At the end of our first 12 months we are now ‘on track’ to become the leading asset management client experience (CX) consultancy.
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.
Early movers on CX are implementing intuitive, coherent and efficient client journeys to secure competitive advantage over rivals. Put simply, a client journey is the single thread that weaves through your organisation that represents your clients.
At the beginning of a client centricity improvement initiative, the focus must be on getting the must-do’s right first, because in a modern experience economy a five star experience is the baseline, not a luxury.
For sure, CX is all about clients. But you won’t get off the starting blocks without the essential raw material: CX data and analytics.
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.
A recent roundtable discussion on CX resulted in the establishment of the Asset Management CX Forum with the objective of developing an industry-wide CX benchmark.
SimCorp Coric has picked-up on our research into how CX has become the differentiator for asset managers. We are pleased that they asked Adam to be their latest guest blogger.
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.