5 key themes in the financial services market in 2021
Last year the financial services industry learned how to adapt to new ways of working and new technology-based ways of engagement with clients.
There are still areas of unpredictability as we start 2021 with increasing coronavirus cases, however with a mass vaccination program now in place, ongoing Government Covid support packages, if applicable and Brexit trade deal agreed, there is optimism of light at the end of the tunnel. One thing is for sure that businesses that adapt and adopt new processes to retain and grow new clients as well as recruit to meet new opportunities, will protect and grow their businesses.
Thinking about the longer-term too: here are five key themes for the financial services market this year. It is aimed at help you prepare for what lies ahead.
1. A client-focused market is still one with a strategy for client care
Keeping in touch with clients to fulfil servicing promises will aide retention of clients.
2. Harness the power of the technology you have and make investments to support your purpose.
Technology can drive up productivity and improve connectivity. Embrace video technology for client meetings by using Zoom, Teams, Skype or similar applications. This is the next best forum after face-to-face meetings for full engagement with clients during fact finds and recommendation meetings.
Providing clients with access to real-time online valuations and emailing PDF’s rather than printing reams of paper is ecologically friendlier as well as far more efficient with lots of cost savings too!
Ensuring your team can access cloud-based data remotely, with screen sharing and conference facilities will help retain a ‘team’ feel even when during lockdowns the office is closed. We here at Premier Jobs UK have covered on our blog titled “How to stay productive when working from home” which could be useful for you and your team when it comes to working during a lockdown
3. Ethics and transparency are more important than ever – especially to clients and staff
The UK’s regulation of financial services through the FCA’s measures such as MiFID II and Prod help to provide transparency with dealings with clients.
Consultation between business owners and staff over business decisions on different working practices to retain and grow income streams during periods of uncertainty will make staff feel valued where “the sum of parts is greater than the whole”.
4. Practise what we preach: authenticity between the internal and external brand matters
How firms treat their staff will be scrutinised just as much internally as it will be externally in the coming year. If owners / managers think your staff have little choice in the current economic climate – you’d be wrong. Recruitment start-ups rocket in recessions. Diversity and Inclusion has, rightly, been raised up the agenda and so now is the time to consider how your firm looks and acts as a business. Revisiting your employee value proposition should be done as part of your commercial strategy for the year ahead, not as an add-on. There are countless examples of consumers making purchase decisions based on who they feel represents them and who shares their values. This type of decision-making will apply increasingly to service providers, like financial advisers and mortgage advisers.
5. Don’t restrict your opportunities
Quality service is the order of the day. Don’t restrict your opportunities – now is the time to think about where a firm places its focus and diversify as appropriate to build back better. For Candidates, 2021 could be a great year to diversify in your career and seek opportunities elsewhere if you feel you are not reaching your full potential. As an example of this , we recently published a blog titled “How to make the transition from banker to broker” which helped candidates wanting to transition to becoming a Mortgage Broker. If you are a firm looking to grow and capitalise on client opportunities or a candidate wanting to explore your options and discuss new vacancies, please feel free to get in touch:
Email: [email protected]
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