Your IndustryJul 1 2021

How to use tech to optimise a hybrid office

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How to use tech to optimise a hybrid office
Credit: Anna Shvets from Pexels

In an era of social distancing, video calls have become the next best thing to face-to-face interactions.

As many office workers expect to be based in the traditional workplace again on at least a part-time basis when lockdown fully lifts, a hybrid working model in the long term will enable video calls to complement, rather than substitute, in-person meetings.

A client survey in March by Quilter Private Client Advisers even found four in five (80 per cent) felt that all their financial planning needs could be covered remotely.

An ‘omnichannel’ approach

Video calls are therefore likely to remain a popular way of communicating as part of a successful hybrid working model.

Julie Best, qualitative researcher at NextWealth, says: “Certain types of client meetings – for some it’s the annual review, for others the initial goal-setting conversation – are felt to be best suited to meeting face to face, as well as the more emotional and in-depth conversations following a divorce or a bereavement.

“For mid-year check-ins and updates, those conversations can happily move to Zoom or Teams.”

Nick Eatock, chief executive of software provider Intelliflo, says an outcome of lockdown has been awareness within the industry that communication should be ‘omnichannel’, whereby clients can choose to interact with their adviser in different ways at different times.

Eatock says: “Sometimes clients want an urgent conversation, sometimes a catch-up, sometimes a full review and sometimes they just want reassurance – and technology apps like Zoom and others are enabling this.

“By allowing clients to engage in the way they want to, and tailoring contact through different channels based on client needs, then ultimately advisers are delivering a service that’s both meaningful and accessible to them.”

Richard Phillips, consultant at Altus Digital, agrees that the ways advisers can be contacted will need to match client preferences.

But Phillips also highlights the importance of consolidating all communications in a single platform, such as a customer relationship management system, to record activity sent via multiple channels.

Indeed, in January the Financial Conduct Authority warned that use of apps such as WhatsApp can “present challenges and significant compliance risks, since firms will be less able to effectively monitor communications using these channels”.

The regulator added: “Firms will need to ensure that, if such apps are used for in-scope activities on business devices, they are recorded and auditable.”

Optimising a hybrid model

Michael Pashley, training and knowledge manager at support services business SimplyBiz, points out that apps such as Microsoft Teams and Zoom provide a way to record client meetings, alongside many of the benefits of face-to-face advice at a fraction of the cost.

Pashley says: “These apps may make the financial planning process cheaper and more efficient, with greater protection in place for firms.”

Adam Flowers, research consultant at information hub AdviserSoftware.com, says apps such as Otter can offer automatic transcripts.

Flowers says: “This is an embedded function within Zoom, which uses an integration with Otter.ai to provide this. To set expectations realistically, these are currently some way from perfect, but they are improving all the time. Auto transcription certainly offers a good foundation for producing a detailed transcript.”

Tools such as screen sharing also enable video calls to be more than just a visual phone call.

Rory Gravatt, a consultant at Altus, says: “Zoom calls with cash flow planning tools can be very interactive, almost more so than face-to-face, as the customer can interact with the tool in their own personal space whilst under the instruction of the adviser. This is a real step forward in bringing customer engagement from virtuality to reality.”

Without the need to meet in-person for interactions that can take place over a video call, the ability to work remotely has also encouraged a rethink of maximising face-to-face contact as an opportunity for collaboration.

Liese Lord, managing director of consultancy The Lightbulb Tree, recommends introducing workflow systems, such as Asana and Trello, to help manage projects and client work in a hybrid environment.

Trello users, for example, can use boards to visually break projects down into multiple stages, as well as create separate tasks with checklists and deadlines, to help manage work between individuals.

Expanding online capabilities

While professionals flocked to services such as Zoom at the beginning of lockdown, Flowers at AdviserSoftware.com suggests exploring alternatives to mainstream video conferencing tools for the long term.

“Specialist services like Glia, Unblu and Suitebox can offer an advantage over the likes of Zoom and Microsoft Teams as they have been developed to support an entire client journey rather than just the client meetings.

“Whilst stand-alone services [such as Zoom and Teams] can be used in conjunction with adviser tools, the advantage of using specialist services is they can offer a far deeper integration into the software advisers might have, such as their practice management systems.

“On top of this they have the potential for tighter record keeping where recordings and other documents being shared during a meeting can automatically form part of the client record.”

Providers have also been making strides to enable remote processes. According to NextWealth, 17 of 20 platforms accepted eSignatures in April, up from nine in the same month last year.

By December, Quilter had also approved five more digital signature software providers for use by advisers.

NextWealth’s Best says: “A big shift for advice firms has been trying to go paperless as much as possible and make the client onboarding and client business processing more streamlined.

“Almost half (48 per cent) of advisers now accept e-signatures. That approach supports advisers working remotely as well as being more efficient for the business. So that means an increase in usage of tools such as DocuSign and Adobe Sign.”

According to Eatock, Intelliflo saw the use of DocuSign in its back-office system increase by 1,608 per cent between January 2020 and January 2021.

Eatock adds: “The use of interactive technology such as client portals, where advisers and clients can exchange documents via a secure online hub and engage in interactive co-browsing and video meetings, can also aid the relationship.”

Indeed, Eatock warns that the most frequent type of cyberattack on businesses is phishing, such as messages that appear to be from a legitimate sender and encourage the recipient to click on a link as part of an attempt to obtain sensitive information.

Eatock says: “Training employees to look out for suspicious communications can help reduce the risk of success, and also avoid downloading attachments or clicking on website links unless you are sure you can trust the source."

He adds: “Scammers also often gather intelligence on their target to aid the impersonation, so minimise their chances by being wary of the personal information you and your employees are posting on your company website and social media.”

Chloe Cheung is a features writer at FTAdviser