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FundSERV Network Performance

By Michael Critchley

FundSERV's new approach in gauging customer satisfaction has led to more comprehensive feedback that is now being used to enhance FundSERV's image, value, organizational leadership, products and services, communications, and tech support.

Last year FundSERV changed the way in which it measured customer satisfaction. In addition to administering a standard electronic Web-based survey, FundSERV conducted one-on-one telephone interviews with a variety of senior executives and operations managers from the manufacturing, distributor and intermediary sectors.

The survey results reinforced that FundSERV is doing many things right. For instance, FundSERV ranked highly in providing reliable systems and services, facilitating B2B activity, professional, dependable Tech Support, and the TFS and N$M services.

However, the survey also illustrated there is room for improvement. Some of the key takeaways showed that FundSERV needs to improve on its customer relationship management, extend the range of products and services, including customization, change the pricing model to incent more automation, and take a more aggressive position in the industry.

FundSERV takes customer feedback very seriously and is using it to make improvements. For instance, from a customer relationship management perspective, FundSERV has hired a full-time trainer to help new and existing customers learn the intricacies of the network and applications, and is proactively meeting with customers to get a better understanding of their challenges and needs.

Management is also taking a proactive stance to further automate more client name business by lobbying for change. FundSERV's legal counsel has met with larger fund companies' legal counsel to build awareness that paper is not actually required under NI-81-102, and that more client name automation is possible if they relinquish the long-standing convention of having to receive physical paper. On a similar note, FundSERV is in talks with two large trustees about the possibility of sub-delegating the declaration of trust responsibility to the dealer instead of having the fund companies receive it.

Furthermore, FundSERV has opened dialogue with companies in the segregated funds and institutional pooled funds industries about providing customized solutions to encourage them to embrace automation of their processing channels. FundSERV is aware that in order to incent more automation throughout the industry, revisiting its pricing model may be necessary.

Not all change can happen overnight, but a conscious effort is being made to use the 2008 customer satisfaction survey results to help drive FundSERV's mission forward and improve the service customers have come to expect.

The customer satisfaction survey will be performed every two years.

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