Sarah Prior

GTM Strategist, SimCorp

Gone are the days of getting by with what you have. Client communications teams are tired of the same old processes, lagging systems and manual interventions – other teams across the business are feeling the love of innovative transformation – now it’s their turn. Client experience now sits in the top 3 strategic priorities for technology investments in the buy-side. It’s time to rock the boat, and deliver a process that gives internal teams a more rewarding career and external clients an experience that informs and engages. 

But where to start? In this blog post, we’ll explore 5 essential questions to ask yourself about your current client reporting and communications processes and technology to help you begin your evaluation. 

1. Is your current client communications process delivering what your clients need?

We all know that clients are the lifeblood of every organization, so their satisfaction needs to be your top priority. At a minimum, all content and interaction points need to meet their expectations. To truly differentiate and stand the chance of winning a greater share of wallet, you need to exceed their expectations. Firms need to understand what clients require, and how they would like to access it. Personalized, relevant and actionable insights via the channel most suited to your customers will put you in poll position in the race to win more business and secure client loyalty. 

2. Do your clients have to ask multiple questions to get the data they require, or can they self-serve?    

Unless your client is a quiz show host, they shouldn’t be expected to ask lots of questions to get the answers they need about their investments. First, if you’re analyzing client activity, you can predict what they’re likely to need next and can deliver before they ask for it. Failing that, firms with self-serving capabilities empower their clients to easily get to the answers they need without a tiresome contact process and waiting around for the answers.

Unless your client is a quiz show host, they shouldn’t be expected to ask lots of questions to get the answers they need about their investments.

Sarah Prior
GTM Strategist, SimCorp

3. Is the information available when and where your clients need it, whether via digital or traditional access points?   

We get it, different clients have different preferences of how to access their data, which means that firms need to have a streamlined process, that uses the same data across both static reporting and digital portals. No more mismatched information and time-consuming internal arguments over who has the correct data – get it right first time. But don’t fall into the trap of just hosting static documents on the portal. This kills engagement and offers a poor client experience. 

4. Can your technology easily support greater volumes, new data types/sources and changes made by business users? 

Clients are asking for more data, more frequently, across more data types. Your technology and processes should be able to easily accommodate greater volumes of reporting and content, new data sources and commentary types. The best processes have full transparency of where everything is and who or what may be holding it up.

Investment in technology isn’t just the responsibility of your firm, it’s the obligation of your partners and providers.

Sarah Prior
GTM Strategist, SimCorp

5. Do you have full visibility of the future of your current client communications technology?   

No one likes being in the dark about what’s coming next, especially when it comes to technology changes. Investment in technology isn’t just the responsibility of your firm, it’s the obligation of your partners and providers. If you use an external technology provider or service for your client communications process, seeing the roadmap is essential, and making sure it aligns to your strategic goals is paramount. The best partnerships are built on trust, and trust requires transparency.  

By asking yourself these 5 questions, you can unlock the potential to revolutionize your client reporting and communications process. If you answered “no” to any one of the above, it’s time to sow the seeds of change. Both you and your clients deserve more.