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Broadridge and Doxim Partner to Bring Smart Statements to Canadian Financial Services Firms

Broadridge Financial Solutions, Inc., the leading provider of investor communications and technology-driven solutions for broker-dealers, banks, mutual funds and corporate issuers globally, and Doxim, leading provider of customer communications management technology including automated client onboarding, cloud-based enterprise content management and advanced document processing solutions for financial services providers, today announced that they have partnered to deliver an end-to-end Smart Statement Solution to the bank, broker-dealer and asset management marketplace.

In response to the significant changes to the account statements issued by banks, broker-dealers and asset management firms as part of the rollout of the Client Relationship Model (CRM2), Broadridge and Doxim have forged a partnership to provide a superior statement creation and delivery solution to their clients. Broadridge’s Smart Statement Solution, jointly developed with Doxim, will help clients make the necessary move from their current statement design to enhanced, CRM2-compliant statements.

“The financial services industry is seeing increased regulation and compliance reporting requirements, and the significant changes detailed in CRM2 are evidence of this shift.  Broadridge’s Smart Statements provides a solution to help firms not only meet the regulatory requirements but to make a meaningful and positive change in how they communicate with investors.  Broadridge has been working very closely with the regulators and our clients to ensure that our solution positions them for success in this time of increasing client demands and considerable regulatory change,” said Donna Bristow, Vice President, Client Management and Strategic Product Development, Investor Communications Solutions, Broadridge, Canada. “The ability to incorporate performance data and additional disclosure information from multiple systems, including our own, is what makes this solution so unique.”

At the centre of Broadridge’s Smart Statement solution is the Communication Manager console, a web-based message management tool that facilitates the entire process of managing the marketing messages on statements. Firms can select multiple messages (regulatory or marketing-focused), such as image-based messages, and include them in different message zones on a statement.

Firms can further enhance the effectiveness of campaigns, build brand loyalty and increase response rates by using the Communication Manager to perform sophisticated segmented messaging by selecting multiple ads, each targeted to a different demographic segment.  Statement approval processes are also significantly streamlined as firms can review draft statements at the click of a button, right from their desktop, using Communication Manager’s intuitive web-based interface.

“The rollout of the second phase of the CRM requirements means that Canadian wealth management firms will have to dramatically modify the information presented in their account statements. With the Broadridge Smart Statement Solution, we are offering firms a way to not only meet these regulatory mandates, but also improve statement readability, enhance client satisfaction and target messages to clients right on the statement,” said Chris Rasmussen, President and CEO, Doxim. “We’re excited that Broadridge has chosen to partner with Doxim to bring this proven offering to our combined client base, helping them turn their account statements into more effective communication vehicles,” he continued.

By using Broadridge’s Smart Statement Solution, firms can also build client loyalty by delivering statements according to pre-defined investor preferences to channels including print and mail as well as eDelivery. Client service levels are further improved when firms opt to upload electronic statements from the Smart Statement Solution to their online portals, making those statements securely available to customers 24/7.