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For too long, the world of fintech has been dominated by men. Those like Practifi’s Emily Wilcox are changing tomorrow, today.
Rising through the ranks of the crowded and male-dominated world of finance and technology, financial services firm Practifi’s COO Emily Wilcox recently spoke with Eric Dye on EPN—the Enterprise Podcast Network—about her emerging role within the field, how fintech is developing and what the future holds for CRMs, and women in the financial services sector.
Speaking from her new-found home in Chicago, Emily told Eric that she had encountered several misunderstandings within the financial advice industry when it comes to CRMs; this is a notion that she and the rest of the Practifi team discuss with their clients and their prospective clients on a daily basis. They’re well-positioned to know, because CRMs are, after all, Practifi’s bread and butter.
“I think that there is a misconception that a CRM is supposed to be just a content management system, essentially a rolodex of your clients with their phone numbers in their addresses,” she said.
“Many people have these incredible systems, but they’re absolutely not maximising the value that they can get from them. Some of them are very expensive as well. There’s a reason they are called a relationship management platform, or a client relationship management platform, because the relationship is what you should be building around,” she said.
“You should know obviously that ‘John Smith’ lives in ‘Happy Street’, but you should also know what he likes to do on the weekends and that he loves basketball and that when you speak to him he likes to speak on Tuesday afternoons because that’s when he’s been out to lunch with his friends and is in a good mood.”
Also on The Big Smoke
- Women in fintech and Practifi: Breeding a better culture
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- Practifi: How to engage millennials with financial technology
It’s Emily’s firm belief that you should be able to have an extremely detailed and very deep understanding of your clients, but your approach needs to be about more than just your clients.
“A good CRM is going to allow you to automate and really give you rich internal business processes; that’s going to allow you to build your efficiencies and allow you to have these amazing relationships with (them),” she said.
“Most of the firms we speak to on a daily basis don’t do this to the extent that they could with their CRMs. It’s meant to enable your customer relationships, not just be a repository of information. I think that honestly that is the biggest misconception and one we try to fight every single day when we’re talking to our clients.
“It’s Practifi’s job to bridge this gap, between having a CRM that just does ‘the basics’, to one which bolsters and optimises your overall customer relationship experience.”
To hear the interview in full, visit epodcastnetwork.com.
To find out more about Practifi, visit www.practifi.com.
About Practifi: Practifi ensures financial advice firms can realise their full growth potential while revolutionising financial services technology the world over. As a cloud-based business management platform, Practifi manages clients, partners, providers and centres-of-influence through a clean, intuitive interface. It’s the new benchmark for CRM-based systems in financial advice. With offices in Sydney and Chicago, and loyal clients across APAC, Europe and North America, Practifi is passionate about partnering with advisors, providing the tools required to lead the financial advisory firm of the future.