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New SimCorp ROI White Paper Reveals that Failure to Automate Client Reporting is Costly and Impedes Client Service

New research-based white paper provides a three-step guide to help wealth and asset managers assess the costs, savings and return on investment (ROI) of client reporting automation.

Polls conducted by SimCorp, a leading provider of investment management solutions and services for the global financial services industry, found that 90% of asset managers spend less than 20% of their time engaged with clients, in face-to-face meetings. Despite this, 63% of poll respondents have a client reporting process that is less than 50% automated. These firms are missing a vital opportunity to free time and resources that would raise engagement levels, increase client satisfaction, cut costs and boost revenues.

Poll respondents – including 87 wealth and asset management firms in North America and Europe – also cited ‘time and resources required’ as the most challenging aspect of preparing pitchbooks and client meeting packs,’ with ‘availability of data’ ranked second.

According to Nicola Cowburn, Vice President, Global Marketing at SimCorp Coric: “As a result of these poll findings, which highlight the fact that ‘time is money’ for wealth and asset managers, we have created a new white paper to help these firms assess the business case for client reporting. The direct cost savings that are possible through automation of the client reporting process can run into hundreds of thousands of dollars – not just once, but in every reporting cycle. Add to that the opportunity cost of empowering client services teams to increase the length, frequency, and quality of client engagements, generating revenue and nurturing loyalty rather than administering report creation and modifications, and the business case becomes truly compelling.”

When questioned about provision of digital and mobile delivery, only 18% of respondents offer online portal access; less than half of the 41% of respondents that deliver reports as an attachment via email.

“This is surprisingly low, considering that today’s clients expect online access and self-service capabilities as standard, enabling them to slice, dice and view data in different formats, across different media,” commented Cowburn. “The idea is to empower institutional investors and high net worth clients with highly secure self-service tools that allow routine, ad hoc, and on demand reviews. Time spent with relationship managers and advisors can then be reserved for higher quality, more forward-looking analysis and discussion.”