Personalised and customised customer communications are increasingly important to maintain and grow relationships in the financial services sector.
EMC commissioned research from independent financial services analyst firm Aite Group, which questioned 500 investors and technology executives about the service provided by financial firms.
A lack of service was the top reason customers decided to change firms, and 50% of investors rated the ability to understand communication between themselves and their firms at or below average.
"One of the challenges financial services firms face is figuring out how to differentiate themselves from one another," said Adam Honoré, an analyst at Aite Group.
"The way customers are currently being marketed to does not necessarily capture the relationship aspect of the financial advisor to the customer.
"You have to figure out a different way to reach your customers and capture their attention. Our research indicates that customised correspondence is increasingly viewed as an effective differentiator," he said.
The independent study consisted of more than 500 individuals in two survey groups. The first was made up of investors in the US within five years of pre- or post-retirement. The second included technology executives at financial services firms.
More than half of investors surveyed rated their ability to understand communication between themselves and their firms at or below average.
One-third of the technology executives surveyed, including CIOs, rated document solutions as one of their top five priorities. Nearly three-quarters considered personalisation and customisation as important or essential, while one-half indicated speed of document generation as important or essential.