How to Leverage FinTech in Your Firm

FinTech or Financial Technology for those of us who are not familiar with the abbreviated term is the use of technology to improve financial services for the public. Think back to the last time you went to the bank, why were you there? Chances are it was not to deposit a check as we can now do that on our phones in the comfort of our own homes. Banking technology has revolutionized in the last few years along with other FinTech services. 

We all know by now that technology is rapidly changing and developing. It is shaping small parts of our everyday life without us thinking much of it anymore. We can stay connected with long-distance friends, receive breaking news at our fingertips, take high-quality photos and listen to music, all on our smartphones! Ten years ago we would have had separate devices to do half these things, and not be able to do the other half. 

In Jeffrey Lang’s webinar, How to Leverage FinTech in Your Firm? Lang discusses the development of technology, he even mentions how in sub-Saharan Africa people are now banking on their iPhones. Financial technology is developing in every corner of the globe, even places that are considered less developed. 

So how can FinTech help in a financial workplace such as being a Certified Financial Planner (CFP)? It can help make processes faster, develop trust, reduce cost, increase security, increase accessibility, and be a relationship enhancement. Leverage the technology and use it to help in delivering the message which will then impact your clients. 

Lang asks, “How do we want our clients to feel? How do we want our staff to feel? How would we like to feel?” When thinking about our financial future, it is a good idea for us students to start thinking about the last question now. We should be asking ourselves at the beginning of our financials, how would we like to feel and where would we like to be with our financial situation ten years from now? Thinking ten years into the future can feel like a long time away, but how quickly did the last ten years past? Or even the last five years past? I think too quickly. 

Other questions asked in the seminar were by an audience member, Chia-Li Chien, CFP, “if any advisor or people out there start using a lot of FinTech do we automatically become stupid?” Lang answered by saying not stupid, but lazier. Think of instruction manuals for example, when was the last time you read one, or did you look it up on YouTube? I know that when we struggled to put our Christmas tree back in the box we looked it up on YouTube instead of the manual. 

Chien also asked, “is using FinTech contradicting when trying to keep the clients emotionless? Does different behavior develop?” A CFP should understand the objective of the client said Lang, the information can then be delivered in a way that they can see, hear and understand. This then raised the question of can technology deepen the relationship with a client? Lang believes it is possible if the message is delivered in a way the client wants to hear it, and technology can be used. 

Having this technology is great only if the CFP, the client and the public know how to use it. “Can you still be a firm that is performing at top pace if you don’t recognize what software, hardware and what knowledge the ability to use?” asks Lang in his webinar. How well do you know your banking apps? Have you sat down and looked through all the different sections of it? 

Developing technology is exciting, and it has great potential for the future of finances. But it is important that as individuals we know how to use it and that we use it to the best of its ability. As a student, take the opportunity to start thinking now about how you want to feel about your finances in the future. 

To learn more work with a Certified Financial Planner (CFP) practitioner or reach out to the Financial Planning program here at California Lutheran University. 


0 (2)About the Speaker:

Jeffrey Lang is the director of supervision for the southeast division and a financial planner of Lincoln Financial Advisors, a registered investment advisor, and broker-dealer. He attended Townsend University in Baltimore, Maryland where he received his Certified Financial Planner certificate in 1984. Lang also earned a charter leadership fellow and chartered life underwriter designation from the American College.

He attended Richard de Irwin Graduate School at The American College. He got his Masters of Science in financial services degree there in 1992, his Masters of Science in Management degree in 1995 and chartered leadership fellow designation in 2004 as well as a chartered life underwriter designation in 2012. Lang is a Ph.D. candidate in the financial and retirement planning program at an American college. He is currently an adjunct faculty for Baltimore and Villa Julie College, as well as being invited as a frequent lecturer at the university and other places of the establishment. In January Lang will be an adjunct professor at California Lutheran University.

0About the Author:

Rosie Baker is an undergraduate student at California Lutheran University studying Communication with an emphasis in PR and Advertising. She is also minoring in Creative Writing.


Watch the archived webinar below:

How to Leverage FinTech in Your Firm – Jeffrey Lang


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