Designed well, technology is an essential component to any business operating in any industry. It should be an enabler platform or tool for businesses to assess performance and goals, collate valuable management information (MI) and perhaps more importantly ensure a business is on track to meet stakeholder needs.
Financial service firms are thrown a huge challenge in having to operate within a principles based regulatory framework. This means the FCA will not provide a prescriptive approach and firms need as much MI and self-reflective data as possible to ensure they remain on a compliant track.
Added to this is the need to ensure all stakeholders are aligned and needs are met. This includes ensuring appropriate products and suitable services and advice to meet client needs, employee engagement, streamlined workflows, protection against cyber-risks, anti-money laundering strategies, clean data and much much more…
With the growth of the Fitbit initiated sports gadget industry, we have an opportunity for firms to apply a business fitness tracker technology to assess their on-going growth against verified professional development benchmarks.
Model Office – MO does just this. We assess a firms on-going journey against 5 keys we have found are crucial to building a compliant, client-centric and sustainable professional practice. MO will ensure a firm knows where they stand against the current regulatory and market environment and also provide guidance and steers on what to do next to improve scores.
MO was launched in February and we already have subscribers on the platform, with good feedback, which is great news. But we aren’t stopping here.
MO’s defined ambition is for the industry to data share through open API’s so we can effectively mirror the good work Fitbit is undertaking in buddying up with insurance firms to effectively build an ‘InsureTech’ where insurance giants like United Healthcare will cut premiums for those users who meet targets such as 10,000 steps a-day. This could potentially help firms:
- Reduce regulatory risks such as no long stop by providing evidence based practice
- Reduce PI Insurance costs
- Increase knowledge on their peers and market opportunities
Just think of the improvements to the FCA data collection system GABRIEL and the data mined from practice management systems and client portals could make to firms professional practice and performance if they could provide instant, meaningful and performance enhancing data and guidance strategies.
Please click the below icon link to MO's platform and learn more about MO today..
