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Andria Reid
Change Director, The Openwork Partnership
We give people a new workplace technology, but we don’t always show them how to adapt their processes to leverage that technology.
How will the culture of financial services organisations need to adapt to the increasing use of digital platforms and services?
Our partners and advisors understand they need to embrace digital technology to be able to grow their businesses, they see the changes that digital technology is making in other areas of their life. They’re seeing competitors using digital more, and their clients are expecting to see that shift.
We give people a new workplace technology, but we don’t always show them how to adapt their processes to leverage that technology. We end up using a small fraction of new technology because people are inclined to stick to what they know. It isn’t enough to know this gives them more, it’s about getting people to see that they need it.
There is still an element of denial. The million dollar question is when will your people be ready to embrace change. I think there was a fear with our advisors that this would replace what they do, and that’s not the case. The human touch is still vital, and advisors still have a role, and they have the ability to influence what that role will look like.
How have client behaviours changed in your industry over the past three years and how has that impacted your organisation?
Clients expect increased efficiency, and if there are inefficiencies in a process or something is poorly designed, it’s easy for them to disengage and go somewhere else. As an industry we see less loyalty from customers, who want things to be easier and faster.
We have increased our pace of delivery, moving away from something taking six or 12 months and towards a more continuous model of change where small changes are delivered more frequently. That faster pace requires higher engagement, and we have worked to improve communication and engagement. It’s a positive change because people are more welcoming of small changes, and by taking on smaller projects, the quality of software being delivered is higher.
We have increased our pace of delivery, moving away from something taking six or 12 months and towards a more continuous model of change where small changes are delivered more frequently.
Analytics is a core part of the roadmap, because organisations cannot be technology led if they aren’t also insight-led.
What role does data analytics play in your technology roadmap?
Analytics is a core part of the roadmap, because organisations cannot be technology led if they aren’t also insight-led. Data analytics plays a critical role in helping drive insight into customer needs and how organisations can deliver more value to end clients.
We are working towards building a data lake that will deliver the rich data and insight we need to best serve clients. However, we aren’t looking to spend a year building something big. Instead we are working on delivering smaller models that we can test, using a ‘fail fast’ model. We have already launched and tested one model this year, and we have three more models ready to go. This means when we do launch the data lake, we’ll have working models that will drive value immediately.
About The Openwork Partnership
The Openwork Partnership is one of the UK’s largest and longest established financial advice networks in the UK. With more than 4,200 advisors based in nearly 700 firms, the company supports clients to deliver better outcomes, brighter financial futures and more moments that matter.
Sponsored by
Assured Thought is a quality assurance and software testing company for financial services firms in the UK, Europe and beyond.
With the right QA testing strategy, access to the right tools and resources, and the support of high performance specialists, you can accelerate the growth of your business and reap the rewards in a complex world.
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