Reliability and customer service are more important than cost to those responsible for evaluating financial technology providers across Europe, according to research recently commissioned by MFT.
More than 45% of those interviewed across the investment management industry chose “reliability” as the No. 1 driver that impacts their decisions when considering the selection or retention of new technology providers. Customer service came second, with cost in third place. The other attributes receiving support were market status and breadth of existing customer base.
“I think two imperatives explain this result and why reliability came out on top,” says MFT Executive Director David White. “Firstly, a lack of confidence in a chosen technology can impact the ability to seize growth opportunities in both existing and new markets. Combine this with the boom in transactional volumes and STP over the last five years, and one can understand why reliability is factored so highly into the decision chain.”