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Digital Financial Client Reporting: Five Trends to Pay Attention to

Digital financial client reporting improves data quality in a computer-readable format. Before presenting the data to the regulators, it significantly minimizes the possibility of errors and reduces the time required for repetitive data-entry and re-entry tasks. But client reports must place the elements against financial data according to the latest trends in the industry. Consequently, team members have more time to focus on operations that bring value to the reporting process.

Here, we will look at the five trends one must pay attention to while creating digital financial client reports.

  1. Changing Hanging Between Generations

Wealth will soon change hands between GenX to the generations of Baby Boomers in the next few years. These younger generation investors have high expectations for digital self-service and personalization. They are responsible for wealth planning and look for various ways to administer their money, and the expected shift has witnessed a massive acceleration in the pandemic.

Wealth managers who have yet to adopt digital transformation might lose clients to providers offering digital reporting services. Modern firms must implement better technologies to secure loyalty from clients receiving hereditary wealth.

  1. Access Data Through Web-Enabled APIs

Modern investors often demand direct access to data through web-enabled APIs (Application Program Interfaces). They allow distributors, institutions, and consultants to pull information directly from managers if/when required.

Cloud-based platforms have made these connections common over the last few years. Several tools streamline the association of these APIs, enabling robust data manipulation and aggregation. 

Consequently, cloud-based platforms have become common strategies among investment administrators and managers looking to streamline their data strategy.

  1. Online Reporting Portals

Besides traditional client reporting processes, firms provide online reporting portals to clients. Apart from pulling digital financial reports, these portals offer complete historical data access with transaction capabilities. With ad-hoc reporting projects, these portals have user-friendly interfaces, allowing users to create their digital reports. Advanced interactive dashboards, sharing privileges, and gated insights help clients transform their reporting experiences.

  1. Reporting Teams with Greater Agility

Modern clients demand bespoke reporting. So, instead of replacing the existing reporting processes, the latest trends will augment the toolset. Consequently, reporting teams require greater agility in creating and delivering reports. 

As investment managers seek more mandates with more investment flexibility, they must retool their processes to achieve more agility. A new arsenal of tools is necessary for consolidating and improving the processes, enabling the reporting team to deliver more with existing resources.

  1. Self-Directed Investing Style

Many investors under 45 have a strongly self-directed investing style that does not require wealth management firms. They pick their stocks or invest their capital into crypto. That is why wealth management firms need to invest in technologies with digital and interactive reporting styles. These allow advisors and clients to build customized reports according to their interests and needs.Over the last few years, the bespoke client reporting systems have transformed into visually appealing, interactive client reports that are engaging, precise, and flexible. Now, firms invest in improving their digital reporting systems through the latest technologies to deliver digital-first, personalized, and customizable experiences at scale. Besides reducing manual work, it also accelerates the turnaround time and caters to clients effectively.

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