View more on these topics

Bad management costing financial companies their reputation

Research results released yesterday by Vignette, a provider of information management and delivery solutions, show that IFAs believe poor organisation and bad management of customer documents is costing financial service providers their reputation.

The independent survey of IFAs revealed that almost one fifth (17%) of financial services companies regularly lose customer documentation, with 58% of respondents believing that providers are disorganized, negatively affecting their reputation in the marketplace. 

The findings also highlighted the lengthy time taken for financial services companies to administer paperwork, forcing IFAs to allow an average of 16 days for providers to process documents.  A further 33% of IFAs have to allow three to four weeks while another 7% advise clients that it may take up to eight weeks to get a response from ill-equipped financial service providers.

Gonzalo Usandizaga, vice-president and general manager EMEA, Vignette, says: “In the highly competitive financial services industry, effectively managing and delivering personalised information is key to building strong customer relationships and streamlining business processes.  Any company ignoring this puts itself in peril of not only missing out on new revenue opportunities, but losing its existing customer base.”

While there are many exemplary financial institutions that are using information to improve customer experience, yesterday&#39s findings show that in some cases a gap still exists between the levels of service that providers are delivering and what is expected of them.  Managing and delivering customer records electronically provides a platform to enhance and speed internal processes while opening up back-off systems for customer self-service.  This allows providers to operate more efficiently internally, while enhancing the overall customer experience.

Recommended

Newcastle keeps 10-year fixed rate mortgage at 5.99%

Newcastle is offering a mortgage fixed at 5.99% until August 30 2014 with an annual penalty-free option to redeem. The recent interest rate rises have only increased speculation that they may continue to do so over the next year. This long-term fixed rate product provides people with security against potential rate rises while giving the […]

PMN attracts 70 ARs in first eight weeks

The Professional Mortgage Network has signed up 70 appointed representative members within the first eight weeks of its launch &#45 and is in advanced negations with over 80 other organisations and individuals eager to sign up to its proposition for ARs. This means that Leicester-based PMN is now ahead of target in recruiting a membership […]

1,000 advisers switch to Trigold in May

Trigold is celebrating a record month for new users with over 1,000 switching to Trigold software in May, bringing the total number of users of Prospector Plus to over 15,000. Prospector Plus subscribers will also receive free the new FSA software Prospector AAA to ensure that they are ready to tackle FSA regulation. Advisers can […]

Barker defends her findings

Kate Barker last week defended her report on housing supply in the UK in the face of fierce criticism. Speaking at a Chartered Institute of Housing conference in Harrogate last Tuesday, Barker said the need for up to 23,000 extra affordable homes per year shows the scale of the task ahead. On the issue of […]

Abe and Modi

India: Modi, reform and the oil price fall

Nearly 12 months since sweeping to power, prime minister Narendra Modi has overseen a significant turnaround in India, which is now on track to become one of the most pro-growth, pro-investment economies in Asia. While the market has rallied 48 per cent over the last year in response to Modi’s reform agenda, what is the potential for further progress?

Newsletter

News and expert analysis straight to your inbox

Sign up