In an increasingly digital world, some asset management companies are struggling to keep up with client requirements in terms of reporting. Along with performance reporting to deliver results and risk reporting to comply with increasing regulations, investment managers need to provide investor reporting that meets increasing client expectations.
It’s reported that almost two-thirds of firms are still reliant on systems from 2006 or before. Systems that can’t keep up with the demands of today’s digitally savvy clients, who want more and more control over what data they see and how they see it. Customers are no longer prepared to wait to be provided with information - they want and require access to real-time analytics in a format they can easily consume. There’s been a recent trend towards self-service solutions that allow for flexible content and quick report modifications; a result of users placing increasing value on convenience and speed.
We recently caught up with Damian Bryan from Simcorp Coric to talk about self-service data in client reporting.
“I think the biggest trend in client reporting is one of self-service, where the end clients actually want to decide what they see. They want to go onto a web portal and decide what and how to arrange the data that they’ve got. So we see quite a drive towards a client reporting team being able to provide that kind of facility, very simply without IT involvement. Asset managers are trying to improve their client reporting but they come across a couple of stumbling blocks; one of which is the data itself. There is this fear of a data project becoming too big for them, so they tend to hold onto that reporting for as long as possible and stitch that onto the front. Our recommendation is that you look for a product that can enable you to enhance your client reporting, while having a data project going on at the same time and you don’t have to wait for big, never-ending data projects to finish before client reporting is delivered.
As an example for our product, we put most of our R&D in online capability. The idea of having a client reporting system that can only produce a paper output is old school, so now we have to concentrate on delivery to devices and web platforms and enable the configuration of client reporting to stay with the business and not go back with IT. So, it’s all about investment from companies like us in online capabilities.
StatPro’s white paper, “The Self-Service Revolution” explores this demand for investment analysis tools, considers why the industry has been slow to adapt and how a tool that delivers client engagement, regulatory oversight, cost control and competitive advantage changes the game. “We have entered the age of the customer and the firms who succeed today are digital disruptors who use tech-enabled client engagement to get ahead.”
A recent whitepaper by Acutate backed this up further, asserting that investors are asking for more functionality, including:
- Instant access to real-time account status
- A choice of how and when reports are delivered
- Customizable reports with user-specified settings
- Control over the look and feel of displayed data
- Ability to download information into a variety of formats and tools for further analysis
- Access to account, market data and analysis in a convenient, unified, real-time view
By Jonathan Wiser, Head of Content, Osney Media.