Financial services software providers need to rid themselves of a 'silo mentality' if the industry is going to deliver more advice to Australians, says consultant YTML.
YTML chief executive Kevin Liao said in a statement that software providers need to start being receptive to the notion of working in collaboration.
He noted the financial advice industry has been long characterised by operational frustrations, and will struggle to take the next major step in its evolution unless technology providers come together.
"We need to have an open dialogue and challenge ourselves on how we can leverage our respective complementary strengths to create solutions that make it operationally easier to deliver advice,” Mr Liao said.
Mr Liao said the development of more agnostic software providers will help reduce the prevailing silo mentality of software providers.
He said this will go a long way to improving the customer experience delivered by the advice industry.
“There is such an opportunity for this industry to take a huge step forward,” Mr Liao said.
“I encourage all players, large and small, to look at the big picture and be part of that movement.”