What does the future of work look like for a finance broker?
Wednesday 11th May 2022
The future of work for a finance broker is likely to look significantly different to the way it is today. There are many new ways of working brought about due to the COVID crisis and most of these are very likely to be here to stay, but there are also many other changes happening that will affect the way a finance broker works in the future.
Having an awareness of these will help to empower you to become more competitive and competent in their field.
Reason for change
There are many reasons for changes but in the finance sector these are primarily due to the rise in technology, new ways of working and an increased focus on the different skills that an employee should now possess.
As a finance broker there is now a need to overcome the legacy of all the old banking systems. There is also an increasing number of new regulations to deal with and a pressure to increase profit margins. Alongside this is the need to become savvy around new technology, plus the requirement to have sensitivity to the changing needs of customers as they struggle to cope with the future but are also able to gain increasing access to lots of information and advice.
The workplace will look different
During the COVID pandemic many finance brokers began to work from home. The technology made this easy to do and this technology is only going to get better in the future - working away from an office is going to become more and more likely. You may even find yourself working for an organisation that doesn’t even have an office… the days of full-time employees who sit in a building are fading fast. The knock-on effect of this is a change to lots of the old traditional office structures, many of which are an inefficient waste of time - unproductive meetings and commuting to name but two. However, this new remote friendly culture will require a change of working requiring a need to take more ownership and become increasingly autonomous.
So, the finance broker of the future will need to develop the ability to work in an increasingly digital way in order to perform better and provide an improved service to customers. This will make them a more attractive employee and therefore more employable. Once employees are working mainly remotely, companies can employ from anywhere… the world will become your oyster!
Relationships with clients are going to change
The old stereotype of unfeeling bankers or brokers does not fit well with a generation that has been brought up on social media, so developing new skills to attract and maintain business will be necessary to thrive.
Finance brokers will increasingly need to possess a fluency in the more recent tech plus creative thinking abilities and to have possession of at least the basics in empathy skills.
We will all need better communication skills
Rarely meeting up with colleagues means it will be increasingly important to keep those lines of communication open so you can stay in touch and up to date. This will also be the case for your clients, many of whom may prefer to meet remotely instead of face to face.
It will be important to make sure that the way you communicate remotely is as effective as communication in person and will require some changes. Many clients will have frustrations and concerns around their cash flow and finances and as the world post COVID is becoming increasingly more uncertain, it is now more important than ever to be listening to what they are asking for and for you to be open, honest and authentic with your advice. Customers will be looking for this and will be more likely to stay with you if they feel your financial advice is to be trusted, that you are easy to communicate with and in a position to solve their individual concerns.
Remember to show empathy
Showing empathy to a client by understanding what their concerns are and having the ability to relate to them as individuals will make all the difference to improving relationships with your customers in the future and to make sure they stay with you.
The financial sector is still working towards becoming digital so there will always be new opportunities to learn and progress.
It is becoming more important to keep an eye on the market and to work out where it is going next, things are changing quickly! Information can now be found from many different sources not just those within the industry. The ability to find the best places to get the most useful data and to be able to analyse and spot trends will enable you to better forecast the needs of your clients in the future.
