In response to the significant changes to the account statements issued by banks, broker-dealers and asset management firms as part of the rollout of the Client Relationship Model (CRM2), Broadridge and
"The financial services industry is seeing increased regulation and compliance reporting requirements, and the significant changes detailed in CRM2 are evidence of this shift. Broadridge's Smart Statements provides a solution to help firms not only meet the regulatory requirements but to make a meaningful and positive change in how they communicate with investors. Broadridge has been working very closely with the regulators and our clients to ensure that our solution positions them for success in this time of increasing client demands and considerable regulatory change," said
At the centre of Broadridge's Smart Statement solution is the Communication Manager console, a web-based message management tool that facilitates the entire process of managing the marketing messages on statements. Firms can select multiple messages (regulatory or marketing-focused), such as image-based messages, and include them in different message zones on a statement.
Firms can further enhance the effectiveness of campaigns, build brand loyalty and increase response rates by using the Communication Manager to perform sophisticated segmented messaging by selecting multiple ads, each targeted to a different demographic segment. Statement approval processes are also significantly streamlined as firms can review draft statements at the click of a button, right from their desktop, using Communication Manager's intuitive web-based interface.
"The rollout of the second phase of the CRM requirements means that Canadian wealth management firms will have to dramatically modify the information presented in their account statements. With the Broadridge Smart Statement Solution, we are offering firms a way to not only meet these regulatory mandates, but also improve statement readability, enhance client satisfaction and target messages to clients right on the statement," said
By using Broadridge's Smart Statement Solution, firms can also build client loyalty by delivering statements according to pre-defined investor preferences to channels including print and mail as well as eDelivery. Client service levels are further improved when firms opt to upload electronic statements from the Smart Statement Solution to their online portals, making those statements securely available to customers 24/7.
For more information about Broadridge, please visit thinksmart.broadridge.com.
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