Almost half of asset managers surveyed by kasina said digital initiatives to engage with customers are “nice to have” but not essential to doing business.
“Of course that affects funding, staffing, adoption, everything you can imagine,” Julia Binder, director of e-business research for kasina, told ThinkAdvisor on Tuesday. “I think the root of the problem likely is in how engaged the digital team is with their business partners. What key performance indicators are they communicating?”
Binder said it’s “no longer sufficient” for firms to talk with the advisors they do business with about “how many hits and visitors and visits your website has received. Your business partners are going to want to know what business impact the website has. Is it helping to generate qualified leads? Are leads converting at a faster rate? Are revenues increased as a result of using the website? In kasina’s view, it’s essential to adopt the same language that the business partners are using to gain their advocacy and support.”
Firms might be inclined to think of “digital initiatives” as those that use newer technologies, but Binder noted that the “oldest workhorse in the barn is the website; it’s the digital hub.” Email is ubiquitous, too, so it’s important to understand the impact it has on bringing new business.
Other firms are “using social media to engage with advisors,” Binder said. “Others have prioritized mobile access, either through responsive sites or mobile apps. All of these things are important to engage with advisors where they are, when they want and how they want.”