Use Data to Improve Client Experience in Asset Management


Client Experience can distinguish you from your competitors

Below is the executive summary from our Client Insights for Client Experience whitepaper:

In key market sectors, multi-decade industry trends mean that for most asset managers client experience (CX) has become THE way to get noticed and to retain their clients’ confidence.

Great CX helps organisations distinguish themselves from their competition, while simultaneously winning new business and retaining existing clients

B2B Customer Experience: A Practical Guide to Delivering Exceptional CX – Hague and Hague 2018

Fundamental building blocks of CX in the context of B2B asset management include the data, analytics, and governance needed to monitor the quality and responsiveness of the firm’s CX and to maintain an up-to-date knowledge of clients’ needs.

Outlined below are some of the learning outcomes from recent client insight projects.

  1. Successful data projects become BAU; they will continue to evolve as the business evolves. Plan for this transition to BAU.
  2. The majority of business functions, client facing or not, are likely to have an impact on CX.
  3. Strong support from senior management is key. Time and input is required from various stakeholders across different levels of the business. Strong management support ensures acquisition and proper utilisation of that stakeholder time. Becoming more client-centric can mean a change in organisational culture is needed.
  4. The project should be a business owned project, not an IT project. With data and technology being involved there is a danger to push ownership to IT; this is the wrong approach. The business should have ownership of these projects end to end; with valuable and necessary IT representation on the project team.
  5. Managing stakeholder expectations can be challenging. These projects are very much like an iceberg, where the majority of the work isn’t visible. Dashboard outputs are the tip of this iceberg, with a huge amount of data work happening below the waterline. When physical progress isn’t seen or obvious, management can begin to doubt the effectiveness of the project. Producing small outputs to begin with regular iterations can help manage stakeholder expectation.
  6. Not all clients can be treated equally, consider segmenting by importance to you. Resources can be concentrated on those more important segments. Provide a premium client experience to those clients in those more important segments.

Solid foundations accelerate CX Insights projects

  1. Understand your client types and their respective client journeys.
  2. Think about the different touch points along the client journey and understand how/if these touchpoints can be measured.
  3. Have reliable client master data in existing systems; or at least a solid plan for create the master data.

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We can help you use your data to better understand your clients

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