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Optimising digitally can let brokers focus on advice – Hyland

by: Colin Dean, director of digital transformation - financial services and insurance, at Hyland
  • 16/08/2019
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Optimising digitally can let brokers focus on advice – Hyland
In this maelstrom of technological change, intermediaries must find a way to remain true to their core values and customers, while ensuring they remain relevant, competitive and profitable.


Too many businesses are failing to address their digital deficit, by allowing the organisation to operate at less than maximum efficiency or not creating additional value from existing technology investments.

By optimising existing systems, the emphasis is on developing a state of readiness and efficiency, which ensures new platforms and working practices can be introduced, without radically changing the business model.


How to optimise

The process of optimisations starts by identifying aims – what does the business want to get out of its use of technologies?

Once the aims are clear, all systems can be integrated into a modern single enterprise hub system that will be tailored to address those needs.

Full, controlled access to data by people and technology is essential.

A holistic approach should also be instilled in the working culture: client information must always be updated and shared with colleagues immediately because you never know when a customer will call back.


Remove multiple formats

Digital optimisation creates a focus on using technology effectively.

For example, a digitally optimised broker business won’t have data filed away in formats that are hard for staff to access, on different IT systems, or in legacy spreadsheets.

Instead, all customer and mortgage market information will be available through a single information hub, with staff able to view everything they might conceivably need to deliver excellent service, on a single screen.

This centralised approach to client and market insight helps comply with regulatory and security standards, and ensures that customers are provided with accurate and timely information.

Digital optimisation ensures that all IT is working for the humans in the business, not vice versa.

This is the key to maximising value, as it allows staff to offer their best service to the client.


Final stage

A centralised, optimised approach will also be essential if a new generation of intelligent systems are to be integrated into the technology mix at medium-sized enterprises such as mortgage brokers.

However, that is a final stage and not the immediate goal of digital optimisation.

Only once the business maximises its efficient use of current systems can it consider automating the tasks that are time consuming but simple; and it can think about what new technologies can improve the business and help deliver value to clients.

A digitally optimised broker will always seek to incorporate any new additions into its existing ecosystem and service mentality, rather than attempting a fundamental technology overhaul every few years.


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