services industry is to focus on process improvement. This can include using tools such as Lean Six Sigma, which is a methodology that helps organisations to identify and eliminate waste in their processes, and to improve efficiency and quality. By focusing on process improvement, financial firms can find new ways to streamline their operations and reduce costs, while also improving the customer experience.
Digitalisation is another crucial aspect of streamlining operations in the financial services firm, and a journey we are on here at Standards International too. By leveraging digital technologies such as mobile banking, online platforms, and cloud-based services, financial firms can improve accessibility, reduce costs, and increase efficiency. Digitalisation also enables businesses to reach more customers and offer more services, which can help grow the business.
Finally, one of the most important strategies for streamlining operations in any business is to focus on employee engagement, wellbeing and training. By having a benchmark to provide employees with the skills and resources they need to do their jobs effectively, businesses can help to improve performance and reduce turnover. This can lead to greater productivity, better customer service, and a more positive work environment.
ISO 45003, The Wellbeing Standard of Excellence™ does exactly that. This is an international framework for businesses to implement and practice to ensure they are ‘on the money’ when it comes to employee wellbeing and culture. After all, without our people, what would businesses actually look like?
In conclusion, streamlining operations in the financial services industry is essential for staying competitive and meeting the changing demands of consumers. By implementing automation, data analytics, outsourcing, process improvement, digitalisation and focusing on employee engagement and training, financial institutions can improve efficiency, reduce costs, and increase revenue. It is important to continuously monitor and improve operations to stay ahead in the ever-evolving landscape!
