Many in Australian financial services are carefully balancing the need to remediate and plan for the future.
For any financial services business planning for the future, regardless of what country they are in, the risk is that the outputs of financial advice remain unchanged and defined by legal definition: a document, a product or the number of meetings offered and provided.
These outputs may be evidence of something, but they’re unlikely to meet a client’s expectation of value.
That’s where technology has a greater role to play.
While regtech software is being used by some to speed up remediation, we are also seeing those in financial services increasingly use the same technology to proactively monitor multiple and large data sets. This is allowing a near real-time ability to monitor delivery of advice services and stop payments before they are made where data doesn’t support this.
The monitoring of services promised and services delivered will evolve over time to include many more data points that demonstrate value - such as how many times a client has logged into an adviser’s client portal, what they used and how long they spent there.