UK fund managers are failing to meet investor demands for customer service delivery across a range of channels such as e-mail, Web self-service, online chat and telephone, according to research conducted by Talisma Corporation.
Talisma - which provides customer interaction management (CIM) technology - conducted an audit of customer service levels across the top 100 UK fund management companies and found that nearly half (49%) of all e-mail enquiries received no response in 48 hours.
The survey also found a lack of self-help tools for investors on Web sites. Over 60% of fund managers had no knowledge base or detailed questions and answers to help prospective investors make an informed investment decision.
Furthermore, no fund management company included in the audit provided online chat.
The research also found that the majority (77%) of fund managers do not have a unified view of customer history that combines e-mail, phone and other communication channels.
Overall, the audit judged that service levels for UK fund managers are on average at 53%.
Although firms provide a better service via the phone – with 95% of calls answered in 30 seconds – fund managers need to work on providing services across Internet channels, says Talisma.
"The wealth of information now available to individual investors online has encouraged many to look for self-service investment options," says Jon McNerney, VP, international operations, Talisma. "To capitalise on this trend, fund management companies need to empower investors to help themselves. This includes providing an online knowledge base with FAQs and tools such as online chat to deliver a fast and efficient service to potential investors and IFAs. As more investors demand this type of interaction, those companies that cannot integrate their data to provide a complete service will struggle to compete."
Read the report here