Why the financial services industry needs to move away from “siloed thinking”

Practifi CCO and co-founder Adrian Johnstone believes that the financial services industry needs to change, in order to meet the evolving expectations of the customer base.



Adrian Johnstone, chief commercial officer and co-founder of Practifi, recently spoke to the Entrepreneur Podcast Network (EPN), where he went into depth about his company, what inspired its inception, and what the future holds for the financial advice and services industry as Practifi expands into the US market.

Practifi is the business management platform for the financial advice industry. It is an exciting alternative to traditional CRM systems and offers an end-to-end solution that revolutionises financial services businesses by enabling them to reach their full growth potential. With Practifi you can run your business on the cloud, automate your workflows, integrate the best tools and build the advice business you’ve always imagined.

Speaking with Eric Dye, founder of the EPN and eHealth Network, Adrian discussed how companies can leverage technology for growth, with a specific focus on the financial services sector. Among the array of topics discussed, one focused on how the financial services industry is ripe for change. Practifi seems to be positioned to make the most of the moment.

Listen here:

“Customer expectations have changed a fair bit,” Adrian said. “These days we have our technology expectations set by the likes of Google, Amazon and Netflix, and so the experience that we want as consumers is different from the experience we have historically had from financial services hubs.”

For Adrian, his perceptions of his own industry have been somewhat like the perceptions of those outside it. The overall impression people have about the financial services sector has always been somewhat stuffy and impersonal, “particularly where you’ve got a variety of products,” he said.

“Whether that’s a retirement product, an investment, or even if you just have simple needs around managing cash flow…the industry has very ‘siloed’ technology.”

Adrian said that as far as he and his partner Glenn Elliott could see, in order to meet the customer experience required to build those relationships – and ultimately for the financial services firms to be profitable – the industry as a whole was going to have to change the way the business was run.

“These days, regulations both in the US and globally, are really starting to compel financial services providers to be much better, and much more transparent,” he said. “We were fortunate enough to see that early, and to put some technology together that really powers those businesses.”

To listen to the whole podcast, click here.

To learn more about Practifi visit www.practifi.com.


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