Tampa, FL – October 19, 2021 – A recent Delta Data survey of nearly 40 US banks, including two of the top twenty-five banks by total assets, found a common thread: Many banks (nearly 60%) are still employing approaches to asset transfers within their trust/wealth management groups that are heavily manual, typically relying on paper processing and email or telephone communications, and not tools that their customers would expect in the digital age. Delta Data is a fintech company providing infrastructure technology for the pooled investment industry, servicing bank trust, wealth management, retirement, and broker-dealer firms.
“We found the biggest reported issue concerning customer expectations, with 55% of banks indicating that their customers expect a ‘fast and timely turnaround,’ and 52% admitting that they don’t deliver, primarily due to their failure to upgrade the solutions that would meet their customer’s expectations,” observes Whitfield Athey, CEO, Delta Data.
The survey points out the larger opportunity for banks of all sizes to address customer interactions at all points of connection between the customer and their bank. When asked specifically about ‘pain points associated with account transfers,’ 62% told Delta Data that ‘timing’ was a problem, and 52% indicated that automating account transfers would be a significant benefit to customers as well as staff.
90% of responses to the study were from bank trust operations and administrators, representing banks with 1B to over 30B in trust assets under management. 58% of respondents indicated that account transfer management was fully manual, and a mere 8% reported it was fully automated. 95% reported that the staff must manually post updates to multiple systems to process transactions for customers. In this type of highly manual environment, it is no surprise that more than 80% of respondents stated that improving the account transfer experience for its valuable customer base is a significant concern.
“The data sends a pretty clear message that banks, of all shapes and sizes, are struggling with time-consuming manual processes that place the burden of timely delivery on small teams with no technical support. The adoption of automated technologies is an opportunity for banks to meet customer expectations in the digital age. Delta Data is one fintech provider that has developed a product specifically to assist banks in their quest to enable automation that satisfies key customer needs: our Asset Transfer Manager. When 87% of respondents tell us that transfers don’t meet front office and end beneficiary expectations, it’s worth considering how these missed client expectations affect the bottom line and how many accounts are lost during the onboarding process. Not to mention the first impression that client interactions not enhanced by automation tools deliver to new customers,” adds Athey.
Register now for a Nov 17, 2021, webinar analyzing results from the study. Our expert guests will include participants from major banks – Register here.
About Delta Data
Delta Data provides back-end solutions processing trillions of dollars in assets for the mutual fund industry, supporting four of the top 10 US banks, four of the top five US retirement recordkeepers, and four of the top five US investment managers. Delta Data’s industry-vetted SaaS integrated technology suite enables financial companies to control the dynamic environment of regulatory change and risk associated with internal and external data management. Delta Data’s unique position within the financial industry allows for the maximum effective application of the latest technologies such as Artificial Intelligence and Machine Learning to provide a turnkey solution for financial services companies seeking to stay ahead of the change. www.deltadata.com
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