It’s been no less than a rollercoaster for asset and wealth managers in the past two years. There has been great competition led by industry-wide M&A, merging asset managers into a homogenous landscape challenging to carve a niche in. And in 2020, the COVID-19 crisis forced businesses to rethink operations across a remote workforce and handle more demanding investors.
Even though client retention in the new operating ecosystem may no longer be a safe bet, one this is for certain – digitalization of client communications will continue to play an integral role in delivering a superior client experience. This will help companies stand out in the market and provide a competitive advantage to asset and wealth managers.
Empowering Client Communications in the Midst of a Crisis
In times of heightened volatility, engagement and communication are extremely essential. Amid the COVID 19 pandemic, a change in expectation towards communication was observed, along with a demand for custom and ad-hoc reporting.
In an increasingly competitive and demanding market, businesses are advised to deliver a diverse and extensive range of institutional mandate reporting and other client-facing materials at regular intervals. To create a compelling client experience, bringing communications and reporting into the digital age is more important than ever before.
Overcome Operational Barriers via Digital Transformation
It’s been observed that inadequate client reporting has fostered a lack of flexibility in asset and wealth managers being able to handle rapid change.
Until now, businesses have been expecting people to simply solve the issue, but this is no longer a viable option. Companies now have the opportunity to create growth and build resilience by taking a proactive stance and utilizing client experience.
A digital platform that can provide one single version of the truth can help solve this operational challenge. A digital platform, with open integration and intuitive workflows, can offer consistent and transparent client communications. The aim here is not to replace, but empower the employees by solving ineffective and redundant processes and creating the scale and automation required, to deliver a superior customer experience.
Digitalization should not be considered just a trend- it has a significant impact on the industry. Businesses can’t afford to be lagging behind during these challenging times. This is more about staying on top of a trend that is eventually going to get bigger. Adapting to this evolving market can be challenging for organizations. Therefore, they need to adopt cloud-based technologies to build the agility required in their communications, retain contented clients, and quickly grab new opportunities.
Also Read: AR’s significant contribution to Business strategies
Next-Generation Client Communication Platform is a Game-Changer
Digitalization clearly plays a crucial role in advancing assets and wealth management operations. Embracing a next-generation client communications platform that can deliver flexibility, scalability, and cost-effectiveness required for enhancing the client experience is a significant game-changer.
Client communication function in the near-term will combine digital and analog tools. Enhancing static and conventional means of reporting with a cutting-edge, digital suite of solutions is a great idea to meet the complete needs of an investor base that is more transient than ever before. For those organizations that are slow right from the start, catching up will prove not only detrimental to client retention but at the end to their survival as well.
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