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The digitization of financial institutions needs urgent improvements


The Covid-19 pandemic has accelerated digital transformation of companies and society in general. All studies coincide in pointing out that this health crisis has helped the change in our way of life to have occurred in a less dramatic way, since it has allowed us to continue working, shopping, enjoying leisure and also investing. Something that we had planned to achieve in the next 10 years has been achieved in just a few months.

But make no mistake, we have a lot of work ahead of us, especially in the investment world. The Robo Advisor have been pioneers in digitizing the sector of investment funds. With this we have achieved that for years any participant can carry out all the operations related to his portfolio comfortably from his home Through any device without having to step on a branch: access the fund files, review positions, hire, transfer and sell, analyze and receive advice. All thanks to technology.

However, financial institutions have not been so agile when it comes to offering those same services to their clients. Online banking does allow you to easily carry out the usual operations that were traditionally done at the windows, but not those related to investment.

Although MiFID II has brought transparency to the world of financial markets and instruments, not all banks have known how to adapt to this regulation and they do not provide the necessary help to their clients when investing: lack of information, errors in profiling, offer of expensive and inefficient products, denial of access to funds from other managers, high commissions … The list could lengthen if we include customer service, which in many cases has become non-existent unless we go directly to the branch to file a complaint. A review of their service delivery model is urgent so that they are not left behind in Europe.

Investors are increasingly demanding and qWe want a 24-hour service every day of the year, to be able to choose the best for us and to have full access to information from anywhere. Many seem not to take for granted. It is not enough with a restructuring that is already late, it is necessary to influence the idea that the customer comes first. And digitization is the perfect ally to offer you the service you deserve.


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