Digital Transformation of Financial Services in Ireland
I’ve read a number of articles over the last 6 months discussing the rate at which we all had to use new technology to meet our needs during quarantine. Utilitsing technology is a topic I’ve been “championing” in the O’Leary Life office since I started in 2018. My prior financial services experience was in the US where digital processes were much the norm -physical paperwork was something I was not used to. I was confused -Ireland is tech hub, banks and the vast majority of brokers were simply not adopting any of the readily available resources.
I became the annoying American implementing digital signatures and fully digital proposals -I was pestering providers to help in the digital process with reluctant response. Insert COVID 19 and life companies suddenly had to embrace technology. Thankfully, I had (annoyingly) implemented digital processes that allowed our office to continue serving clients without interruption. Fortunately, using digital tools (for the most part) isn’t rocket science and everyone else quickly learned how to use Zoom and e-signature software to carry on even without prior implementation.
My initial hurdle when suggesting change pre-Covid was that clients simply didn’t want to, or weren’t tech savvy enough to correspond with digitally -I fought that idea tooth and nail, it is my opinion that our industry had (and many still have) a disconnect with their client base and do not realise one of the biggest obstacles to business is the archaic way we operate -people do not want to take time off to come into our office multiple times to discuss pensions, investments and life insurance. And why would they? Technology cannot replace experiences but that is not the business we are in.
Our clients are busy, most people want to read, research and discuss financial matters with their partner in their own time. Our digital process is about providing professional advice without the hassle -something that will continue to evolve to suit client needs. Digitalising our process does not mean taking a hands off approach, or creating call centres where clients have no set adviser. Brokers can use technology to more efficiently offer the same high level of advice we always have.
Now that we (as an industry) have been forced to embrace change, we should continue with a client led approach -how do people want to interact with us? How do we ensure their needs are met? What is working and what isn’t?
For us, this has meant a broad digital approach:
Introducing video conferencing with clients and various life company representatives to stay connected
Offering appointment booking on our website, you can schedule a call from home at an hour that suits you
Fully digital proposals for all policies where compliant (a small few documents are excluded)
Digital issuance of policy documents, particularly important with mortgage protection or tax certificates (not replacing the hard copies)
An open approach where someone can interact by phone, online, in person or all of the above depending on their preferences
Ensuring that any digital format we use is tested and user friendly, if you can use email you are set (no apps to download, no complicated tools)
Starting a blog with topics that aim to address regular queries and market updates.
The reduction in time and paper not only improves operating costs and client satisfaction, it is environmentally friendly. It is hard to say how many will continue to carry on their new habits, but I will certainly continue to push for the advancement of technology in financial services in a post-Covid world.
Queries or feedback on the above? Contact me anytime.
Rachel O’ Shea, Senior Consultant & Protection Manager