Technology should be an enabler; if it’s not making life easier and work practices more efficient, then it’s just a distraction that could be done without.
While the office continues to be the primary place for advisers to hold client meetings, the rise in mobile technology has enabled financial advisers to remain informed and connected while on the move or meeting clients at their homes or offices.
Last year, global smartphone sales surpassed traditional mobile phones for the first time, with more than 1bn smartphone units shipped during 2013. Roughly 60 per cent of the UK population is estimated to own a smartphone, 31.7m users, with Apple’s iPhone securing little under half of all UK market share.
This is followed by Android at approximately one-third of market share and Blackberry with just 15 per cent. The mass uptake in tablet computing has been even swifter. Since Apple launched its first iPad in 2010 one third of the UK population now uses tablet computers, with predictions that by 2017 more than half of the UK population will use one regularly.
Go-anywhere documents
For busy advisers, smartphone and tablet applications (known as apps) put a portable office in their pockets. 1Password, LastPass and other secure password managers that are installed on desktops banishes the tedium of memorising the myriad passwords generated by modern life and the app versions prevent any password lockout while out and about.
Client documents and company brochures can easily be shared using cloud software storage, such as Dropbox or Evernote, which also offer app access. The Google Drive app is another way advisers can stay productive while out of the office. It allows advisers the ability to seamlessly transfer and edit files from PCs to tablets, as well as offering users similar functions to Dropbox, such as file sharing and a hefty amount of free cloud storage.
However, some fear that convenience is the only silver lining to using cloud-based IT services, due to data security concerns. A survey by Capgemini, the consulting group, revealed that 63 per cent of financial services companies already trusted the cloud with their data, though fear of a security breach was also the top reason given for preventing cloud uptake. RBS has even suggested the industry needs its own “financial services cloud” to lessen risks.
Appy days
Adding the legally required identification documents for new clients to these secure cloud storage sites or for transfer once back at the office is made simple by apps such as Genius Scan, which quickly scans documents with one click (like taking a photograph) and emails them as a jpeg or PDF with multiple pages. Meanwhile, SignEasy allows users to sign documents (PDFs, Word, Excel) and fill in forms from smartphones and tablet devices.
Business card apps, such as CamCard (which uses text-recognition software) or LinkedIn’s CardMunch (which uses human transcribers for increased accuracy) instantly transfer business card information into your device’s contacts and, with CardMunch, provides a hyperlink to the contact’s LinkedIn profile.
In terms of business functionality, there are an array of apps that can put detailed stockmarket information at advisers’ fingertips, help them calculate client tax liabilities, or even manage client portfolios on the move.
Some fund providers have also launched apps with advisers in mind, offering live fund prices, performance data, interactive charts and market insights. Push notifications, when used sparingly, provide personalised alerts from instant breaking news on topics, whether they are stock prices, indices movements or breaking industry news.
Anna Lawlor is director of Social i Media
