Special to the Financial Independence Hub
We live at a time when electronic communications is making rapid advances in many walks of life, but surprisingly, the financial-services industry still has a long way to go.
Incredible as it may sound, less than 10 per cent of documents in the industry are delivered electronically today. I refer to client statements, trade confirmations, bills, and a variety of other disclosure documents needed for regulatory requirements. Indeed, the industry and those who work in it are drowning in paper.
From my vantage point, three prominent trends in the industry right now are:
- The migration from paper to electronic communications
- An ever-increasing environment of regulation
- A growing need for technology innovation and the cost savings that brings.
I have worked in the technology side of financial services for 20 years and been involved in lots of innovations. This includes providing Internet and custom web solutions for the industry, developing products that address what were then new Point of Sale (POS) regulations, and in the late 1990s creating the Fund Library, which was Canada’s online mutual fund resource centre, and also f/A Connect, the Internet workplace for financial advisors.
The benefits of digital