The biggest benefit financial advisers will reap from automating their manual back-end processes is the removal of costly human error, according to financial software firm Bravura Solutions.
In a blog on the company’s website, Bravura cloud and managed services solutions architect Marwan Kansoh said human error is one of the biggest risks facing advisers, and gave the example of an advice practice upgrading its technology platform to highlight his point.
“During the six to eight-week period of building the new [technology] environment, the organisation’s database administrator will be manually extracting data to move into the new environment,” Mr Kansoh wrote.
“In the process, they could accidentally extract personal data, which is an instant breach of privacy laws. Leveraging automation means you can skip the manual input, which reduces the chance of errors being made. Having these systems in place will also allow you to mitigate risk and eliminate the painful remediation process.”
Mr Kansoh added that the more complicated a practice’s infrastructure is, the more opportunities there are for things to go wrong.
“In the financial services sector, human error can have massive consequences,” he said.
“There are several more specific benefits that automation has for financial service providers. These include: ensuring that your correspondence is going to the right audience, financial transactions are being processed in the right order, and all SuperStream messages are processed on time every day.”
An adviser association has warned that costs charged to the industry by ASIC could blow out even further under proposed legislation for the single dis...
Super funds are looking at digital advice as a must-have as they scramble to retain older, wealthier members leaving for SMSFs, an industry technology...
The corporate regulator has warned of surging numbers of crytpocurrency-related scams recruiting investors through seemingly legitimate news stories. ...