Heard it many times – “The most important thing is my relationship with my clients. Nothing else matters.” or “As long as the portfolios are performing, no one really pays attention.”
The truth is that technology is advancing at a frightening pace. Technology has already changed how we correspond with one another, buy things and even how we travel from place to place.
It is about to change the face of finance.
Robo advisors, large financial service firms, banks, robo planning firms are all aggressively trying to take market share. While they may not yet have a large share of the market, it would be unwise to ignore their impact.
Technology is such a broad term that it’s a challenge just grappling with the topic.
I will try to break the technology topic into 3 broad categories:
- technologies that establish a firm’s identity like web sites, email and social networks
- systems that help measure and manage the firm’s business like Enterprise Resource Panning (ERP), finance, billing systems
- technologies that maintain legal, regulatory and financial records in a secure and stable environment like document management systems (DMS) or archiving systems
I will discuss these categories in future posts. My goal in this post is to set the groundwork for a constructive approach to wrestling with the issue of the best use and types of technology for your firm.