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Client reporting in urgent need of digitalisation, stats show

ReportsClient reporting is still dominated by traditional models and digitalisation is a major area of change needed for asset managers, according to research by financial services firm Sionic.

The survey of 47 asset managers showed 60% found that incorporating sustainability data into existing reporting outputs is an issue, while two-thirds felt implementing regulatory changes is also acting as a hindrance to improving client communication.

A mere 6% of respondents felt confident they already have a digital solution that fits their needs. More than six in 10 of the asset managers surveyed wished for improved efficiency and reduced operational costs from their client reporting.

When it came to methods of client reporting, 83% of asset managers reported having an automated method of producing PDF versions of client reports. More than half were also at the early stages of digitalisation, enabling clients to access reports via websites, portals and mobile apps.

Looking to the future, 72% of respondents agree or strongly agree that they want to provide clients with bespoke reports, tailored to their specific requirements, with the same proportion desiring the ability for clients to take a deep dive into their underlying investment data.

Over half of respondents had assets under management up to £50 billion, with the remainder varying in size up to more than £1 trillion.

The report was authored by Clare Vincent-Silk and Rebecca Gashi, respectively a partner and principal consultant at Sionic.

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