17 asset managers have participated in the first round of the Accomplish CX Maturity Benchmark. This was the initial stage an industry-wide initiative that aims to improve the state of client experience across asset management. Contact us if you are interested in joining the next round of benchmarking, which will close on Friday 31 January 2020.
Asset managers are falling short of their clients’ service needs, and most attempts to solve the problem are addressing the effects not the causes. Early movers are using CX to secure competitive advantage over their rivals. Asset managers are now using Accomplish’s CX Maturity Benchmark to understand their current CX and compare themselves against their peers.
Industry-wide problems with client onboarding, reporting, billing etc. are the effects of systemic issue. The root causes are a lack of CX strategy, and insufficient governance to control the complexity of serving clients with different needs. CX is controllable and, for many asset managers, it has become the differentiator. In this first of two articles on the root causes, we explore CX strategies.
For many asset managers, client experience (CX) has become the way to get noticed and to retain their clients’ confidence. CX will also impact your profitability twice – influencing both revenue and costs. Yet our research indicates an industry-wide issue. Asset managers should seize this opportunity with the four-stage response outlined in our report.
Lack of governance around client experience (CX) is one of the two root causes of an industry-wide issue relating to CX that has important commercial implications for firms. This situation is controllable, and it presents an opportunity to asset managers to gain a competitive advantage over their peers.
Client segmentation unlocks benefits that improve asset managers’ profitability and scalability. But there are pitfalls, especially for firms that have not needed to master this discipline before. Accomplish has considerable experience in segmenting client bases for asset managers of all sizes. Contact us if you would like us to share the lessons we have learned about how to do this successfully.
Competition is intense, margins are shrinking, and not everyone will adapt in time. Big-brand investment firms are buying Accomplish’s ‘Quick Fix’ change management packages. Find out why.
Our client experience market study is progressing well. While early findings support our hypothesis that this topic is an important one, they also indicate that the asset management industry may still be figuring out how to ‘get it right’.
Could asset managers still be wrestling with delivering the right client experience? Accomplish has launched industry-wide research to find out.