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Global institutional investors believe asset managers need to up their technology game if they’re going to win the client-satisfaction war, according to a new report by Greenwich Associates. 

The report, which featured data from interviews with more than 150 senior decision-makers at large institutional investors in North America and Europe, found more than half believe their asset managers are falling short in terms of technology.

“This is a critical issue for asset managers, given that technology is playing a bigger role in institutions’ expectations about client service and its impact on managers’ key business metrics like cross-selling rates,” said Susan Gould, a Greenwich Associates consultant and author of the new report, in a press release. 

Read: Sun Life shakes up leadership team to streamline client experience

The report found respondents don’t believe technology has helped client experience beyond research and reporting. However, 36 per cent of surveyed leaders in North America and 53 per cent of leaders in Europe believe client service is an area where asset managers should invest more in the future.

While using leading-edge technology is already commonplace in the investment management sector, the report noted the industry needs to invest in technology-enabled client services to stay ahead of rivals.

“Clients are raising the technology table stakes,” said Gould in the release. “They expect information to be instantaneous and customized. Asset managers that proactively embrace new engagement models and leverage the power of technology will come out ahead.”

Read: Mercer, Wealthsimple launch online savings, investment tool

Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

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