Empowering FinServ Conferences and Summits Through Event Technology

Jul 19, 2023 Shruti Shah

Orchestrating successful in-person conferences and summits in the rapidly evolving landscape of financial services (FinServ) presents very distinctive hurdles. Event planners in this industry require innovative solutions tailored to their specific needs, and event technology like Eventcombo offers just that. This blog explores the obstacles faced by the FinServ industry while planning and arranging in-person events and delves into how event technology can remove those obstacles, facilitating extraordinary experiences.  

Financial service associations have been at the forefront of leveraging secure technology, like blockchain, even before its popularity surged. The FinServ industry has excelled in embracing technology to revolutionize open banking, investment management, insurance, and data security. However, along with these advancements comes increased competition and the need for transparency.

The Challenge: Organizing In-Person FinServ Events 
Organizing events for FinServ firms such as insurance or mortgage companies requires a unique perspective. These events are not just typical trade fairs or exhibitions. Rather they are heavily focused on innovations, lead generation, and showcasing the latest breakthroughs in industry. However, the FinServ industry faces several inherent challenges when it comes to planning and executing in-person conferences and summits. 

• Regulatory Compliance:
  FinServ conferences and summits require strict adherence to regulatory frameworks. Event planners must comply with regulatory authorities of respective countries such as the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Securities Administrators (CSA) in Canada, or the SEC in the US. Ensuring secure collection and management of attendee data, with features like consent management and data protection controls, is crucial to meet compliance requirements. 

• Information Security:
  Every company in the Financial Service sector handles sensitive customer identity data, personal information, health records, social security numbers, and financial details. Event planners often face the challenge of implementing strong security measures to prevent data breaches that ensure the security of attendees' sensitive information throughout the event. Apart from data traffic, compliance with industry-specific data privacy requirements is also essential, including secure data encryption during registration, session access, and networking activities. 

• Complex Content Delivery:
  Most FinServ professionals, including the C-suite attendees, seek to attend conferences to enhance their knowledge on complex topics such as emerging trends, regulatory updates, portfolio management, financial planning, and industry best practices. These attendees often have diverse backgrounds, language limitations, and varying levels of investment knowledge. It is essential for event planners to ensure effective communication of event agenda and make the content accessible and digestible to all participants. 

• Networking Challenges:
  Networking is always at the core of in-person events. And, it goes without saying that building partnerships, exploring collaborations, and expanding business opportunities also form the main agenda of FinServ events. Professionals in this industry have specific networking expectations, such as options for private messaging, virtual meetings, and scheduling one-on-one sessions with just the right people. They have their schedules brimming with appointments and time really is money in a literal sense here. Therefore, a generic matchmaking platform isn't enough in such scenarios.  

The Solution: Leveraging Event Technology for Impactful Experiences 
The Financial Services industry thrives on innovation. Events for financial service experts focus on finding better servicing opportunities and financial instruments to gain a competitive edge. Event tech can provide tailored solutions and address the specific challenges faced by event planners while planning events for and in the FinServ sector. 

• Managing Regulatory Compliance for Every Event Activity:
  Modern event technology platforms offer programming to securely manage attendee data, ensuring compliance with data protection and privacy regulations, and API integrations. Advanced security measures, including encryption and access controls, protect sensitive information during registration, sessions, and networking activities. These tools assist in maintaining regulatory compliance for the FinServ industry. For example, an insurance company organizing an in-person conference can utilize event management software to collect attendee data, obtain consent for data usage, and ensure compliance with regulations such as GDPR or HIPAA. 

• Maintaining End-to-End Data Protection:
  Event technology solutions provide robust data management features tailored to the needs of the FinServ industry. These measures include encrypted communication channels, secure document sharing, and access controls to protect sensitive data. For instance, a banking company needs to partner with the right event technology platform to implement multi-factor authentication, secure file transfer protocols, and encrypt data storage to ensure the security of financial information shared during the event. 

• Content for Everyone, Anywhere:
  Event technology platforms enable the customization and delivery of complex content in an engaging and digestible format. They offer interactive features such as live streaming, on-demand sessions, multimedia presentations, and live language translation to ensure every attendee gets a fair chance to absorb and grasp intricate financial concepts. This not only helps elevate learning experience but empowers knowledge seeking professionals and aspirants to gain valuable insights from industry experts. 

• Facilitating Seamless Networking and Interactions:
  Right event tech solutions, designed to provide dedicated networking features tailored for Financial Services organizations, can foster meaningful connections among professionals. For instance, an investment firm can utilize AI-powered matchmaking capabilities and private messaging. This enables connection among right entities like insurance agents looking for potential leads, companies looking to engage with marketers, and consumers searching for the right insurance provider. Similarly, it also facilitates connections with potential investors, industry experts, and peers based on shared interests, expertise, and networking preferences, and skyrockets the event’s success. 
  
  

Benefits and Future Trends 
Leveraging event technology in the FinServ industry offers numerous benefits for organizers: 

• Enhanced Efficiency - Event technology streamlines various aspects of event management, reducing administrative burdens and saving time. Automated registration processes, streamlined content delivery, and networking tools improve efficiency, allowing organizers to focus on delivering a seamless event experience. 
• Improved Attendee Engagement - Event technology platforms provide interactive and engaging experiences for attendees. Features such as live polls, Q&A sessions, and real-time feedback collection foster active participation and enhance overall engagement levels seamlessly even at large conferences and summits.
• Measurable ROI – How would you assess your efforts and results? Event technology enables event hosts to track and measure the success of their events. Comprehensive analytics and reporting tools offer deep insights into attendee behavior, session popularity, and overall event impact. A data-driven approach allows for informed decision-making and enables the demonstration of return on investment to stakeholders.
   

Event technology has evolved as a powerful tool for event planners, ready to cater to the FinServ industry while addressing specific challenges faced in organizing in-person events. Looking ahead, event technology in the FinServ industry will continue to evolve and shape the future of conferences and summits. Further integration of emerging technologies such as artificial intelligence (AI) and machine learning (ML) are already enhancing personalized experiences, content recommendations, and matchmaking capabilities. Additionally, a hybrid event format that combines in-person and virtual elements provides flexibility and expanded reach, ensuring broader participation in FinServ Events. 

Are you a FinServ company or association looking to make a mark in the industry? Plan your next event with us and see the impact! Book your demo today! - https://bit.ly/3DlpAZC