Leveraging technology to improve distribution capabilities for retail customers is a top priority for asset managers, however, many firms lack confidence in their technology.
Some of the priorities include communicating complex concepts such as total return, performance relative to benchmark and performance relative to funds with similar objectives. However, fund managers need to better tailor communication for retail consumers to ensure fair and accurate understandings of what the data means.
A recent report from Deloitte claims that just 18% of asset managers feel their technology provides the full set of skills needed to support the distribution technology needs. Furthermore, a lot of asset managers are not providing good enough services for their clients, with buyers scoring service quality as much as 14% lower than what asset managers perceive, the report claims.
In Kidbrooke’s new blog it poses the question, “What if, by adopting a user-friendly, cost-effective technology, an asset manager could ace the competition to be the best at attracting and retaining customers? The gap between customer service level perception and reality could be closed.”
It claims technology can be used to improve three phases of customer interaction, acquisition, connect and engage.
For acquisition, the WealthTech company claims that a while fund performance can attract customers, improved customer experience is much more effective.
It said, “Imagine a tool that enables a customer to see her fund performance within the context of her total net worth. Using a scenario calculator API already easily integrated with your existing systems that can be demonstrated online will save time to market. Presenting a demo with sample data that mimics the user profile will entice consumers to become customers. Once the customer says yes, the onboarding process can be integrated with the first upload of customer data into your data system.”
For connectivity, Kidbrooke states that once a customer is onboarded a firm can build a relationship by offering simplified methods of connecting, with an integrated approach to marketing, sales and service.
Finally, to improve engagement a firm can leverage technology to extend a relationship with a customer by using data analytics to improve their experience across multiple dimensions.
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