Disruption Interruption podcast host and veteran communications disruptor, KJ Helms, interviews Jerry Szatko, CEO of Unitifi, who says that financial services providers will best serve their clients when they understand why they behave in a certain way and how these behaviors affect their financial decisions.
The financial services industry is undergoing a massive disruption and is in dire need of innovation. No matter who they are in the industry, everyone has to have a risk assessment to explain to clients why certain decisions are being made with clients.
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These assessments are often manipulated in such a way to get these clients to answer in certain ways to secure the needed investments. But when things change, as they do within the industry, and investments lose money, advisors are blindsided by clients they thought they knew when they suddenly resort to litigation.
But enter disruptor Jerry Szatko, CEO of Unitifi, who explains to KJ Helms, host of the Disruption / Interruption podcast, that the best way for financial advisors to address legal action is to utilize the plethora of available financial behavioral data to form clear understandings of how and why clients behave in certain ways when they are faced with specific financial decisions. They can then predict with extremely high accuracy what those decisions will be and why they make them. Advisors can familiarize themselves with clients’ known behavioral traits to improve communications and build better relationships and successful outcomes.
When the airline industry took a turn in 2001, then-pilot Jerry decided to find other ways to help people get people from one place to another safely and securely—and he went into the financial services industry. After working in the industry with clients, Jerry said to himself, THAT’S IT—I’M DONE WITH THE STATUS QUO. He found a better way to service clients and show their personalities to his teams to show them how clients wanted to be treated.
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Szatko explains:
1. The crucial component to disruption is knowing personality and behavior. It’s crucial to understand how someone behaves in a particular situation.
2. As a financial consultant, you want to avert legal action whenever possible. You want to ensure all your data are correct.
3. Unitifi isn’t there to alter traditional risk evaluations, but rather improve the assessment.
4. Once you’re familiar with your clients and their needs, you can tailor your messaging and relationship to them.
5. There are years of learning behavioral information that can be put into business intelligence in a form that others can understand.
6. In the financial industry, about 80% of your time is spent on 12% of your clients, and that doesn’t support growth.
7. The more communication you can have with your clients means those relationships can be better developed and maintained.
Disruption Interruption is the podcast where you’ll hear from today’s biggest Industry Disruptors. Learn what motivated them to bring about change and how they overcome opposition to adoption.
Disruption Interruption can be listened to via the Podbean app and is available on Apple’s App Store and Google Play.
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