Influence of Digitalization in Financial Advisory


Slipping our heads in 2022, the new way of financial advisory is admired by the level of digitalization it holds. More payment in cash, drawers filled with money, files piled up with financial data, we are enough of doing all this and so do the financial advisory firms. Due to incurring any financial imbalance, the constant rush in the market has throbbed our breaths. Isn’t this the case? Optimistically, this polarity is a consequence of changing business models, fintech that account for frauds and errors.

As we all know, the market here lacks community trust, addition to the same, financial advisors are unable to fulfill the client’s expectation in terms of giving them tangible outcomes due to insufficient resources. However, handling multiple clients at the same time leaves others unattended because of which the dilemma remains with the fund bearers about where should he invest? What is his actual profit? What percentage of his finance shortfalls? What can be his goodwill/ taxation strategies? This mashy stuff explains where the problem exists in the financial advisory industry; however, with digitalization, this saturated market has transformed from a transaction-based model to one with relationship-building.


The FA services like financial consulting, insolvency/bankruptcy awareness, audit, and insurance, tax planning along portfolio management are all chosen to be paired up with suitable technologies to help users understand better, trust better, and finance better. Waking up from a disheartened pandemic the demand for shifting digital has boosted; for instance inculcating automation and systematic mechanisms to aid financial advisory firms who can save their time, money, and energy and enable themselves to help a larger audience at a time.

The infusion of COVID-19 has brought significant growth to digitally accessible financial advisory embedded technology resulting in client portals, CRM, client servicing tools, digital advisors, e-signatures, excel analytics of financial data. Hence according to the IMA report, one-third of accounting teams out of 800 respondents spent 56% of their time on finance automation which reduced the administrative burden.


Up to this point, technologies have been tweaked to fasten the flexibility, resilience, and infrastructure complexity. Some upgradations like-

Cloud adoptions have strategized the scaling objectives for organizations in terms of planning, increasing trading volatility, and proving financial validation. Other banking experts and market leaders consider cloud banking the right hand to save money and time for employees and citizens across the globe. It is the home for financial service providers, enabling them to conserve data and requisitions. This mechanization has encouraged financial advisors to manage revenues, risks, and costs.


Artificial intelligence and machine learning have become the all-time used technology. For financial advisors like Chartered Accountants, Robo advisory continues to capture the title of most efficient use of AI/ML to attract investors. This type of applied science is a digital platform that imparts algorithm-driven financial planning services. A Robo-advisor accumulates the information from customers and interprets their financial situation, goals along unforeseen future. All this is done by an online survey from where it acquires data to output into viable advice. They are considered best for straightforward investing through buying and holding strategies.


Relational database management systems (RDBMS) technology is used to muster enterprise data. This assist in ERP software exaggerated as enterprise resource planning that aims to manage on course accounting, procurement, government risk and compliance [ GRC ], change management [supply chain management], and reports such as the general ledger, financial statements which are generated by gathering financial data from various departments through this technology source.


Big data and data analytics benefit to anticipate the analytics of consumers, based on their behavior by obtaining earlier information and mathematical algorithms. Likewise, Compiled data assists in preparing marketing strategies and fraud detection algorithms.


The explosion of Blockchain fever on Financial advisors is captioned everywhere!

Shielding the safety of public records, the burden on streamlining and auditing operations can be lessened. For Chartered Accountants and other financial strategists, blockchain helps in avoiding cyber breaches, offers better transparency, and proves a zero corruption rate to its people.

Financial advisors are sustaining their duty from these software intended for heightening their sales and accomplishment, along with nourishing the market analytics and understandings. Undoubtedly these tech-savvy advisors  are seeming to contribute many benefits in our financial lives, from tax planning to preparing for retirement. If you are a financial advisor or run a financial advisory firm then technology should be in your pocket.

Visit our website to know more about the kind of service which can furthermore help your clients to trust you better. You may contact us to explore potential digitalization plan for you business and service delivery.