CyberHUB
How does your digital client experience stack up
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Speaking at a recent Ensombl PD Day, myprosperity Founder Peter McCarthy said client portals were an effective way to deliver data security and trust but also to deliver a client-led value proposition.
“Powerhouse firms are working backwards from the client experience. A more modern advice experience is what is going to be expected by your clients.
Consolidated logins where customers use one login to access a range of services is now the norm and they have become a common way for people to engage with their service providers, setting the standard on client experience.
According to McCarthy, three years ago, 30% of people were using client logins on their mobile – today it is 72%.
“Home screens are prime real estate. It is not George Street in Sydney or Collins Street in Melbourne, it’s your home screen.”
This makes client portals central to the way financial professionals engage with their clients, with great financial service companies focussing on client experience.
“You will be judged by what they were using before they logged in to your portal,” said McCarthy. “Be it Spotify, Uber or Instagram, a more modern experience is what is going to be expected by your clients.”
How does a client portal drive value for a client?
Finura Joint Managing Director Aron Satchell said client portals also provide a client-centric solution for the storage and delivery of advice.
“Advice offices were process driven but now they are thinking of the client first and what does the client actually want? This leads the conversation to client portals.”
But client portals have another important function – data security. Integrating client portals assists in the safe delivery of information to the client but as Satchell notes, it is important they don’t add complexity to a client’s life. “How can we use a portal to deliver advice in a digital way without creating new passwords – think banks, MyGov, and the ATO.”
Already, privacy regulation in the UK has meant financial professionals have had to find more secure ways than email to communicate sensitive information, and now this is becoming increasingly recognised as an area of focus in Australia.
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It’s time to transition to client portals – A case study
Client portals have enabled Centrepoint Alliance’s adviser network to meet its mandated cyber standard and to facilitate client engagement and security.
Dive into the conversation
The rise of cybercrime
Cybercrime involves activities such as compromising emails and online banking fraud, which according to the Australian Government’s Australian Signals Directorate (ASD), currently make up the top three cybercrime types for business.
The Regulator’s stance on cyber
Although the Australian Investment and Securities Commission’s (ASICs) does not prescribe technical standards on cybersecurity, there is an expectation for licensees to address cyber risk as part of their AFS licence obligations, including risk management.
Mandating cyber change – A case study
With cyber now listed as a major risk for the company, client portals have enabled Centrepoint Alliance’s adviser network to meet its mandated cyber standard and to facilitate client engagement and security.
Letter box versus inbox – security does differ
Two decades ago, important documents were sent in the mail and stayed in our letter box until we collected it, but this has been replaced with email and cluttered inboxes, leaving it prone to cyber security threats.
Cyber threats – Current response from financial professionals
Despite financial professional’s concern over cyberthreats, most have not acted fast enough and taken advantage of the appetite for change and the tail winds provided by government websites, cyber campaigns and media coverage.
Cyber resilience and its application
Over the past decade, Government and regulators have built a framework of governance for businesses to provide them with a structured approach to cyber-incidents and accountability.
Cyber security quick wins – Tips and techniques
Developing a cyber risk management plan takes some time, but there are some strategies that financial professionals can put in place while it does this, including multi-factor authentication and protecting domain names.
Trends from the US – What does this mean for your business?
Research in the US by Adviser 360 has found advice businesses that fail to invest in technology solutions to be more productive and better able to satisfy their clients, run the risk of being left behind.
How does your digital client experience stack up
Consolidated logins where customers use one login to access a range of services is now the norm and they have become a common way for people to engage with their service providers, setting the standard on client experience.
It’s time to transition to client portals – A case study
With cyber now listed as a major risk for the company, client portals have enabled Centrepoint Alliance’s adviser network to meet its mandated cyber standard and to facilitate client engagement and security.
Imagine the possibilities – Key benefits of client portals
Client portals are fast emerging as a core capability in nurturing safe and secure collaboration between clients and their financial professionals.
Whole of wealth approach with client portals – A case study
An early adopter of client portals, Sherlock Wealth’s Owner and CEO, Andrew Sherlock, said it’s an integral piece of technology that his business uses with many of its clients.
Break the reliance on email – Together, we can make a difference
Financial professionals, as trusted advisers, can take a leadership position in ensuring data security with their clients, leveraging client engagement to provide them with a reason to do it.