As a financial technology service provider we often get asked where in the chain of software systems we fit in. In this era of holism it still seems difficult for financial service companies to grasp the concept of holistic thinking (think Apple). The notion that several systems would have to be used by a financial service company in order to run the business is obsolete.

We have previously discussed how a financial service company would have to think in order to survive in the 21st century and holistic thinking is the main point. Most of the IT-costs that occur within the financial industry have to do with integrations between various systems on the back end of the system. Back end meaning the “boring” connectivity, which just has to work in order to deliver at least some kind of service to the end user. The most back end focused organisms out there are the large banks and looking at their front ends (facing the customer) you can rather quickly grasp the fact that 99% of the money is spent on the back end!

The back end, or engine so to speak, should just work while firms should be able to focus on creating better products and a better experience on the front end for their customers.

In this first part of the “Points of interaction”-series we will have a look at some front end interactions to consider for a financial service company.

Pointsofentry

Order entry

This is the absolute most important interaction for a customer of your financial institution. This is where you have to manage customer worries like:

None of these questions appear in the head of a professional investor, trader or even with an active individual investor but imagine someone who are only placing a few orders per year!

More often than not financial software is developed by professionals who do not consider these items. Because of this, you as a financial service executive have to demand this sort of thinking from your vendor. In order for you to increase the activity and customer engagement this process has to work seamlessly and it cannot be achieved if holistic thinking is not utilized.

Cash management

Your end customer has to be able to manage their cash very easily. Think about deposits, withdrawals and currency exchange among other things. Your customer should be able to handle these basic tasks without any hassle. They should not have to think about settlement dates following their sales and that you will charge them interest on deficits if they make a withdrawal before the settlement of a sale has occurred. The end customer has to receive this information in a very transparent way.

What are some of the questions that you have to address in this interaction?

Reporting

The end customer requires a few types of reports to manage tax and monitor performance. Availability of reports should naturally be 24/7 and reports should be available for both advanced and basic users.

Instead of just presenting the customer with x-number of reports one could consider a more wizard-like approach where the customer could select which metric that is of interest or the actual need to be fulfilled. How does holistic thinking play into this part? Well, everything that occurs on the customer account has to be reflected in real time in order to avoid confusion, this means that you cannot use separate systems for the reporting but everything needs to be viewed as a whole!

Communication

This is where you as a financial service company have the possibility to really interact with your customer. You should be able to communicate with your customer based on what actions your customer has taken, what holdings exist or other types of information that should be available to you. Sure, you could work with a 3rd party CRM which is integrated or work with exports and imports of data between those systems but again, this would decrease efficiency and increase costs.

Use your holistic thinking here and demand a solution where everything can be done as a whole!

Bricknode releases Front End 2.0

Bricknode introduces
Front End 2.0 within Bricknode Financial Systems which is a complete new
version of its end customer module. Within Bricknode Financial Systems brokers
and financial institutions can operate their businesses across multiple assets
to distribute great products to end customers.

STOCKHOLM, Jan. 14, 2014

Bricknode has announced the official release of its Front
End 2.0 within Bricknode Financial Systems which is a big step towards
improving the value for end customers. The new Front End offers numerous
benefits to the end user like aggregated portfolio and account views in real
time, exposure reports and performance measures together with customer
communication.

Through the new Front End licensees of Bricknode Financial
Systems can distribute their products even more effectively and cater to their
clients needs.

“I am very excited with regards to the new Front End release
of Bricknode Financial Systems. The Front End offers the best benefits of
online banking combined with online brokerage. This is yet another example of
how quickly new module releases can be assembled using the revolutionary
technological framework of BFS in the cloud.” said Stefan Willebrand, Executive
Chairman of Bricknode.

To read a detailed guide for Front End 2.0 please visit the
Knowledgebase at: https://bricknode.zendesk.com/hc/en-us/articles/201605523.

To request a free trial or demo, please visit http://www.bricknode.com

Bricknode is a young innovative company focusing on financial software. Our mission is to empower our business partners to deliver the best financial products to their end customers and partners in the most efficient way possible.

Bricknode Financial Systems is a cloud-based platform, which makes it possible for securities firms and other financial institutions to establish themselves online.