92 per cent of firms recognise the need to focus on client experience (CX), a recent study from Royal London Asset Management (RLAM) has found.
The study, conducted by Sionic in February, reports that 57 per cent of firms are in the planning stages of their CX strategies, with a number introducing ‘head of CX’ roles in order to address the area’s increasing importance.
Additionally, more than half of respondents have put a specialised client division in place, independent to distribution teams, to address client management and retention.
However, none of those polled yet had a defined strategy in place, and it was broadly recognised by participants that CX should be a consideration across all of a company’s operations rather than being the sole responsibility of the servicing team.
In order to improve CX in the future, 80 per cent of those polled state that providing clients with digital access to data via client portals is an area their firms are focusing on.
Client reporting will also require improvements, the report found, with automation and outsourcing potential solutions discussed by participants.
Rob Williams, chief distribution officer at RLAM, says: “We recognise the importance of continually refining and enhancing how we engage with our clients. We wanted to understand how the industry is evolving to support clients more effectively and ensure our entire firm is collectively focused on delivering a great client experience.”
