“Integration is critical to be able to deliver enhanced value and experience to both advisors and clients” stated Crowley.
But the big story, Crowley felt, was how Pershing Advanced Technology Lab is working beyond APIs to drive more information and resources to advisors by also working on being able to deliver “components” to advisor. Components are where Pershing has the ability to deliver to advisors the full technology behind new resources developed, the full business logic and rules, without advisors having to build them within their technology stack which will cut down advisor firm development costs, be a more efficient way to send them information, and help firms expedite speed to market of new services. Components are a cutting-edge, new way to create an interface; a new improved way to integrate technology between firms.
Designing Tech For Experience And Adoption
In a private discussion with Ram Naggapan, chief information officer, BNY Mellon/Pershing and his team, Ram outlined the extensive technology development process starting with advisor/client advisory boards, tech advisory boards and feedback loops so they can build to order addressing the most pressing needs. Only then do they go look for what are the right technologies to apply to their needs.
“Our technology direction and requirements are driven by our clients. It is not an arbitrary process. It comes from the needs and use cases from the clients.” stated Ram.
This is a proven innovation best practice of building and designing around the customer and a great reinforcement for advisors that in innovating and developing new services for their customers, start with their clients and don’t just build from your heads and expertise. This mindset is the difference between creating an invention (novelty) and an innovation (adoption).
At Pershing’s advanced tech lab, they go through an extensive process of journey mapping to empathy design in order to find, apply, and tweak the right digital technology processes and the right design to get adoption. You determine all the touchpoints and ask if both the advisor and client are happy at each touchpoint? Once you map the whole journey you have optimized not just the advisor’s experience and client’s experience, but also optimized for that collaborative interaction and connection – the holistic experience.
It is all about the advisor and the investor being empowered by putting more tools in their hands to build a greater relationship and experience between them.
The Institute for Innovation Development is an educational and business development catalyst for growth-oriented financial advisors and financial services firms determined to lead their businesses in an operating environment of accelerating business and cultural change. We position our members with the necessary ongoing innovation resources and best practices to drive and facilitate their next-generation growth, differentiation and unique community engagement strategies. The institute was launched with the support and foresight of our founding sponsors - Pershing, Voya Financial, Ultimus Fund Solutions, Fidelity, and Charter Financial Publishing (publisher of Financial Advisor and Private Wealth magazines). For more information click here.