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How to adopt fintech seamlessly
Change can be daunting, especially if that change means adopting a new fintech system. The key for advisors is to focus on training and learn how fintech can benefit their practices, explain experts at Croesus.
“Advisory firms need to prepare users if they want high adoption rates,” says David Mastroberardino, Product Director at Croesus. “In our surveys, we’ve seen there’s a direct and positive correlation between training and user satisfaction—the more they know, the more they’re satisfied with the application. It’s important to prepare users not only for the technology itself, but also for all the changes that come with it.”
To help advisors adopt new technology, Croesus offers a grassroots, hands-on approach through its Client Service Center (CSC).
“Every time we implement a new version or feature of the application, we offer users support,” says Jonathan Lupien-Gougeon, Team Leader, Client Service Center, at Croesus. “We have an analyst who works exclusively on testing with users. The testing phase can take weeks or months, but we better serve our users by teaching them how to use the new feature.”
“It’s important to prepare users not only for the technology itself, but also for all the changes that come with it.”
David Mastroberardino, Product Director at Croesus
In fact, CSC staff will go to the advisory branch and demonstrate how the application works. This often leads to one-on-one discussions between the Croesus expert and the user—whether that’s the advisor, assistant, or branch manager.
“Users receive tailored training,” says Mastroberardino. “During learning sessions, we actually sit next to the advisor; we’re in their space and comfort zone to see their realities. We answer any questions they have so they can get the benefits for their specific business.”
And learning doesn’t stop there. Croesus offers various online webinars, which allow users to learn at their own pace.
Past topics have included creating a relationship in Croesus, generating reports, and rebalancing portfolios. Webinars have also taught advisors how to create mail merges for holiday cards, for instance, or what investors need for RRSP contributions.
The webinars are typically 40 minutes and offered over lunchtime. But, adds Mastroberardino, “we share the recordings with firms. So for those who don’t or can’t attend, they can view the webinars at their leisure. And if they don’t understand something, they can replay it and watch it again.”
Croesus CSC also helps head-office users. While these executives might not log on to the application, from a business aspect they still need to understand the system.
Croesus was founded in 1987.
Today, the firm has 15 employees in the Client Service Center (CSC): 13 in Montreal; two in Toronto.
Each CSC employee is dedicated to one client, allowing a tailored approach to customer service and building an exclusive relationship between the client and the employee.
“We help them with the adoption and training for all users,” says Mastroberardino, adding that once “users are at ease with the technology, satisfaction goes up.”
And since fintech can be intimidating for some users, Croesus offers a simplified approach by delivering new technology in small batches.
“[This] forces us to develop more valuable items,” adds Mastroberardino. “At the end of the day, we need to help these people. Delivering in small batches more frequently helps.”
“We really see our relationship with the client as a partnership, so we tailor our approach to every client based on their needs.”
Jonathan Lupien-Gougeon, Team Leader, Client Service Center, at Croesus
Lupien-Gougeon says, “We’ve dedicated resources to each of our clients, so when [users] call, they always hear the same familiar voice. This also builds trust between our staff and the support staff of the client. We really see our relationship with the client as a partnership, so we tailor our approach to every client based on their needs.”
Three tips to implement fintech
- Know the benefit. An advisor needs to want change and to understand what the benefit is. It could be automation of a process, such as no longer using spreadsheets or printing out task lists.
- Start small and tackle one item at a time. Choose to automate something that doesn’t affect your business before making the transition to something that does. This will also help you get over any automation fears.
- Speak to your peers. Many advisors have technology deeply embedded into their businesses. What steps did they follow? How did their businesses benefit? Are there pitfalls you can avoid? If you see one of your peers having success, it might ease your tension.