30/07/24
The world keeps changing, and we change with it. Over the last 25 years the internet has created more interconnectivity than ever before between people; it is ubiquitous and touches every part of our lives, whether we realise it or not.
This interconnectivity, whether you view it as good or bad, is here to stay. And with it comes new opportunities, transforming the way we do everything.
Add in all the technological innovation over the last decade, and it’s easy to see why digitisation is the natural direction industries are heading in or have outright embraced.
At CTT, we don’t just want to be part of the future, we want to shape it. That means embracing change and discovering new ways to carry out traditional aspects of estate planning, meeting client needs, and bringing innovation to professional advice services.
Typical client experience
When we think of the traditional interaction we have with clients, it often includes a very paper-heavy process, with copies of legal documents usually needed multiple times and because of the comprehensive nature of legal documentation, they are often very long, filling tens or even hundreds of pages.
This system, although used for a very long time, is inefficient and prone to several points of failure.
The first is human error, something that can’t be helped, but is an issue, nonetheless. Filling in forms with pen and ink inevitably leads to errors as someone’s focus slips or stress gets the better of them. We are all prone to these types of errors, however on legal documentation they can be disastrous. Even with checks put in place, incorrect information creeps through.
The other major issue is that historical data is easy to lose. With all the reems of paper used and the space needed to store them (and then a filing system which may be creaking under the weight of age!) the older the document is the more likely that it will be prey to damage and neglect. And this isn’t to mention the damage that occurs from moving location, flood, and fire.
The shift to digitisation
With the advent of more advanced computer technology at the turn of the century and then the development of web 2.0 sites that favoured user-generated content, the move toward digitisation became irresistible.
The technology has become so ubiquitous that every client expects to have some level of digitisation in any process, no matter the industry. Eventually, fully digitised processes will be adopted across the board, from retail to housing, food to opticians, there won’t be an industry that isn’t affected. In fact, we see a lot of digitisation adoption in all the above-mentioned industries already. Industries that 5+ years ago you wouldn’t have dreamed could be fully digitised.
Estate planning is no different; since COVID people have become much more willing to engage with services digitally, and the pandemic greatly increased the move toward the adoption of digitisation. Companies had to adapt just so they could stay afloat through lockdown.
This has led to a surge in digitisation that has transformed how estate planning works. We have discovered that by digitising our processes, efficiency has increased greatly. Not only in the way that we interact with our clients but by abandoning paper and moving to an entirely electronic storage system, we’ve enabled a full audit trail that is safe and secure, and always accurate.
Digital estate planning, through our Legacy Software, provides better security for our clients. Because of the innovative and educational features we’ve been able to implement, we’re able to drive more revenue and help you grow your business like never before, taking the client journey and finding new ways to engage and empower.
Streamlining private client interactions
Switching to a digital platform has enabled us to focus on training in a much more effective way. Our junior members are able to progress more quickly, getting them up to speed and into the world of estate planning faster than ever.
We believe in building the knowledge of our members to make them more effective estate planners and our Legacy Software has proven to be the perfect platform to do just that. Increasing member expertise with regular access to webinars and training courses, sharpens up those all-important professional adviser skills.
Another interesting effect of digitisation is that it has actually increased the amount of time we spend with each client. Because we save so much time with the admin of documentation and other tasks, we’re able to develop more engaging relationships with our clients. Our digital reporting tools inform us of client’s needs and the ways we can help to realise them most effectively, having conversations around products they didn’t even know they needed!
The future of digitisation
And this is only the beginning. There’s no telling what exciting developments await us in the future.
We are likely to see a further integration of digital services into more aspects of our job roles and with the advent of AI technology, new and exciting avenues are opening up in terms of client interaction and training potential.
Already, CTT has developed AI assisted learning in the form of our Client Simulator. An innovative piece of software programmed with hundreds of queries to put advisers through their paces before they’ve even spoken to a client, building their confidence and knowledge at the same time.
The speed at which things are set to change increases exponentially with the addition of AI tools and they aren’t set to slow down any time soon. We’re excited at the potential for the integration of cutting-edge technology and the ways it will revolutionise, not only estate planning, but every industry.
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