Client Reporting is one of the key factors in achieving customer satisfaction and customer loyalty.
Client Reporting is a periodical process that consists in informing customers about the activities and financial performance of their assets deposited and managed by the bank.
This information is presented in the form of paper-based or electronic reports also called Client Reports; these reports typically contain transactional data, operational data or analytical data.
Here are a few examples of client reports in the banking industry: transaction advice, account statement, loan statement, portfolio statement, management report, etc.
A typical Client Report shows information either about a single transaction / operation (advice), a list of transactions / operations (transaction statement), a loan (loan statement), or about all of the clients holdings (portfolio statement).
Banks use client reporting on a daily basis in the following contexts:
- Administration: sending transaction advice and account statements to customers
- Portfolio management: analysis of investments by portfolio managers, and presentation of financial results to clients
- Institutional and commercial communication: a way to communicate with customers: Client Reporting is the business card of the bank, its main channel of communication
- Banking standards: reporting assists in meeting banking regulations in terms of transparency and access to data for the client (example: tax reporting)
Who are the Client Reporting users?
In these contexts, the Client Reporting system is the main working tool for each department in a financial institution (IT, Back Office, Middle Office, Front Office, Legal, Marketing), and is a major communication tool for the clients.