Wireless Technology Pays Dividends
Information Week (09/11/00) No. 803 p.223; Dickey, Sam

Traditional brokerages are combining the power of the Internet and new technology to compete with the recent surge in online brokerages. Wireless access, data mining, and customer-relationship management are being employed to keep traditional brokers competitive. According to Andrew Bartels, a senior analyst with Giga Information Group, "Financial services has been more heavily affected by the Internet than any other industry, with the exception of software and music." The question facing many brokerages today is how to let clients operate online while still keeping brokers in the picture. PaineWebber's answer to this question is its all-inclusive brokerage account, Insight One. This account, instead of piling up commission charges, has one fixed charge. Insight One provides research reports, online trading, account alerts, and a broker-client email account. Insight One has enabled PaineWebber to increase the interaction between broker and customer. Another way of extending communication beyond the office is by using wireless technology such as a personal digital assistant. The Palm Pilot has allowed companies like Fidelity to service clients virtually anywhere, anytime. Finally, data warehousing can provide a brokerage with valuable client information. The more access a brokerage has to a client, the more information the brokerage can compile concerning customer preferences.

Back   |  IRA.com Home   |  News Archive