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Reliability top driver for investment industry when choosing tech provider - survey

31 July 2009  |  1055 views  |  0 Source: MFT

'Reliability' and 'Customer Service' are rated higher than 'Cost' among those responsible for evaluating financial technology providers across Europe, according to research recently commissioned by MFT.

More than 45% of those interviewed, across the Investment Management Industry, chose 'Reliability' as the number one driver that impacts their decision when considering their selection or retention of a new technology provider. 'Customer Service' came second, with 'Cost' in third place. The other attributes receiving support were 'Market Status' and 'Breadth of Existing Customer Base'.

Reflecting on the results of the research, MFT Executive Director David White commented, "I 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 chain".

The high score given to 'Customer Service' is also notable. Says White; "I was pleased that even in difficult economic conditions, 'Customer Service' trumped 'Cost'. 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, 'Cost' 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 incalculable".

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