Ever wondered how you can improve client services? I would argue that easy access to timely, accurate and ultimately reliable information about your products i.e. their investments, being delivered through an effective data governance programme, is a key enabler to service excellence. Arguably, the main differentiators for investors in terms of client services are the timeliness and quality of Investment Reporting coupled with a responsive and assured service that they can rely on if they wish to enquire about their investments. In the age of transparency, there is no room left for complacency in these areas.
Timely and Reliable Investment Reports
Strong data governance coupled with effective stewardship enables shorter reporting cycles therefore providing your clients with their investment reports earlier and exceeding their expectations for up-to-date information on their investment portfolio. However, timeliness of delivery will not do it alone. It has to go in pair with reliable data. The validation process in a data governance programme ensures that you get it right the first time; which in turn will save time by removing the iterative process of checking, correcting and rechecking reports. Clients do not only expect to receive reporting on time. The content has to be complete, accurate and consistent for it to deliver value.
Finalising reports earlier also provides your client service team with more time to focus on adding value when delivering the information by analysing the data and preparing to review the investment report with or pre-empt questions from their client.
Assured and Responsive Client Service
In the current environment and under increased regulatory scrutiny, asset management firms are adopting a fiduciary mind-set and strive to be as transparent to their clients as possible. Therefore, your customer service team’s ability to navigate your product data and have timely and accurate information at their finger tips is critical to your success. The changing regulatory landscape requires customer service staff to ensure they are prepared to address any question or concern that an investor may raise in a responsive and knowledgeable manner. Therefore, conveying confidence, building trust and making the investor feel that they are in good hands.
A strong data governance system will empower client services to achieve these high standards by building their own confidence in the information that they source internally, by providing them with the most up-to-date data and by allowing them to quickly identify the owner of specific data points to route investor enquiries to the right source of expertise within your organisation. Therefore, helping them to get the answer right the first time.
[...] “timely, accurate and ultimately reliable information” as a key enabler to service excellence (click here for access to the entire blog). Many of the opinions in this post coincide with a PORTIA blog [...]