UK Fund Management Companies are Failing to Meet Investors’ Demands for Internet-Based Customer Service

Overall, the audit found that service levels for the UK fund management industry are average, at 53 per cent. While fund management companies proved better at providing service via traditional phone — with 95 per cent of calls answered in 30 seconds — they now need to adjust to the new realities of the digital age in servicing investors.

Jon McNerney, Vice President International Operations at Talisma said: “The findings of our audit — including a poor email response rate, lack of self-help and educational tools, and absence of online chat — should act as a wake up call to the industry. In an increasingly commoditised world where customer service can be a key differentiator, response times are critical. It only takes one unanswered email for a customer to go elsewhere.”

“The wealth of information now available to individual investors online has encouraged many to look for self-service investment options,” continued McNerney. “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.”