UK fund management companies are failing to meet investors’ demands for Internet-based customer service, says a recent customer service audit by Talisma Corporation.
They found that despite demand from investors to interact through a range of channels, including email, web self-service, online chat and telephone, UK fund management companies failed to deliver on the promise of these technologies.
The so-called customer service audit, conducted during August 2006, examined customer service levels across the top 100 UK fund management companies. The audit found that 49 percent of all customer email enquiries received no response in 48 hours. It is generally accepted that an email enquiry should take no longer than 24 hours to answer.
Fund management companies proved better at providing service via phone, with 95 percent of calls answered in 30 seconds
“The findings of our audit, including a poor email response rate, lack of self-help and educational tools, and absence of online chat, should act as a wake up call to the industry,” says Jon McNerney, the Vice President of International Operations at Talisma. “In an increasingly commoditised world where customer service can be a key differentiator, response times are critical. It only takes one unanswered email for a customer to go elsewhere.”