One thing’s for sure - business isn’t what it used to be…
It has been argued (both within the financial industry and outside) that networking via technology has caused the industry to slack on the personal element of doing business. Gary Bailey of Blemain Finance believes that professionals should not forget how vital ‘the human touch’ is to the customer experience, adding that training and competency should go hand in hand with the advances of technology. “…One simply can’t work without the other,” he said.
However, once you know how to utilise technology, the benefits can be as endless. Sean Mansfield Chartered Surveyor of London Surveyors & Valuers Ltd said that on top of using technology to advertise, showcase its website and do most of its daily research, most of its client interaction is through e-mails. Sean added that technology has helped with communication, “especially where clients are unable to communicate by telephone. Our reports can be emailed to clients in the first instance followed by hard copies in the post, so it has reduced turnaround times,” he explained.
Sean added that social media sites have helped expand its brand awareness in order to constantly get its name and brand displayed to its clients. “Company news can be shared instantly,” he commented, however he doesn’t believe interaction stops at Twitter or LinkedIn. “Whilst we aren’t old fashioned, we do prefer to speak and meet our clients which cannot be replicated on social media.”
As well as boosting communication to a wider audience, social media can also be used to heighten public awareness about a company. Second charge brokerage Y3S recently released a video on YouTube (currently featured on Loan Talk) about the reasons of taking out a second charge loan. Not only was it educational and helpful to the viewer, but it also gave a comedic personal element, batting the ‘human touch’ argument out of the court. Just check out that spandex.
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LetLinks is a company that solely relies on using technology to do its business, Graham Pyle admitted that it makes communication instant and convenient. “Social media sites allow us to get our message across instantly to literally thousands of potential users,” he told Medianett, adding that the convenience of this is also the most cost-effective, resulting in a healthier bottom line profit margin.
Graham added that speed is one of the biggest benefactors of social media. “…plus it means anyone today is able to find suitable suppliers or service providers to get any kind of job/ work done by qualified professionals, at a realistic price,” he added.
Mark Jones of Omega Commercial Solutions Limited believes that the best thing that has come from technology is communication, where in particular, it has vastly improved speed and efficiency. "Modern businesses cannot survive without IT," he concluded.
As well as improving wider reach and speed, bespoke technology can also increase transparency and help businesses launch into different markets. Gary said: “By implementing bespoke technology in recent years, we’ve been able to make the customer journey more transparent, because each case can be so different, our brokers need to be able to view details relating to funding cases in real time.
“Many financial services companies are now visibly upping their investment in technology. If utilised properly it can reduce costs, facilitate the introduction of new products, and increase flexibility and customer service, as well as allowing businesses to enter new market areas.
“The popularity and growing use of social media sites in financial services has allowed businesses to speak to their audiences and facilitate two way, transparent conversations. We have a Twitter account which we use to interact with our brokers and keep up-to-date with what’s going on amongst our peers. It also gives us an extra channel of communication to display news and updates directly from the team here.
Gary believes that the enhancement of technology is vital to the financial services industry in order for it to continue moving forward. “It will not only play a key part in improving efficiency but also help to cope with the additional cost of regulation and most importantly, ensure the right outcome for customers,” he concluded.
It may seem scary to initially venture into the social media territory, but it’s clear that the positives outweigh the negatives. It’s time to face the facts and realise that business isn’t what it used to be. Although considering the benefits, maybe that isn’t such a bad thing.
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