Greater data and analytics tools and more efficient solutions lead the wish list of asset managers in an annual client survey conducted by Bonaire, the software division of Broadridge Financial Solutions.
In its annual survey of its U.S. and global asset management clients, Bonaire found that asset managers are looking to technology to gain its competitive edge, increase efficiency and accuracy and they want a holistic approach to data and analytics.
Heres how the solution providers asset manager clients responded:
– Thirty-four (34) percent of Bonaires clients responded that their biggest business objective was product innovation to differentiate in a crowded marketplace.
– Client retention, which has been at the top of the list for the past two years, was a close second with 32 percent of responses.
– Compliance with new regulations was noted as a key challenge for the third year in a row.
– When asked about their team objectives, 62 percent said that increased efficiency and accuracy was their number one priority.
-Thirty-seven (37) percent of clients cited cross-business reporting and a lack of enterprise-wide data and analytics as a challenge.
-An estimated 31 percent noted that under- and/or over-charging of fees, inaccurate invoices and elongated billing cycles remain among the most important issues to address in order to improve the bottom line.
–Implementing revenue and expense management solutions received 92 percent of executive votes, with approximately 25 percent voting for audit and compliance benefits and the reduction of fee leakage.
The competitive industry environment and the need to deliver real-time business intelligence while meeting the increasing host of compliance regulations were identified as the top issues facing the industry, said Christopher John, president of Bonaire.
The annual Bonaire survey was conducted during the firms annual client conferences in Boston and London. The press statement did not provide the number of survey respondents.
