The way in which personal financial advice is being delivered is changing. In the UK, the impact on regulation of the Retail Distribution Review and demand from consumers is driving personal financial services providers to develop more transparent and easy-to-use advice processes.
A well-functioning retail financial advice market needs different mechanisms to be fully effective in meeting the needs of a wide range of investors. There are benefits from well-designed, low-cost methods of delivering straightforward financial-planning needs while at the same time resulting in good outcomes for consumers and meeting the regulatory requirements.
The challenge is how to build well-designed, low-cost methods of delivering personal financial planning that will provide compliant and effective guidance in an easy-to-use format across multiple channels.
To meet this challenge, financial services providers need a completely new type of technology that enables development by the subject-matter experts without using traditional programming or web development techniques that result in a slow and cumbersome process. Transferring the knowledge from the subject-matter experts to the programmers, testing to ensure that this knowledge has been accurately captured, making any changes and deploying through different channels are just a few of the project processes that slow development and increase costs.
Cincom MiGuide helps financial services providers meet the challenges of delivering their services and products directly to their customers in this new, low-cost, yet effective way across multiple channels.
These are just some of the benefits of Cincom MiGuide:
- Guides can be designed by subject-matter experts in a user-friendly environment
- Processes are represented in an easy-to-understand, graphical manner
- Guides can be easily tested and modified by the subject-matter experts
- Integration with existing technologies throughout all channels (i.e., existing back-office systems, web platforms, etc.)
- Rapid development time and reduced costs
- Easily maintained by the subject-matter expert
- Easy storage and retrieval of the customer journey
Intelligent guides built with Cincom MiGuide contain easy-to-understand trees of questions and answers that can lead to either a specific outcome or recommendation. Subject-matter experts are able to create and maintain the guides with very little training and no involvement from specialised programmers. This provides a significant improvement over the typical solutions that require programmers and other IT resources.
Try our ISA Advisor DEMO to see a guide developed with Cincom MiGuide in action.
Click here to launch the DEMO.
