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May. 23, 2016
Report: Mobile Apps For Wealth Management 2016

Wealth Managers Increasingly Offer Dedicated Apps to their Clients

Mobile Apps For Wealth Management 2016

Wealth managers have come to acknowledge the importance of mobile apps: More than 80 percent provide their clients with apps that cater exclusively and specifically to the needs of high-net-worth individuals. This is one of the key findings of our report "Mobile Apps for Wealth Management 2016 - The Next Level of Digital Service:Personalized Apps for Your Most Valuable Clients" for which the Swiss research company MyPrivateBanking Research analyzed and ranked, in total, 60 mobile apps of 30 leading wealth managers worldwide. The share of exclusive apps for wealthy clients increased significantly compared to last year’s survey by MyPrivateBanking, when the average in this category was at 63 percent.

In MyPrivateBanking’s view the question for wealth managers is no longer if they should have a mobile app, but how they can develop a winning mobile app to provide them with an essential competitive advantage. However, many private banks struggle to offer state of the art apps. They cover basic requirements but still do not differentiate themselves from retail apps and fail to offer their wealth clients a valuable and personalized digital journey.

Top 5 Wealth Managers with the Best Mobile Apps 

A select group of wealth managers leads our ranking when it comes to addressing the digital needs of HNW clients:   

 Rank 2016 (Rank 2015)

 

Wealth Manager

Total Points  (max. 80)

     1    (9)

 

UBS

69

     2    (2)

 

Credit Suisse

65

     3    (1)

 

BNP Paribas

64

     4    (7)

 

DBS

61

     5    (4)

 

Societe Generale

58

 The leading wealth managers’ mobile apps rated particularly high for their offerings of remote channels for client and advisor interaction and advanced personalization capabilities. The full report profiles and analyses in detail the mobile apps of the Top 30-wealth managers’ and offers an overall ranking of their app offerings as well as a separate ranking for each of the offered app features.

Wealth managers’ apps should go beyond the usual

The MyPrivateBanking report identifies overall several weak points in the available mobile apps for wealth management, among them a lack of core functions such as interactive tools for portfolio analysis (only available in 11 apps) and the fact that not even half of the wealth managers allow direct contact to a personal advisor. In addition, features for customer retention and marketing were considered to be sub-standard, as only eight wealth managers offer access to an exclusive customer magazine, and personalized, targeted push messages are found in only seven wealth management apps. In total the reports details the performance of eight different app features and identifies must-have, advanced and particularly innovative features. 15 best practices provide in-depth illustrations on how to optimize these features for mobile apps targeted towards wealthy clients.

The report analyses in distinct profiles what can be learned from each wealth managers mobile apps offerings and draws as well numerous strategic recommendations for developing a top performing wealth app such as:

  • Develop a dedicated and exclusive wealth app. Wealth management clients expect extra value and differentiation from the retail experience. Offering a true wealth app begins with an exclusive design and color scheme, a personalized greeting when logging in, direct access to an advisor and access to relevant and inspiring content.

  • Build a remote channel for client and advisor interaction. The whole business model of wealth management is transforming as a result of the technical opportunities brought about by the digital revolution. Wealth managers should see this revolution as an opportunity and embrace the possibilities for interacting with clients on a whole new level.

  • Work on an omni-channel strategy. The whole idea of an omni-channel strategy is to offer clients the opportunity to choose how they will interact with their wealth manager. Wealth managers need to provide the infrastructure to enable such an omni-channel experience, for instance through seamless integration of the social media platforms and mobile apps.

The report details as well why wealth managers should as well watch the robo-advisors revolution. What sound like distant future scenarios to many are already a reality for new FinTech providers that are also beginning to penetrate the wealth management market. Sophisticated wealth apps should provide clients with tools to build hypothetical portfolios and receive product recommendations based on their unique financial situation.

Analyzed Wealth Managers:
ABN Amro, Barclays, BNP Paribas, BNY Mellon, Charles Schwab, Citi Private Bank, Coutts, Credit Suisse, Danske Bank, DBS, Deutsche Bank, FNB, Goldman Sachs, HSBC, ING, Investec, J.P. Morgan, Merrill Lynch, Morgan Stanley, OCBC, Pictet, RBC, Société Générale, Standard Chartered, TD Bank, UBS, Unicredit, US Trust, Vontobel, Wells Fargo.

About the report:
The report 
"Mobile Apps for Wealth Management 2016 - The Next Level of Digital Service:Personalized Apps for Your Most Valuable Clientsanalyzes in detail the strengths and weaknesses of the mobile applications of 30 leading wealth managers worldwide that offer dedicated mobile apps for wealthy clients, and these offerings are ranked. In total, 60 mobile apps were evaluated against 50 criteria and grouped into eight main categories of evaluation: availability of mobile apps; core functions for clients; security; content and features for client retention and marketing; contact features; technical features and support; platform integration and best practices. The report also offers separate rankings for each of these criteria and presents 15 best practices. For further information on the report please click here.   

 

My Private Banking



Report: Mobile Apps For Wealth Management 2016

Wealth Managers Increasingly Offer Dedicated Apps to their Clients

  May. 23, 2016

Mobile Apps For Wealth Management 2016

Wealth managers have come to acknowledge the importance of mobile apps: More than 80 percent provide their clients with apps that cater exclusively and specifically to the needs of high-net-worth individuals. This is one of the key findings of our report "Mobile Apps for Wealth Management 2016 - The Next Level of Digital Service:Personalized Apps for Your Most Valuable Clients" for which the Swiss research company MyPrivateBanking Research analyzed and ranked, in total, 60 mobile apps of 30 leading wealth managers worldwide. The share of exclusive apps for wealthy clients increased significantly compared to last year’s survey by MyPrivateBanking, when the average in this category was at 63 percent.

In MyPrivateBanking’s view the question for wealth managers is no longer if they should have a mobile app, but how they can develop a winning mobile app to provide them with an essential competitive advantage. However, many private banks struggle to offer state of the art apps. They cover basic requirements but still do not differentiate themselves from retail apps and fail to offer their wealth clients a valuable and personalized digital journey.

Top 5 Wealth Managers with the Best Mobile Apps 

A select group of wealth managers leads our ranking when it comes to addressing the digital needs of HNW clients:   

 Rank 2016 (Rank 2015)

 

Wealth Manager

Total Points  (max. 80)

     1    (9)

 

UBS

69

     2    (2)

 

Credit Suisse

65

     3    (1)

 

BNP Paribas

64

     4    (7)

 

DBS

61

     5    (4)

 

Societe Generale

58

 The leading wealth managers’ mobile apps rated particularly high for their offerings of remote channels for client and advisor interaction and advanced personalization capabilities. The full report profiles and analyses in detail the mobile apps of the Top 30-wealth managers’ and offers an overall ranking of their app offerings as well as a separate ranking for each of the offered app features.

Wealth managers’ apps should go beyond the usual

The MyPrivateBanking report identifies overall several weak points in the available mobile apps for wealth management, among them a lack of core functions such as interactive tools for portfolio analysis (only available in 11 apps) and the fact that not even half of the wealth managers allow direct contact to a personal advisor. In addition, features for customer retention and marketing were considered to be sub-standard, as only eight wealth managers offer access to an exclusive customer magazine, and personalized, targeted push messages are found in only seven wealth management apps. In total the reports details the performance of eight different app features and identifies must-have, advanced and particularly innovative features. 15 best practices provide in-depth illustrations on how to optimize these features for mobile apps targeted towards wealthy clients.

The report analyses in distinct profiles what can be learned from each wealth managers mobile apps offerings and draws as well numerous strategic recommendations for developing a top performing wealth app such as:

  • Develop a dedicated and exclusive wealth app. Wealth management clients expect extra value and differentiation from the retail experience. Offering a true wealth app begins with an exclusive design and color scheme, a personalized greeting when logging in, direct access to an advisor and access to relevant and inspiring content.

  • Build a remote channel for client and advisor interaction. The whole business model of wealth management is transforming as a result of the technical opportunities brought about by the digital revolution. Wealth managers should see this revolution as an opportunity and embrace the possibilities for interacting with clients on a whole new level.

  • Work on an omni-channel strategy. The whole idea of an omni-channel strategy is to offer clients the opportunity to choose how they will interact with their wealth manager. Wealth managers need to provide the infrastructure to enable such an omni-channel experience, for instance through seamless integration of the social media platforms and mobile apps.

The report details as well why wealth managers should as well watch the robo-advisors revolution. What sound like distant future scenarios to many are already a reality for new FinTech providers that are also beginning to penetrate the wealth management market. Sophisticated wealth apps should provide clients with tools to build hypothetical portfolios and receive product recommendations based on their unique financial situation.

Analyzed Wealth Managers:
ABN Amro, Barclays, BNP Paribas, BNY Mellon, Charles Schwab, Citi Private Bank, Coutts, Credit Suisse, Danske Bank, DBS, Deutsche Bank, FNB, Goldman Sachs, HSBC, ING, Investec, J.P. Morgan, Merrill Lynch, Morgan Stanley, OCBC, Pictet, RBC, Société Générale, Standard Chartered, TD Bank, UBS, Unicredit, US Trust, Vontobel, Wells Fargo.

About the report:
The report 
"Mobile Apps for Wealth Management 2016 - The Next Level of Digital Service:Personalized Apps for Your Most Valuable Clientsanalyzes in detail the strengths and weaknesses of the mobile applications of 30 leading wealth managers worldwide that offer dedicated mobile apps for wealthy clients, and these offerings are ranked. In total, 60 mobile apps were evaluated against 50 criteria and grouped into eight main categories of evaluation: availability of mobile apps; core functions for clients; security; content and features for client retention and marketing; contact features; technical features and support; platform integration and best practices. The report also offers separate rankings for each of these criteria and presents 15 best practices. For further information on the report please click here.   

 

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