“How do we stack up?” is a common question our clients ask our relationship managers regarding operational complexity. With clients’ varying tech stacks and disparate workflows, making comparisons and sharing meaningful insights can be challenging, particularly when operating off different baselines. This blog is meant to provide outline on how insights garnered from various data points can help to improve clients’ workflows, resulting in greater efficiencies across the board.
At SS&C Advent, the relationship management team is always looking for ways to derive meaningful insights from data to better assist our clients. This information can come from quantifiable client feedback or from within our solutions. For example, the data we receive on the Advent Outsourcing Services (AOS) platform has the potential to transform the way we deliver our services. As noted in Fund Intelligence1, SS&C Advent uses a console tool for a better view into our client environments. We have worked closely with early adopters of the console and, in less than two years, have progressed from an internal-only tool to a transformational solution that is changing the way our clients manage their workflows. The tedious norm of resolving trade breaks over email and spreadsheets disappears in favor of a SaaS-based experience.
The Answer to Important Questions
There is a lot of opportunity to develop additional features and increase functionality of the console, but one could imagine a point where the AOS team could use the aggregated client data to answer important questions that delve into predictive analytics, such as “is this volume of breaks normal,?” or “how is custodian A treating this corporate action relative to custodian B?” An asset manager running in-house operations won’t benefit from the scale of a third party vendor providing a broader view and offering key insights from customers that are experiencing similar challenges.
Key Results from Client Survey
While key comparisons emerge from the data, confirming assumptions with targeted conversations helps to bring it all together. As mentioned, we receive quantifiable client feedback from the business reviews we conduct, support cases logged by clients, virtual roadshows, as well as client surveys. Recently, we surveyed our AOS clients to better understand their thoughts about the service level of our outsourced solutions. This will in turn help us confirm whether our data realities match our client’s perception. The investment in our tools and teams are paying off as:
- Scores for our “personnel servicing of our clients” increased year over year;
- “Likelihood to recommend” also increased compared to last year; and
- Clients expressed more concerned with reducing operational risk and are primarily focusing on their own customers.
Finally, the survey also helped confirm our investments in automation and enhanced effective communication between our teams, and clients continues to be top of mind for firms.
Next time a client asks how they may stack up, my team and I are armed with data and context to provide better advice to our clients.
1: Tony Rifilato, SS&C rolls out Advent updates as it anticipates outsourcing boom, Fund Intelligence, New York, 2020. Pulled 11/2/2020