Aligning business with technology can be daunting. The ever-present drumbeat of advancement can be hard to keep up with, particularly in the face of institutional inertia.
But, implemented well, digital technologies like cloud development, FinTech solutions, and digital asset systems, can represent a real opportunity for all financial businesses big and small. They can help keep ahead of client expectations and meet them more cost-effectively.
The key to digital success is embracing an operating model in which business and technology are aligned and unified. Technical communicators can help by making sure business executives and technology leaders understand one another.
Perspectives may differ, but effective technical communicators can ensure that all teams are aligned on desired outcomes, which can include:
- Retain clients.
- Provide better margins to existing lines of business.
- Build new distribution channels for both existing and new clients.
- Increase market reach.
- Target new revenue sources.
Many of the problems that new technologies can solve are ones that less efficient business models have yet to consider. Canright communications consultants help clarify the problems and potential solutions.
We focus our business-alignment assignments on three primary technology themes.
1. To survive, become technology-focused and evolve quickly.
In short, technology focused on solving business problems will be the differentiator for asset and wealth managers. Investing in technical talents, such as data scientists and high-level developers, will remain important. Adopting digital and cloud technologies is important as well.
2. To become more efficient, tie specific technologies into broader processes.
It’s imperative for technology to provide workflow and cost efficiencies to all business and product lines, especially as today’s regulatory environment changes compensation patterns in advisory firms.
Technical challenges lie in rationalizing hardware systems, software interfaces, and data models. Too often, the focus on “legacy systems” leaves out data models and data quality.
3. To thrive, stay a step ahead of your clients.
Clients today want asset and wealth managers to anticipate their needs, to know what they need before they ask for it. That will make the difference in retaining existing clients and winning new business.
Technology can help businesses stay a step ahead. Business models and technical systems must be able to adjust and adapt to quickly changing markets.
Support for the front lines of the business is important as well. For all the things automation can do to reduce operating costs, for instance, the heart of the business still comes from personal contact.
Technology that makes this happen may go beyond what’s comfortable for both business and tech organizations. But with proper alignment, it’s possible to stretch while maintaining the security and trustworthiness that forms the bedrock of all businesses.