Q&A: Modern solutions for a centuries-old industry

Saffery Trust established its Transformation Team two years ago, representing a considerable investment in progression. Developed by Associate Director Andy Russell, and Manager Joe Cardoso-Smale, the team has since tripled in size, including upskilling and reassigning existing staff.

Transformation Officer, Samuel Ward, shares his insights on the opportunities and challenges of implementing digital solutions for a global firm.

Is it important for the wealth industry to embrace digital solutions?

Absolutely! However, it is equally important not to implement new technologies – such as AI – simply because they are available. We start with identifying the problem, not the solution. It can be tempting for organisations to ‘jump’ on technology in the belief that ‘newer is better’, however implementing technology is a significant investment in time and resources, so it’s important to identify a genuine need, and that value will be added.

If implemented appropriately, digital solutions can enhance client service and efficiency. The next generations of both professionals and clients are increasingly tech-savvy; they are used to having access to data at their fingertips 24/7 and they will expect their wealth service providers to keep up. Firms which fail to adapt in such a rapidly changing sector risk falling behind.

Is there a nervousness around digital solutions?

There is always some level of scepticism to change. Take the internet, for example. When it was first introduced to the public, there was widespread doubt about its utility, scalability and long-term viability. Three decades later, a world without internet access seems unimaginable to most people; it has become an integral part of daily life.

When it comes to advanced technology and artificial intelligence, it is not simply a fear of the unknown, but also a fear that jobs will be put in jeopardy. While it’s true that AI and other digital solutions have the potential to automate tasks currently undertaken by people, we see the opportunities in this. We are looking for ways to automate time-consuming tasks to free up time for team members to focus on more complex, specialised roles which require critical – and creative – thinking.

What is the biggest challenge for organisations implementing digital solutions?

In my view, the biggest challenge that every organisation will face in implementing digital solutions is rolling it out to staff to make sure they understand how to make the most out of it. You can invest in the most advanced, expensive, efficient technology in the world, but if your team members don’t understand how to use it then, effectively, it becomes almost worthless.

The Transformation Team has implemented five workflows which have been run over 8,000  times in 12 months, with a phased approach. Our roll out process is highly strategic, ensuring that we don’t bombard staff with updates and training while making sure everyone has the information they need. We deliver training courses, appoint Subject Matter Experts (SME) in each team, and deliver one-on-one training whenever necessary.

What is the biggest opportunity for organisations implementing digital solutions?

It may sound cliché, but the opportunities for firms which adopt digital solutions are, almost, endless. For us, everything we do is centred around client service, so our priority is finding technologies which will enhance the continued delivery of excellence.

Technology can significantly develop client service in various ways. For example, advanced tools can optimise client portals and platforms, making it faster and more efficient to upload, review, and respond to required documentation saving valuable time for both clients and service providers.

Additionally, adopting and implementing new technologies upskills team members, fostering both personal and professional growth while ultimately delivering improved service to clients.

What do you enjoy most about your role?

I’ve never been good at sitting still so I love the constant challenge of my role; there is always something to do. A forward-thinking mindset is essential in this role because technology is always improving; there will always be opportunities to evolve.

It is also hugely rewarding that I still use my trust knowledge every single day. Having previously worked in a family office team at Saffery Trust before moving to the Transformation Team, I understand the challenges my colleagues, and our clients face.