Financial services must adapt or die


By Kristen Crawford

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Technology was shaping the way in which the financial services industry was progressing and successful businesses were being urged to recognise those opportunities or risk being left behind, according to the Kearney Group.

Paul Kearney, the chief executive of the Melbourne-based multidisciplinary financial services business, said firms should adopt technology-based changes as soon as possible.

“Firms can either take the opportunity of those changes or they won’t, but of the firms that refuse to change, they won’t be left behind in the future, they’re [already] being left behind right now. And it is really time to get on with it,” Kearney told financialobserver.

Aligned with that idea, Kearney said the group’s uptake of DocuSign, which provided electronic signature technology and digital transaction management services, had transformed the way the group did business.

Following the rollout of DocuSign as part of the business’s processes, 44 per cent of all documents were signed within 48 hours, which was impossible beforehand, he said.

“Meanwhile, 78 per cent of documents were signed within a week,” he said.

“It came about when we had an ambition to build an online platform that allowed us to communicate with our clients in a way which far surpassed the old way of using paper and snail mail as the main means of communicating.

“Obviously we have to have documents executed a lot and as we were building that portal we were contemplating how to make that process a far more pleasurable and seamless experience than ever before, and that’s where DocuSign came in.

“We were casting around the market and wondering who we could partner with to make the portal we wanted work how we envisioned it.”

The DocuSign technology had an industry-leading level of security, an application programming interface that enabled the Kearney Group to link the two systems and it facilitated branding that improved upon the client experience with reassurance and security, he said.

“That combination of things has made what we regard as a really outstanding outcome for our clients,” he added.

He said the DocuSign system embedded in the group’s portal provided a vastly more secure way of operating.

“The comparison of the old way of doing things has nothing on the encrypted methodology of DocuSign,” he said.

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