Upgrading the technology in your wealth business? Ask yourself these 7 questions first

In wealth technology, the race for a unified customer experience is on. Getting ahead of that can give you a serious competitive edge. Getting it wrong? That’ll see you losing time and wasting millions before you’ve made a single customer any happier.

So how do you choose the right technology and make a success of rolling it out?

Before you jump into anything, ask yourself these 7 critical questions.

Is your customer at the heart of your technology?

Your wealth business is all about people. Your customer is at the centre of everything you do, so why shouldn’t they be at the centre of your technology solution? Having access to client information in real time helps you to more effectively service your clients, strengthening your customer relationships and even capturing a greater share of wallet.

Does it run your entire business?

Your business probably runs on a number of point systems that each serve a purpose. What if you could have a core operational hub connected with best of breed apps to deliver an integrated solution to run your whole operation? In addition to improving operational efficiency, great wealth technology should also help you drive growth with 360-degree analytics. Whether it’s reporting on productivity, sales performance or workflow, total visibility over your business is critical.

Is it industry specific?

A solution purpose built for the wealth sector has been shaped for the needs of your business and your customers. This has profound benefits when it comes to implementing and scaling new technology as it can remove unnecessary complexity and save you time and money. Consider the information that you need to capture or access, common tasks and required processes – Your chosen technology should be able to speak your language and do everything you need it to.

Is it highly configurable?

It’s one thing to have a solution built for the wealth industry, but how do you make it a perfect fit for your business? It’s critical that your wealth technology is highly configurable with clicks, not code. (Beware of “customisation”, which typically means someone writing a lot of application code that you then own and need to maintain!) Configurability gives you not just the ability to make your technology work for you now, but allows you to adapt to future needs as well.

Does it provide rapid time to value?

Any software implementation is going to take some time to deliver its full value to your business. However, the time it takes to realise these benefits shouldn’t be excessive. Contemporary, highly configurable wealth technology can be up and running in weeks or even days. And even in complex businesses, you should be aiming for your phase 1 rollout in 3-6 months. Understanding how quickly your technology yields results is crucial to winning over your senior management team early.

Does it balance innovation and robustness?

Truly innovative technologies are more accessible than ever before. However, being in a sensitive and highly regulated industry, wealth businesses need to ensure they make a reliable and reputable choice. Balancing cutting-edge innovation with blue-chip reliability is a challenge, but it’s not impossible. Look for solutions that apply creative thinking on proven platforms. These days you can buy innovative apps and user experiences on enterprise-grade infrastructure, giving you the best of both worlds.

Is it scalable?

As the industry grows and your business grows with it, your technology must keep pace. You don’t want to outgrow your technology with every future success, so scalability is paramount. As your operation expands, you will be processing more data, have more users across more location and over many devices. Your chosen technology must be able to handle this without hiccup.

What all this means for you

If you answered “no” to any of these questions, take a moment to consider whether your technology choice is the best one available. You deserve a solution that ticks all the boxes and your future self (and business) will thank you for it.