CRM comes of age
Aug-2008 / Buy-Side Technology, Aug 2008
| (Extract of article)
Buy-side buttoning down While technological progress has done much to attract greater buy-side interest in CRM products, greater necessity for more advanced client servicing capabilities has also driven managers to consider deploying these products as their operations and investors become more institutional. "What's going on is there is increasing buttoning-down of these buy-side businesses," Maguire reports, adding that the asset management industry has become more complex and that start-up fund managers now face more high-level competition from day one. "Part of their ability to distinguish themselves and be effective is to have very good systems to support their clients," she continues. "Whereas initially CRM might have been seen as a nice little tool for the sales team, it's now become an essential tool for managing one's client base, dealing with relationship management, compliance and all the processes necessary to service existing clients." Nicholas Alabaster, business development executive at wealth and asset management technology provider Odyssey Financial Technologies, also argues that more robust CRM capabilities serve as a way for managers to differentiate themselves. "Along with the growth in private banking and wealth management, investment managers are also experiencing growth in the numbers of investors using efficient pooled investment opportunities,"says Alabaster. "As consolidation drives cost efficiencies, investment managers still struggle to differentiate themselves in a competitive marketplace." He adds that for any investment manager, the ultimate goal of increasing revenues requires not only attractive performance returns but also focusing on customer satisfaction and better levels of client service. "An institution, independent financial advisor or even a direct investor has to understand its clients' needs and provide them with timely, tailored reporting updates and market literature in order to deliver the transparency necessary to promote confidence in the marketplace and investment decisions." ... |
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