For financial services, this will require smarter ways of understanding the client preferences and needs and being able to show that the available products were suitable for them.
9. Intuitive employer and omni-benefits
Tools and devices will be able to monitor employee performance levels to a much greater extent. The number of wearables and the different data these devices monitor and capture are increasing.
The ability to monitor stress for example, could enable the employer to proactively provide health guidance and treatment to employees. Cognitive analytics will increasingly be used to identify the right talent for the firm, the project and team they are working on.
There are great opportunities for the industry to tap into the data to better understand the needs of clients and to create and adjust solutions accordingly.
While the data on stress, health and wellbeing will be there to assist protection providers with new ways of writing group and individual policies, it does also raise the same questions on trust and use of data for the financial services industry and finding ways to address these issues will become increasingly important.
Summary
In the new world of work, there will be significant opportunities for providers and advisers alike.
However, the digital revolution underpins all of these trends and in order to survive and thrive as an industry, the rate of adoption of technology in financial services and the way it is applied to offer services and products to clients will need to keep up with the pace of change.
Providers that persist with legacy environments, or have outsourced arrangements on legacy environments will find it increasingly difficult to effectively service consumers’ needs.
Natanje Holt is business development manager at Bravura Solutions
