‘Financial services need to embrace digitalization’

MANILA, Philippines — The uncertainties brought about by rising unemployment and declining business activity caused by the pandemic has emphasized the need for the financial services industry to embrace new technologies, according to an independent association of leading life insurance and finance services professionals.

Randy Scritchfield, first vice president of the Million Dollar Round Table (MDRT), said digitalization would continue to be a critical area of the financial services industry in the Philippines just like in many parts of the world.

“With AI technologies like chatbots revolutionizing customer service, this trend has made its way to our profession via robo-advisors. Given that data shows that the country tops internet and social media usage in the world, I expect we will see more financial services moving online,” Scritchfield said.

As these digital trends take off, Scritchfield said Filipino professionals need to stay in close contact with their colleagues to learn how to navigate the changing landscape.

“As financial services workers, MDRT members are committed to staying up-to-date with fresh industry insights and best practices. The best way to do that is to access the expertise of thousands of the industry’s best from all over the world that generate significant success in their practices every day,” he said.

Through MDRT, members become part of a worldwide network of financial professionals, made up of peers and leaders alike, whom they get to interact with through regular events such as the association’s annual meeting.

“I highly encourage Filipino financial services professionals to take full advantage of the MDRT membership, from its mentorship program to the annual meeting. If they need a boost to reach qualifying levels of production, the MDRT has localized member benefits and initiatives that provide the greatest value to each of its communities around the globe,” Scritchfield said.

Scritchfield noted that 2020 brought new challenges as well as opportunities for the financial services industry amid the global health crisis.

“In an uncertain world, the personal touch is everything when it comes to client relationships. Advisors who prioritize their emotional intelligence – something MDRT has researched extensively – are better able to provide empathy to a client who is concerned about market volatility or identify when a client is uncomfortable during a meeting,” he said.

The nuances, he explained, help establish trust between a client and their advisor.