We all talk about how important data quality has become, how important it is to deliver transparent, high quality information to our customers, and how that’s been driven by regulation and by changing investors. However, I’ve been at a number of events recently, and talking to customers and prospects about data management and I think that the stakeholders in data management projects have changed – it used to be technology, now it’s predominantly the business.
The drivers for these initiatives have moved beyond improving operational efficiencies – now it’s about improving your client service and your customer experience by sending out high quality data, and it’s about how you use that data to promote your messages as well.
It used to be all about getting the data in one place and it was all manual processes – in many organizations the processes are now automated, they can get the data faster and they have time to analyze it and use it for marketing. Wouldn’t it be great to link your sales data to your fund data so when you have news about one of your funds, you can push it out to the sales force so they have immediate access to that information for their customers … or you can push it out to your marketing department so they can immediately execute a targeted campaign to a particular group of prospects. You could really add value to your organization’s sales processes by leveraging the information in your product data…and connecting it to your advisor and customer data …and then tying it all back together with your books and records data flowing from TA.
Many asset managers have empowered their sales teams with iPads so that they have access to all the latest product information … anywhere, anytime. At NICSA’s recent conference in Miami, it was revealed that 76% of advisers share content online (up from 67% in 2010). This includes performance information, white papers, commentaries etc…. it underlines the importance of being able to provide that information, ensuring that it is always accurate.
There is no point having all these silos of business intelligence in the distribution front-office if you cannot leverage it – make the most of your data!