A pandemic-fueled recession only heightened the need for more automated, seamless financial services, which consumers can access anytime, anywhere. How will FAs meet the demand?

By: Abi Pereira, Associate Director, Product

In recent years, the personal finance industry has become increasingly digital across multiple touchpoints. During the COVID-19 pandemic, the proliferation of online banking was further catalyzed as a means to stay engaged with consumers when traditional pathways of engagement were closed.

As lockdowns went into effect, the number of consumers applying for financial products from their computer or mobile device increased, while the amount of foot traffic into physical banks went in the opposite direction. This almost overnight transformation forced longstanding financial institutions (both big and small) to adapt rapidly, while neobanks (i.e., “challengers”) were already well-positioned to capitalize.

Meanwhile, financial advisors (FAs) have been going through their own cultural metamorphosis. In light of the broader digital push in financial services, the days of FAs holding networking events at cocktail parties or in packed conference rooms have become numbered. To cater to younger generations especially, FAs are exploring more intimate, one-to-one interactions, where they can address specific client needs in a more comfortable, and often digital setting.

Digital Services — With a Human Touch

To thrive in this environment, FAs need to be equipped with the tools necessary to attract and retain clients who already have a wealth of financing and investing options available at their fingertips. While millennials are twice as likely to use robo-advisors compared to young baby boomers, and employ other digital services to automate their finances, there’s a good contingent that still covet a human touch when it comes to important financial decisions.

So how can FAs achieve this holistic approach? By integrating all the solutions they need via a platform like Salesforce, where Even recently launched its first plug-and-play app, ‘Financial Products for Salesforce — Powered by Even.’

Through Salesforce AppExchange, FAs can choose from a massive marketplace of ready-to-install apps, which combine with their CRM data to provide powerful, holistic digital solutions for their business. Even’s app is backed by machine learning and rich data sets, which are used to power real-time programmatic and personalized product offers from its financial institution partners.

The Power of Personalization

With ‘Financial Products for Salesforce — Powered by Even,’ FAs can expand their services to clients with personalized, pre-approved or pre-qualified financial product offers, all through one easy-to-use app. While investing guidance used to be the most common service associated with FAs, younger generations are now seeking help with a multitude of financial life events.

For example, using the Even app, FAs can help clients:

• Secure a personalized, pre-approved loan to consolidate debt
• Open a high-yield online savings account
• Apply for a term life insurance plan

By joining Salesforce AppExchange, Even is extending its services to FAs while allowing them to utilize existing contact data via the same Salesforce platform. FAs will be able to plug their clients into the largest connected network of premium financial services providers (including Goldman Sachs, SoFi, LendingClub, and more) across personal loans, student loan refinancing, savings, life insurance, and other financial products. Using the Even app, FAs can also benefit by monetizing through a variety of payment structures.

In addition to its abundant product offerings, ‘Financial Products for Salesforce — Powered by Even’ is backed by a comprehensive set of licenses to satisfy all regulatory requirements throughout the US. Even’s best-in-class compliance and programmatic monitoring helps ensure that services can be performed in a safe and secure environment.

Now that the pandemic has made everyone more conscious about their financial health, FAs have the opportunity to help clients be proactive about their finances with solutions customized to their unique situation. Even’s new app addresses a valuable piece of the puzzle, and will only grow in its reach as new products and partners are added to its ever-expanding digital network.