Top Fund Managers Slow to Provide Competitive Websites
Jan. 18, 2016
The desktop and mobile websites of the global leaders in fund and asset management fail to meet the highest standards in user experience and interactivity. This is a key finding of the new report “Websites for Fund and Asset Management 2016 – User Experience and Interactivity Make the Difference” for which MyPrivateBanking Research analyzed and ranked the desktop and mobile sites for individual investors of the world’s top 15 fund managers.
The report shows that many of the evaluated websites are not able to satisfy even basic requirements with regard to an innovative and interactive digital experience. The quality of the evaluated desktop websites ranged from average to alarmingly weak. The analyzed mobile websites perform, on average, even worse. The report details the findings for each evaluation criteria and fund manager.
According to our benchmarking, the overall winner for its desktop and mobile websites is the US fund manager TIAA-CREF with 84 points (out of a maximum of 100 points), followed by Fidelity and Franklin Templeton with 77 points each. Looking only at the desktop websites, TIAA-CREF also ranks first. For the mobile websites only, Franklin Templeton and PIMCO share first place.
Desktop and mobile websites targeted at individual investors disappoint
On average, the desktop websites score only 68% of the maximum possible points in the evaluation. The majority of fund managers offer no interactive tools to support clients in processing large amounts of complex fund information; the average score here is only 33%.
The status of the mobile strategy of the leading fund managers shows even more reason for concern: 20% of the leading fund managers do not even offer a mobile website for individual clients. Among those that do have a mobile offering in place, only 40% have the capability to provide core content. Most mobile fund management websites on the market do not adequately display fund information. The usability of the mobile websites is also alarmingly low as the average score in this category is only 40%.
The quality of other features of desktop and mobile fund management websites, such as usability, conversion capability and contact options, among others, is assessed in the report.
The slow adoption of mobile media leaves the fund management industry far behind other industries. Encouragingly, however, our report identifies some early adopters that are already offering convincing mobile websites that set the standard for others to follow. Still, fund managers need to keep in mind that they are competing not only with their peers, but also with a whole range of new FinTech players that are aggressively entering the market, such as robo-advisors.
Further analysis of the competition that is arising through low-cost alternatives can be found in the report.
Fund managers need to react fast to fend off new competitors
According to the report, these new players set the bar for digitalization and interactivity on a whole new level. In order to catch up, established fund managers need to understand that mobile users represent wholly different use cases and should be offered a mobile web presence that addresses these specific needs. Based on this analysis, MyPrivateBanking recommends that fund managers take certain necessary steps to establish a new quality of digital user experience for their customers.
The report offers manifold recommendations not just for the websites of each fund manager, but also for the fund management industry as a whole on how to establish a new quality of digital user experience for their customers. Examples of the important steps the fund management industry should take are:
- Presentation of fund data needs to be interactive and attractive. User experience is key to capturing the minds of existing and prospective clients. In particular, the presentation of fund data must become more intuitive, more visual and driven by the digital needs of the users (without compromising the regulatory requirements).
- Interactive features are crucial to attract users. The average fund manager must provide more interactive tools such as calculators, demos, games and questionnaires to support financial decision-making.
- In providing a mobile website, desktop sites should not be simply shrunk to smartphone screen size. So-called responsive design ensures that the same content is displayed across a range of screen sizes, from desktop to tablet to phone.
Analyzed Fund Managers: Amundi, BlackRock, BNP Paribas Investment Partners, BNY Mellon, Capital Group, Fidelity, Franklin Templeton, Goldman Sachs, Invesco, JP Morgan, PIMCO, State Street Global Advisors, TIAA-CREF, UBS, Vanguard
About the report: The report “Websites for Fund and Asset Management 2016 – User Experience and Interactivity Make the Difference" analyzes in detail the strengths and weaknesses of desktop and mobile websites for individual investors of the 15 leading fund and asset management companies worldwide. The desktop and mobile websites were assessed according to a total of 60 criteria and grouped into the following categories of evaluation: User Experience, Navigation and Structure; Content; Interactivity, Integration and Social Media and Accessibility and Availability. For further information on the report please click here.