Speed has always been an asset in financial services, but it’s an asset that is quickly becoming essential. Today’s consumers expect financial services to be accurate and insightful. And in order to respond to changes in dynamic markets, those insights must be available as quickly as possible. The financial-services providers who make faster turnaround a priority distinguish themselves from everyone else in the industry:

  • Offer the Quality of Service that Clients Expect – Now that online trading tools and smartphones have made financial insights almost instantly available, consumers are not content waiting to get advice. They are monitoring changes in the markets in real time and wanting to seize opportunities and avoid risks with greater agility. Faster turnaround allows financial-services providers to operate with the speed that eager and anxious clients demand.
  • Deliver on the Promise of Personalization – In every corner of commerce, but especially in the financial services sector, consumers expect to receive information and advice that is personalized to their unique needs and wants. Delivering on the promise of personalization is an enticing way for financial-services providers to distinguish themselves, but individualizing every interaction is a major undertaking. Prioritizing faster turnaround empowers providers to deliver every customer singular service without forcing them to wait for answers and direction.
  • Focus on Adding Value to Existing Services – Financial-services providers can accelerate turnaround by utilizing tools like artificial intelligence, machine learning, and financial data analysis. In all cases those technologies make it easier to dive deeper into data and extract meaningful insights. When more of the heavy lifting is automated, providers can direct their energy, experience, and expertise towards other things. As a result, service becomes stronger at the same time it becomes faster.
  • Eliminate More Errors and Inaccuracies – The problem with relying on humans to sift through huge volumes of data is that it’s easy or even unavoidable to keep errors, omissions, inaccuracies, and irrelevancies from compromising the quality of the insights being extracted. The same smart technologies that allow providers to work faster than ever also allow them to work more accurately than ever. Providers become confident they are providing the high-level service clients expect. Clients, in turn, recognize that their service quality is improving as they begin managing their money more dynamically and more successfully.
  • Grow the Number of Clients – It only makes sense that financial-services providers who deliver faster turnaround are also able to meet the needs of more clients and more diverse clients. A balance must be struck between speed and quality, but once providers perfect data management using intelligent analytics tools they discover they have a lot more time on their hands and a lot more focus to offer new clients.
  • Stand Apart From Competing Providers – The financial services sector is extremely competitive right now with established players trying to consolidate their power just as a wave of startups and tech companies is trying to agitate the industry. It’s no longer enough for providers to offer prudent advice and modest returns. Those that focus on faster turnarounds do a lot to differentiate themselves while demonstrating to present and future clients that they understand the industry is changing and are eager to keep up.

Faster turnaround is an exciting opportunity, but it’s not an automatic one. Providers can’t simply press the gas harder and suddenly start delivering advice in minutes instead of hours. The first step is to commit to speed as one of the core values of the service you provide. The second step is to implement technologies that make it possible to work faster without creating confusing, complexity, or compromises. Once that is achieved, providers find themselves cruising past the competition just as they are catching up to clients.