Financial Planning > Behavioral Finance

Hearsay Partners With Microsoft on Client Relationship Platform

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Hearsay Systems announced Tuesday a strategic alliance with Microsoft that will bring together the data-driven relationship insights from Microsoft Dynamics 365 with the financial industry-specific workflows, data and compliance capabilities from Hearsay, allowing advisors to more effectively acquire, convert and deepen client relationships.

Hearsay, a provider of advisor cloud solutions for the financial services industry, announced the alliance at the Microsoft Envision conference.

A Hearsay spokesperson said the integration allowing advisors to access both Hearsay’s and Microsoft’s technology and features from the Microsoft Dynamics 365 dashboard should be available in the first half of 2018.

Clara Shih, founder and CEO of Hearsay, said in a statement announcing the partnership that “advisors, agents and bankers are on the front lines of the digital transformation journey for financial institutions. But regulatory compliance rules can present challenges, which restrict advisors and bankers from using basic engagement channels that today’s digital-first consumers expect and demand.”

Hearsay, Shih said, is “thrilled to partner with Microsoft to help institutions break down traditional organizational silos and empower the advisor across the client lifecycle — from awareness and initial engagement to service, retention and referrals, with the ability to utilize relationship-deepening, one-to-one digital communication tools like texting, email and instant messages.”

Under the alliance, joint customers of both companies will be able to capture client relationship data at the advisor level “and recommend contextual, personalized next-best actions for their advisors, all while helping them compliantly engage with their contacts via modern digital channels such as social media, text messaging and email — ultimately overcoming some of the largest challenges facing the industry,” Hearsay explained.

Hearsay offered this example: a client updating her employer on LinkedIn would trigger Hearsay to prompt her financial advisor to pull up the client’s Dynamics 365 contact record and suggest that the advisor reach out with a prewritten congratulatory message via text.

Once this action is taken, Hearsay would recommend the advisor to follow up a week later with a pre-suggested email in Microsoft Outlook to discuss a 401(k) retirement savings plan rollover, since job changes are often the only times people consider a rollover. All advisor-client communications would run through Hearsay’s supervision and compliance platform, ensuring adherence to a firm’s compliance policies.

Alysa Taylor, general manager, Microsoft business applications group, added in the statement with Shih that Microsoft is “excited to bring together Hearsay Systems’ technology and extensive financial services expertise with our Dynamics 365 customer engagement platform.”

Hearsay, Taylor added, “brings financial services-specific workflows, data and compliance capabilities that provide an industry-focused addition to our existing Microsoft Dynamics 365 offerings for sales and support teams, including our Relationship Sales solution, and will ensure that financial services organizations can give their sales and support teams an application that meets their unique needs.”  

— Check out Hearsay Adds 2 Execs to Expand Advisor Cloud Ecosystem on ThinkAdvisor.

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