More than 45% of those interviewed, across the Investment Management Industry, chose âReliabilityâ as the number one driver that impacts their decision when considering their selection or retention of a new technology provider. âCustomer Serviceâ came second, with âCostâ in third place. The other attributes receiving support were âMarket Statusâ and âBreadth of Existing Customer Baseâ.
Reflecting on the results of the research, MFT Executive Director David White commented, âI think two imperatives explain this result and why reliability came out on top. Firstly, a lack of confidence in a chosen technology can impact the ability to seize growth opportunities in both existing and new markets. Combine this with the boom in transactional volumes and STP over the last five years, and one can understand why reliability is factored so highly into the decision chainâ.
The high score given to âCustomer Serviceâ is also notable. Says White; âI was pleased that even in difficult economic conditions, âCustomer Serviceâ trumped âCostâ. Customer Service is no longer just a matter of response times and SLAs - leaner, modern fund managers want a collaborative approach to problem solving, with real time interaction that unlocks their potential, and not just solves specific problems. Paradoxically though, âCostâ actually figures very heavily in this research, specifically an acknowledgment that over time the least expensive solution can be the costliest, as the price of unreliable systems and second rate customer service is incalculableâ.