Shadforth news

Innovation in a time of crisis

22 September, 2020

The Coronavirus is a defining moment for humankind, and one that will change the complexion of our lives for the foreseeable future.

How a virus helped us re-imagine a new world

The Coronavirus is a defining moment for humankind, and one that will change the complexion of our lives for the foreseeable future.

No doubt there have been many devastating impacts, however, some positives have arisen from the situation. Like other significant global events that have come before, including World Wars and the Great Depression, these events have forced and accelerated change.

Medical breakthroughs are being made and companies are fast-tracking advances in technology that under normal circumstances would have taken years. Consumer habits have also altered, and new ways of working and living have forced us to reimagine how we go about our personal and professional lives.

Technology has helped companies respond and rethink how they offer their services and connect with clients, with many demonstrating agility and understanding of what matters to their clients in their speed and willingness to adapt.

New ways of communicating

As social beings, our need to connect has meant learning new skills and embracing technology such as video conferencing and messaging apps.  The popular Facebook-owned messaging app, WhatsApp, has seen a 40% increase in use since the Coronavirus crisis began1, while Zoom downloads in the US increased by 1330% on pre-pandemic figures2.

The increase in Zoom usage has seen companies eager to improve the security features.  At Shadforth, to ensure client privacy and data security, we’ve disabled file sharing features on Zoom and passwords are now mandatory.

There’s no doubt our digital evolution at Shadforth has been expedited by the Coronavirus situation, and we will continue to invest in innovations that drive efficiencies and deliver an improved client experience. Our intention is that these technologies will enable your adviser to spend less time on administration and more time with you and on your advice needs.

The future of advice is digital

With client experience and continuous improvement front of mind, we’ve implemented a raft of digital offerings to help make your advice journey easier:

The Digital Personal Financial Questionnaire

The Digital PFQ is a secure, simple and interactive way for you to verify your personal details and information with us.

Wealth Report

The Wealth Report is an online tool that provides insights into you and your family's current financial situation. This easy and informative report can be shared with family and friends to see whether they could benefit from financial advice.

Fincentral

This budgeting app aggregates transaction data across a number of institutions to give you a consolidated view of insights into your everyday spending habits – something that could be useful as purse-strings tightener in our post-COVID environment.

DocuSign

Docusign allows secure online acknowledgement of documents, removing the need to send sensitive documents via email or physically printing and signing the documents.

There’s no doubt our digital evolution at Shadforth has been expedited by the Coronavirus, and we will continue to invest in innovations that drive efficiencies and deliver an improved client experience. Our intention is that these technologies will enable your adviser to spend less time on administration and more time on you and your advice needs.

For further information on any of these digital tools, please contact us.

1 https://techcrunch.com/2020/03/26/report-whatsapp-has-seen-a-40-increase-in-usage-due-to-covid-19-pandemic/

2 https://www.computerworld.com/article/3535800/pandemic-leads-to-surge-in-video-conferencing-app-downloads.html