Finance - Do brokers and financial services agents need tips for reactivation?

Do brokers and financial services agents need tips for reactivation?

Agents in the financial services sector play an important role in maintaining business. Financial services include broad sub-sectors such as banks, insurance companies and mutual funds, whose crucial role can not be underestimated such as establishing relationships and obtaining business volumes.

Personal sales are the approach established by agents and brokers for several decades. They carry a lot of information about products, markets and prices. But after the Internet things, data and large analysis have reached the forefront, it has become necessary for agents and intermediaries to remain appropriate. Mobile phone customers supported by the mobile workforce of companies pose existential threats to customers and agents. Many may wonder: Is this the end of the road for mediators and agents?

Financial service providers may consider revoking the role of agents who are attracting new prospects while reducing premiums or discounts. But wait a little longer before sending the execution order, where they still have a firepower. Is in this area is a concentrated study is required.

Can agents remain relevant?

The question before us is: Are agents and intermediaries important? In the first place, they verified the relationship with a large number of accounts that they had fed hard. Today, brokers have become mobile and know IT tools to feed their audience. With the help of IT applications on their mobile devices, they are quick to get customers. In this process, they:

• Contact your prospects and educate them about products.
• Provide valuable advice on the most feasible product to them.
• Evaluate the performance of values.
• Build relationships after gaining an understanding of every aspect of customer relationships.

We come to the important side. At present, obsolete technology makes the role of proxies irrelevant. To some extent, this is true if mobile customers make a total change in agents and have a direct interaction with the company. But the question is how useful this idea is. We all know in our busy schedules, priority may not be to pay premiums or buy stock attractive to all, with some exceptions. The reason for this is that people are not self-motivated and agents are entering the gap with the skills of building their relationships.

In areas like spending money, people are a little scary and make decisions slowly. This can not be interpreted as a weakness, but in fact it is wise, as sensible people do a lot of research and thinking before taking the step. What does this mean for the financial services sector? Financial sector services can show enthusiasm for IT tools that help customers make informed decisions. But what exactly is the scenario? People will conduct all research using mobile devices, but it is unlikely that many will make the final purchase decision because a reference person is needed to provide relevant and contextual information about products and services. This should be followed by the ability to close the deal once the level of curiosity has reached the highest level. Who can replace agents or brokers who have been doing this for decades?

After that, readers can now understand the value of customers in concluding a transaction. Getting a business is not a normal deal. Requires a lot of effort and continuous monitoring of clients to reach a decision. SMS alerts will just not do the trick. However, consider how agents use creatively with technology in an era of technology disruption. We must also think about how to empower agents through technology and how.

Agents can be in a survival mode using IT tools

To survive in volatile markets today, what we need most is practical information. Agents who work extra hours to build relationships and conclude deals require the latest IT tools, which must be specific tools for BI, large data, and analytics for key decision making. In the case of insurance, BI tools can help agents and intermediaries get key information about customers and understand their tendency to offer customized products or solutions. BI boards will help you manage relationships effectively. This is the case with banking and investment companies that hire third parties to develop business.

The analysis application comes in various areas such as content analysis, context analysis and business analysis. In content analysis, unstructured data such as call center records, sensor data, voice, video data can be analyzed to track trends, customer responses, etc. In business analysis patterns, behaviors or trends are detected through statistical analysis. Last but not least, there are predictive analyzes in which techniques such as statistical analysis, regression analysis, correlation analysis, group analysis, social network analysis, etc. are applied.

Agents are helpful in gathering information as they move with people and engage in discussions about products and services. Because of this stronger reason, one can not conclude that agents are coming out of the era of disruptive technology. But at the same time, agents must resort to information technology for their survival, as well as for the survival of financial services companies. Let time tell the rest.

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