Modern consumers have high expectations.

If you run a financial services business, you know how hard it can be to attract, retain, and expand your customer base. You’re almost certainly leaning on fintech solutions to upgrade your service offerings and improve your overall customer experience.

With so many fintech solutions available, businesses have a golden opportunity to create more value from tech investments by determining the best solution combination to serve your business. Avoid adopting unnecessary technology that won’t help you deliver results that make your job easier and services more valuable.

The Benefits of a Comprehensive Fintech Solutions Suite

Many financial advisors, CPAs, investment brokers, and other financial services professionals know that their competitors are using software to improve efficiency and performance.

However, these professionals may not understand how the right solutions can lead to more efficient outcomes and increase revenue or profit potential. Outcome-focused benefits of fintech upgrades can include:

Calculation Automation Utilizing Proprietary and Advanced Algorithms

Retirement income planning can be complex and riddled with uncertainty. When variables are unknown and can only be estimated, manual calculations can be time-consuming and overly simplistic. Algorithmic analyses can handle complex calculations while accounting for different variables and financial scenarios.

Speed and Accuracy in Identifying Optimized Solutions

Through automated financial calculations, financial services professionals can quickly identify the best products and services for their clients, from retirement accounts to tax filing status to Social Security benefits timing.

Straightforward Resolution of Conflicts in Assumptions and Results

Every organization is different, so effective financial tech companies should offer customizable solutions to fit various needs and demands. Fintech experts should also utilize their knowledge and experience to create the proper financial solution for each client.

Improved Business Processes

Financial technology is a valuable tool that can streamline timely processes. Through automation and faster service to clients, financial advisors can reallocate their labor and other resources to tasks that generate more value for the business. The result is increased efficiency, productivity, and revenue generation.

The right technology can help eliminate unnecessary processes that are part of your current workflow (think about all the time you spend in spreadsheets!) to save you time and resources and improve your client experience. Using machine learning, AI, and algorithms to carry out time-consuming procedures can save advisors valuable time, leading to improved productivity. It can also help you gain insight and strategy ideas through trend analysis and other essential data.

Improved Communication and Delivery of Complex Financial Information to Consumers

Using software results, advisors can demonstrate the value they bring to their clients’ bottom line. For example, showing your clients how much the customized strategies you suggest will add to their retirement income strategy. Being able to show clients the impact you can make in dollars and not just "tell" them, speaks volumes for your credibility and expertise. When the graphs and reports you provided to your clients make sense to them, you become a trusted advocate instead of a money-hungry salesperson.

Using client-friendly reporting and graphics helps to establish and build your relationship with clients and prospects, while also helping you understand their unique needs. More streamlined and effective communication is always a win.

Fast and Accurate Identification of Potentially Lucrative Retirement Income Strategies

From strategic retirement contributions and rollovers to optimized distributions and Social Security benefits management, fintech-focused retirement planning and income management software can continually identify new ways to increase your clients’ net retirement income.

Each Financial Practice Has Specific Fintech Needs

Even among financial practices, the best combination of fintech solutions is often specific to your business needs.

While one financial advisor deals primarily with clients already in retirement, for example, another firm might focus its services toward mid-career professionals with jobs, kids, a mortgage, and a longer timeline for retirement planning. Each of these practices faces unique needs and challenges that different combinations of software can solve.

Whether your biggest business challenges are related to customer service, back-end financial services, small business marketing, or other pain points, a unique set of fintech solutions can address these needs and maximize the value of your investments.

Adopting the Right Software Through Covisum’s Product Matchmaker

Want to make your fintech adoption easy and cost-effective? Through Covisum’s Product Matchmaker, we use an introductory survey of your business information to identify your most significant areas of need when it comes to fintech adoption.

Common types of fintech relied on by financial services professionals can include solutions that support scenario planning, tax planning, retirement planning, Social Security benefits timing, general financial planning, and risk assessment, among others. The most valuable fintech solutions to your business depend on the types of financial services your firm offers.

With a simple audit, our Product Matchmaker determines the combination of solutions that offer the most value in delivering better outcomes for your business. You can pick and choose the solutions that matter to your clients and your business model — maximizing the value of fintech adoption while optimizing spending to keep costs low.

From lead generation to a better customer experience, invest in fintech solutions that elevate performance and create more value for your clients and your business. Discover the right fintech for your business today by filling out a brief assessment, and let Covisum’s Product Matchmaker do the rest.

Try Our Product Matchmaker