One transformation that’s been evolving within the shadows of 2020 has emerged: Data.<\/p>\n\n\n\n
Data analytics in financial services has always been there, but in 2021 it’ll have a complete overhaul and facelift. In the year we\u2019re calling the “Year of Innovation,” you’re going to see data drive the future of financial planning and advice. To understand the change, we have to know where we’re at today. Have you ever wondered why it seems fragmented when you get contracted with an insurance carrier? Have you ever thought about how long it takes to underwrite or issue an insurance policy? What about typing the client’s name and address several times in every step of the workflow? The list is virtually (no pun intended) endless.<\/p>\n\n\n\n
Let’s take it a step further. Don’t you love your already-crowded inbox getting filled with updates? Sure, some are important, some aren\u2019t\u2014but you\u2019re using your limited time to sift through what you need to know. How about having to go in-and-out of various tools just to do what’s in the best interest of the client.<\/p>\n\n\n\n
That soon will change. The shift is happening. Data in financial planning is more prominent than ever.<\/p>\n\n\n\n
Related: Top Client Concerns to Help Increase Engagement & Drive New Business<\/a><\/h4>\n\n\n\nThe Value of APIs in Your Financial Planning Workflow<\/strong><\/h2>\n\n\n\nThe fintech space exploded in 2020, with more technological solutions than ever before. You might be thinking, “Isn\u2019t that going to make things worse? Even more tools for me to log into.\u201d But the answer is no. Not with the shape of data fundamentally changing. The utopian idea of \u201cEnter once, use many times\u201d is upon us. A magical three-letter acronym is hitting our space hard and fast: API.<\/p>\n\n\n\n
A word that used to be thrown around only by those who implemented them is now a word commonplace in senior executives’ vocabulary. At its basic level, an API creates an environment where data is shared freely, flexibly, and in real-time. Now go back to the frustrations above. If APIs were in place, how different would the world you live in be? Very.<\/p>\n\n\n\n
Building upon APIs is the idea of a \u201cone-stop-shop.\u201d Integrating multiple high-value software into your workflow and having data seamlessly flow through those systems is the next big domino to fall. Imagine a world where you could prospect, plan, meet, and execute business for a client all in one place. Combine that with bringing all the data together to give insights and analysis like never before. Ultimately, you\u2019re changing your practice to a data-driven environment, where the data predicts your next steps.<\/p>\n\n\n\n
No matter what innovations happen in our space, mobility is the ultimate necessity for adoption. We live in a fast-paced world where business transactions are made on the go. With everything we\u2019ve talked about thus far, that\u2019ll be packaged and accessible everywhere. All the data, all the function, all the value. Even with all that function and mobility, it’ll be simple and in real-time. That\u2019s the key.<\/p>\n\n\n\n
Ask Yourself This About Data\u2026<\/strong><\/h2>\n\n\n\nAre you ready? This is the big question. <\/p>\n\n\n\n
Are you really<\/em> prepared? <\/p>\n\n\n\nTo be thoroughly equipped for the future of data, you must understand how technology can fit into your practice. Take a step back, recalibrate, and reconnect the pieces. Know how you can take the old processes you\u2019ve always done and enhance and scale them.<\/p>\n\n\n\n
That\u2019s the hardest step<\/em>. Once you can do that and have technology work for you, it\u2019s a downhill path to the future coming right around the corner.<\/p>\n\n\n\nThe \u201cYear of Innovation\u201d is upon us. Hold your spot.<\/p>\n\n\n\n
Keep Reading: Next Generation Now!<\/a><\/h4>\n\n\n\n
\n\n\n\n
The fintech space exploded in 2020, with more technological solutions than ever before. You might be thinking, “Isn\u2019t that going to make things worse? Even more tools for me to log into.\u201d But the answer is no. Not with the shape of data fundamentally changing. The utopian idea of \u201cEnter once, use many times\u201d is upon us. A magical three-letter acronym is hitting our space hard and fast: API.<\/p>\n\n\n\n
A word that used to be thrown around only by those who implemented them is now a word commonplace in senior executives’ vocabulary. At its basic level, an API creates an environment where data is shared freely, flexibly, and in real-time. Now go back to the frustrations above. If APIs were in place, how different would the world you live in be? Very.<\/p>\n\n\n\n
Building upon APIs is the idea of a \u201cone-stop-shop.\u201d Integrating multiple high-value software into your workflow and having data seamlessly flow through those systems is the next big domino to fall. Imagine a world where you could prospect, plan, meet, and execute business for a client all in one place. Combine that with bringing all the data together to give insights and analysis like never before. Ultimately, you\u2019re changing your practice to a data-driven environment, where the data predicts your next steps.<\/p>\n\n\n\n
No matter what innovations happen in our space, mobility is the ultimate necessity for adoption. We live in a fast-paced world where business transactions are made on the go. With everything we\u2019ve talked about thus far, that\u2019ll be packaged and accessible everywhere. All the data, all the function, all the value. Even with all that function and mobility, it’ll be simple and in real-time. That\u2019s the key.<\/p>\n\n\n\n
Ask Yourself This About Data\u2026<\/strong><\/h2>\n\n\n\nAre you ready? This is the big question. <\/p>\n\n\n\n
Are you really<\/em> prepared? <\/p>\n\n\n\nTo be thoroughly equipped for the future of data, you must understand how technology can fit into your practice. Take a step back, recalibrate, and reconnect the pieces. Know how you can take the old processes you\u2019ve always done and enhance and scale them.<\/p>\n\n\n\n
That\u2019s the hardest step<\/em>. Once you can do that and have technology work for you, it\u2019s a downhill path to the future coming right around the corner.<\/p>\n\n\n\nThe \u201cYear of Innovation\u201d is upon us. Hold your spot.<\/p>\n\n\n\n
Keep Reading: Next Generation Now!<\/a><\/h4>\n\n\n\n
\n\n\n\n
To be thoroughly equipped for the future of data, you must understand how technology can fit into your practice. Take a step back, recalibrate, and reconnect the pieces. Know how you can take the old processes you\u2019ve always done and enhance and scale them.<\/p>\n\n\n\n
That\u2019s the hardest step<\/em>. Once you can do that and have technology work for you, it\u2019s a downhill path to the future coming right around the corner.<\/p>\n\n\n\n The \u201cYear of Innovation\u201d is upon us. Hold your spot.<\/p>\n\n\n\nKeep Reading: Next Generation Now!<\/a><\/h4>\n\n\n\n
\n\n\n\n
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