Amidst the onset of the COVID-19 crisis, global financial markets reacted to the pandemic with heightened uncertainty, turbulence and turmoil. However, despite the markets’ unpredictability, DTCC continued to seamlessly support the industry and provide stability for the financial system.
DTCC conducted its annual client satisfaction survey in April and May. This year’s survey included specific questions pertaining to the firm’s performance and response to COVID-19. Clients were asked to answer questions about DTCC’s communication, stability and support during the pandemic. Responses were on a five-point scale, ranging from “strongly disagree” to “strongly agree.” More than 1,000 client responses were recorded and analyzed across all DTCC business lines and for specific segments.
Almost three-quarters (71%) of all clients who responded to the survey gave high scores to DTCC and felt that the company succeeded in providing clients with support through effective communication and business continuity plans that were proactive and informative. Client responses also indicated a strong appreciation for DTCC’s efforts throughout the onset of market turbulence, such as client outreach, support and flexibility to navigate through operational challenges. One client commented that “it never felt that there was a crisis going on while using the site. I was able to login … as usual and all information was available”.
More specifically, the Systemically Important Financial Market Utilities (SIFMUs) performed very well in all categories, with 87% of clients agreeing favorably that DTCC, through the SIFMUs, provided seamless operations and stability in a time when clients needed it most. Furthermore, 85% of SIFMU clients felt that DTCC’s client communications regarding continued operations were informative and proactive. One client noted that “DTCC was the first third- party partner that reached out to us… they sincerely care about keeping connected with their clients”. Another commented how they “found the client outreach genuine.”
Clients indicated that a critical area for them was physical securities processing. For the safety of its employees, DTCC suspended on-site processing and vault operations in March for six weeks until industry work-around processes could be established, and the vault reopened in June. Extended processing times occurred from operating with limited staff, so to keep clients informed, DTCC held twice weekly conference calls and communicated updates through emails and Important Notices.
A key takeaway form this survey data is that DTCC clients were satisfied with the way the company continued to operate business as usual, providing uninterrupted access to all products, services and capabilities to our clients across the globe -- despite the myriad obstacles the company faced from the pandemic.
“DTCC values our client relationships and will continue to provide world-class service, no matter the circumstances,” said Mark Vercruysse, DTCC Managing Director and Head of Global Relationship Management. “While the pandemic has challenged our industry, it has not changed the way we strive every day to perform for our clients.”
Please click on image below to view survey results.