The future is full of investment opportunities. Literally. In fact, many people reach long-term goals of financial stability through sound investment strategies. But what happens if back-office processes put a hiccup in those plans? Clients that look to expert firms to dispense wealth management advice never go into these relationships with the expectation that they will be worse off than when they began the partnership. In some cases, generations of family members, close friends, and community organizations are relying on the execution of investment strategies by professionals to help wealth grow.
Financial advisors develop client relationships for years to establish a sense of trust and mutual respect. For back-office errors to put this connection in jeopardy threatens their reputation as a knowledgeable repository for a client’s financial concerns and goals. Conversely, back-office staff members are often faced with mountains of digital paperwork, multiple systems, competing vendor platforms, and individuated processes that lead to inefficiencies and confusion. A solution must be found.
Docupace has designed its system to benefit both the front-end advisors and back-end superstars that ensure wealth management is a source of… well… wealth for all clientele. Eliminating operational hurdles allows finance professionals across the spectrum to get their jobs done quicker, simpler, and more consistent with the changing needs of the industry. Quality elevation, enhanced product offerings, and a focus on customer experience allows Docupace to provide solutions for back-office staff and support them in embracing their real identities: #backofficeheroes.
Automate Back-Office Processes
One way to help back office employees succeed is through automation. PwC embarked on a digital transformation to build automation into transactions, password resets, and documentation processes. Not only does it save on manpower, but investments in automation allow for additional cost savings that can fuel back into other digital transformation efforts.
For example, the right software tools can actually empower back-office workers to build their own automations. Machine learning capabilities help employees create processes and improve upon them over time. This culture of “citizen-led digital innovation” is one that Docupace encourages through its software. Being able to design individual processes that work for everybody allows for better and more instructive data collection and iterative feedback. According to PwC, the company ultimately saved 160,000 hours in 2019 because of enhanced automation adoption.
A key point to keep in mind when embarking on increased automation is to consistently track and evaluate the performance of your new adopted solutions. McKinsey found that many companies lacked the ability to effectively manage risks and returns related to automation in the back office. Docupace can help in this space by combining all relevant documentation and other oversight processes into one master system. Having a singular platform that serves as both a data repository and an evaluation tool for automation efforts is integral to successfully improving the work lives of back office staff.
Evaluating the risk of bias or error in documentation, formula implementation, output accuracy, and security allows back-office teams to determine whether automation solutions work well for them. In conjunction with an automated solution like Docupace, back office teams can also implement issue management processes to help resolve problems in the workflow.
Adopt a New Workflow Methodology
Digital solutions can also aid back-office staff in adopting flexible, iterative strategies. Efficient technology solutions like Docupace allow offices to meet business needs faster and at a less expensive rate.
One way to become more adaptable is by taking a page out of the tech world’s development playbook. Many tech companies – big SaaS brands and small businesses alike – have adopted agile workflow methods that rely on a scrum framework. The idea behind agile methodology is to organize work into short “sprints” that allow for feature releases, user feedback, and strategic pivots within a short time frame. PwC added agile to its digital transformation process and actually trained everybody within the organization, regardless of their job role, on the practice. Repositioning the way people think about their work and hitting deadlines allows for faster responses to client needs and more creative thinking.
Although tech companies clearly have different audiences and business needs than wealth management firms, your organization might be surprised at how well agile methodology can be adapted for its workplace. Docupace supports and enables agile methodology and can help provide the cloud storage solution your team may need to adapt in this way. At the very least, starting an open dialogue between back-office heroes and the IT department champs is never a bad thing.
Your Superpower is Your People
Finally, Docupace encourages all our partners to invest heavily in the people that populate your back offices. Upskilling programs are a great way to offer on-the-job training as well as career advancement opportunities for employees. These types of programs also benefit your organization as they increase technical efficiency and problem-solving amongst your staff.
In a 2020 study, Refinitiv found that 65% of survey respondents in the finance sector believed that operational scale was highly important. These findings mean that more likely than not, your back office employees will be supportive of initiatives that give them the tools and skills to complete their jobs more quickly and sustainably. Visibly committing to the success of your organizational team by investing in new back-office digital solutions shows loyalty and also reinforces the importance of such employees in your business model.
Rather than dealing with paperwork, clumsy storage systems, and antiquated processes, new technology can alleviate some of the headache your team faces. Docupace can help back-office heroes save time on repetitive tasks, collaborate on better automation techniques, and invest more in client relationships. When you get down to it, teamwork and a “human” touch are the real superpowers of any back-office hero. Bring out those skills by investing more in technology solutions that best support them.
David Knoch is CEO of Docupace a solutions provider focused on digitizing and automating operations in the financial advice and investment industry. David currently serves as the Immediate Past Chair of the Financial Services Institute (FSI) Board of Directors and has been voted one of the 25 most influential people in the Investment Advisory industry two years in a row – 2018 and 2019.
