Read this article and learn about:
- Client demands for more bespoke communications and reporting services
- The need for a strong and agile technology platform
- More interaction and empowerment
Steve Young, Managing Partner, Citisoft
The business environment for asset managers is likely to change considerably in the foreseeable future. Clients are becoming more demanding, while the digital age is creating the opportunity to transform business models, introducing greater interaction and empowerment. We are already seeing more sophisticated data and content requests and this is likely to intensify over time. Thus, it is likely that clients will increasingly demand more bespoke services and in a timelier manner. Investment managers must be prepared to meet these demands in an equally timely manner.
At present, the key business area for dealing with the information demands of the clients is client communications/ client reporting. These units were originally created to organize, validate, and distribute the regular monthly hard copy reports. Over time, this process has evolved to become a largely electronic delivery, but that apart, much of the focus is largely unchanged. While the data that is sourced is demanded to be accurate and consistent, reports are still predominantly produced for historical data.
Demands for real-time data and self-service
Although it is unlikely that the traditional client communications/client reporting services will disappear, the growing demand is to supplement this information with a timelier, digital offering. As in other sectors within financial services, clients expect to be able to review key data in a real-time, or at worst near-time, experience and be able to raise bespoke queries concerning their portfolios, as and when required. This ad-hoc provision will also need to be largely self-serviced.
Delivering this modern client communications function to clients requires a different approach regarding the people, processes, and the technology that underpins it. Focus is now moving from provision of information to end-clients to communication, client interactions, and client experience. All of this will create new opportunities to change the entire client experience and build new, more dynamic and technically-driven client interactions.