How has the financial services industry in Singapore shifted to digital platforms over the decades? 

When I first started out in 2002, the majority of my practice with my clients were manual. We used to fill up documents by hand and then generate quotations on a computer. I can still recall many times where I had to call up a client if I had forgotten to get a formed filled. I would then have to physically meet my client to have them sign a document and then bring it to the office to submit it again. A few more years into the business, my organization introduced electronic signatures. While not compulsory for every submission, I could tell that we were slowly progressing towards a fully digital platform.  

True enough, about four years ago, my organization shifted towards an entirely digital platform with 100% electronic submissions, making it the only way we could submit our documents. It has made our lives a lot more efficient and productive. Today, there are no longer any issues with forgotten documents or missing signatures. On top of that, it means that our work is now more compliant and our clients perceive it as a more professional service.  

I think the biggest impact I felt was in 2020. We all had to evolve really quickly in such a short span of time – we needed to digitize procedures that weren’t even a part of our business before. Practices such as having a sales call remotely over Zoom was practically unheard of before the pandemic. This has greatly improved efficiency, and I can now meet more clients over the span of a single day. We’ve also introduced digital signatures through platforms like DocuSign, so I think the digital age is a truly efficient one. 

With our day-to-day world becoming more digitized, many clients are also expecting greater convenience in the managing of their accounts. Especially for the millennials, they prefer to be able to perform simple tasks online instead of having to meet us face to face.  For example, they expect more digital payment options, transactions like, portfolio rebalancing, accessing and updating their personal details to be made available through self-serve platforms online.  

How do you keep up with the evolving tech trends in your industry? 

One of the ways I keep up with tech trends is by keeping myself abreast of the latest courses launched by our company or latest technologies/software that could be relevant to our practice. For example, a few years ago, I subscribed to a digital online financial planning software which makes use of technology to help me present a comprehensive and interactive solution to my clients. This adoption of technology into my practice has been well-received by my clients and has enhanced my professionalism.  

I supplement this further through personal interactions with other practitioners, as well as articles or content contributed by fellow MDRT members. On top of these, I also take note of trends that are happening around the world. Some countries are ahead of us in the area of technology and can give us a glimpse of what may potentially come to our shores. For example, robo-advisers were a trend in other countries like the UK from many years back but have only become more popular in Singapore in recent years. I have personally created some accounts through roboadvisers in Singapore so that I can be aware of how these platforms work. This gives me greater confidence to speak with clients who may ask about it.  

Millennials are also a great source of information, as they are heavily impacted by technology. Speaking to them gives me greater insight into what their generation is looking for.  

Another way I receive updates on tech trends is through the Technology section in the MDRT Round the Table magazine. There are often articles on the latest software and apps that we can use to enhance productivity and efficiency in our practice.  

How would you encourage MDRT members to embrace new technology in their practice?  

Digital technology is here to stay. So, if anybody wants to have longevity in this industry, it’s important to adapt to these changes.  

Clients these days are expecting a lot more, so I strongly encourage all members who find it a struggle to adapt to these quick changes to take baby steps. You cannot expect to jump right onto the bandwagon and bypass the basics.  

Adopt a systematic approach and seek out peers for guidance and advice to learn the new processes that your organization has put in place. We should always be learning and growing, even if it seems difficult at the start. You will surprise yourself if you keep at it, and eventually find that you are getting good at it. I personally have a few colleagues, whom despite their age and lack of technological experience, have managed to overcome these challenges and add these tools to their arsenal. I’m proud of their resilience, as it shows that all of us are capable of learning and progressing. It’s only a matter adopting a positive attitude and perseverance.   

Contact: MDRTeditorial@teamlewis.com