It is important to rethink client engagement using smart technology.
In today’s mobile world, the Smartphone is the ‘glue’ that binds people and information, businesses and their clients together.
Having replaced computers for internet use, two thirds (65 per cent) of all adults now use a smartphone to go online, according to the 2016 Ofcom report called ‘Adults’ Media Use and Attitudes’.
There can be no doubt that the business world is changing because of the rate of mobile adoption and in its’ latest publication on ‘Smarter Communications’, the FCA argues that the time is right to take a fresh approach as ‘consumers are engaging with new communication technologies, leading to fast-changing habits and preferences.’
Developing trust in business is a complex process that can take years to achieve – and be lost in seconds.Mobile technology is a tool for business to leverage in a similar way to websites 10 years ago. Today there is a clear preference for accessing content through apps rather than browsers and Smartphone users now spend 90 per cent of their time within an app.
Creating a custom app for your firm harnesses the power of mobile technology and shows clients that you are interacting in the way they prefer. With an app, it is possible to tap into your clients’ lives in a way that until now has not been possible.
Every time the owner opens his or her smartphone, your firm’s icon is immediately visible and it provides an easy and effective way to reinforce your position as a key business adviser by bringing all information, portfolios and data into one easily accessible place.
With the growing threat of scam emails pushing all professional firms to find more secure ways of communicating with their clients, an app offers a more trusted method for interaction. All messages take place within the app, which ensures the client knows that any message has come from you and not someone claiming to be you.
These push notifications’ are created easily and sent to the client’s Smartphone instantly and our own research shows that they are always read, with a 93 per cent open rate.
These advances in mobile technology have a huge role to play in increasing the accessibility of advice for consumers, according to the Financial Advice Market Review 2016, produced by HM Treasury and FCA.
Developing trust in business is a complex process that can take years to achieve – and be lost in seconds. But once secured it provides the ultimate competitive advantage. An app can help cement relationships by becoming the go-to anchor point in the always-on, mobile world.
Whenever the client needs information on his portfolio or wants to use one of the many useful tools included, the adviser is literally just a tap away – even when the office is closed. Only today, it goes much further than that.
The app is not just a symbol of modern thinking; it’s a tool that has a key role to play in reducing the cost of advice and developing new ways to engage consumers. It’s this ease of accessibility that is helping professional firms to ‘lock-in’ their clients’ loyalty.
Joel Oliver is chief executive of MyFirmsApp
