The key findings of a research report by Rhyme Systems, an asset management solutions provider, are that investment firms require more flexible third-party reporting applications to meet the continually growing demand for faster, more complex data reports and are currently prioritising the accuracy and quality of reports above the costs of producing them, the firm announced yesterday. Only firms with modern integrated reporting solutions are able to offer flexibility in reporting without impacting lead time or cost significantly, the study finds.
The research into the latest client reporting processes was conducted during the first two months of 2007 with a range of London-based investment management firms.
The research concentrated on analysing the main client drivers for change and how asset management, wealth management, private banks and stockbrokers plan to respond to these changing demands.
The study also finds that investment firms recognise an increasingly sophisticated client base is driving change in reporting with clients demanding greater personalisation and flexibility from the traditional reporting model. High quality and accurate reports are seen as a necessity by firms wanting to improve client retention and attract new business.
Centralised management of data from disparate sources is key to producing complex and customised reports while also enabling firms to improve their control over the entire process, the study notes.
The web is recognised as a critical area where firms can achieve greater flexibility in their reporting processes, allowing companies to provide more customised reports with faster execution and real-time information. Firms across the investment management community recognise the benefits and wider aim of moving to a paperless reporting model, eliminating all manual processes.