Quantzig, a premier data analytics and advisory firm, recently interacted with leading asset management firms to understand how data and analytics is helping them drive better outcomes amidst the crisis. Owing to the disruptions caused by the COVID-19 crisis, asset managers have started leveraging analytics to analyze customer journeys. Based on the interaction we identified three major reasons for the surge in adoption of customer journey analytics by asset managers. It includes:
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A detailed analysis of the analytics maturity of leading #assetmanagement firms has revealed most of them are still at the ingesting and planning stage of the maturity curve.
- The need to create a market differentiation
- Shift in focus towards personalization of services
- The growing need to drive sales while minimizing costs
The journey towards developing a customer-centric organization must start with a detailed analysis of the current landscape and identify the target state that an organization wishes to achieve. This will pave the way for customer-centricity and facilitate the identification of critical breakthroughs along the journey. The same holds true for asset management firms. Hence asset managers must keep up with the changes in the market to achieve sustainable growth. Since the new age customers demand a holistic suite of services, an analytics-backed strategy will not just help asset managers to offer personalized services but will reduce the turnaround time and the costs incurred.
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According to Quantzig’s customer journey analytics experts, “A detailed analysis of the analytics maturity of leading asset management firms has revealed most of them are still at the ingesting and planning stage of the maturity curve. Though there can be many factors that can prevent asset managers from attaining data analytics maturity, our interaction has helped us identify the top reasons for the stunt in growth.”
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