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Sep. 06, 2016
Report: Websites For Wealth Management 2016

One-third of Wealth Managers' Websites Need Complete Relaunch

Report: Websites For Wealth Management 2016

There is a growing digital divide between those wealth managers who offer engaging and client-friendly websites that are continually updated and improved, and those who are lacking in a number of key areas. The quality of the websites of the latter group is, at best, stagnating, and mobile websites in particular remain a weakness.

These are the key findings of our report "Websites for Wealth Management 2016 – The Digital Divide between Wealth Managers Deepensfor which we analyzed and ranked the desktop and mobile websites of 35 leading wealth managers worldwide. Based on 36 criteria for the desktop websites and 21 criteria for the mobile websites, the report benchmarks, among others, user-friendliness and the quality of the content, contact options and interactivity offered by the wealth management desktop and mobile websites of each institution.

The research shows that wealth managers are stumbling where other retail industries and FinTech players are striving to deliver great user experiences and apply the latest technologies to their websites. Around one third of the wealth managers we analyzed appear to be lagging behind their peers to such an extent that only a relaunch of their websites would enable them to catch up. The leading wealth managers, however, are beginning to form a breakaway group, having developed the skills to continuously improve their websites each year. The report details which wealth managers are lagging behind, improving, evolving or starting to slip in a performance matrix that compares the results of our 2016 benchmark with those of previous years.

Fewer than half of the benchmarked wealth managers had consistently improved their website performance from year to year. The quality of the mobile websites is still unsatisfactory, earning, on average, only 50% of the possible points. However, on a more positive note the number of wealth managers with no mobile offerings at all has declined from twelve to seven. The report identifies how the 35 wealth managers scored for each of the 56 analyzed and benchmarked criteria for their desktop and mobile websites.

ABN Amro, DBS and Schwab top the overall ranking

The top performers continue to enhance and evolve their websites in an effort to keep pace with new technologies and the steadily rising bar of client expectations. ABN AMRO is the overall winner of MyPrivateBanking’s 2016 ranking with a total of 66 points (out of a maximum of 80), achieving this top spot for the fifth consecutive year. DBS holds onto second place with 63 points, closely followed by Charles Schwab with 62 points and Investec with 59 points. Barclays and Vontobel are ranked joint fifth with 57 points each.


Top 5 Wealth Management Websites 2016 


 Rank 2016 (Rank 2015)

 


Wealth Manager


Total Points
(max. 80)

     1     (1)

 

ABN AMRO

66

     2     (2)

  

DBS

63

     3     (9)

 

Charles Schwab

62

     4     (3)

 

Investec

59

     5    (26)

 

Barclays

57

     5     (8)

 

Vontobel

57


The report includes full rankings of the 35 wealth managers for both desktop and mobile websites. The results for each wealth manager are analyzed in individual profiles, including specific recommendations for improving their websites. A comprehensive data appendix further details the evaluation for each criteria.

Desktop websites lack transparency; mobile websites miss out on interactivity

Overall in this year’s survey, desktop websites are generally not keeping pace with user needs, and have suffered a loss of transparency regarding key performance measures. With respect to mobile websites, it is a positive sign that most wealth managers now seem to understand that a mobile app is not a substitute for a mobile website, because mobile websites and mobile apps have distinctive use cases. Nevertheless a lot of work has to be done, particularly when it comes to interactivity. The research data offer an in-depth assessment on the degree to which each wealth manager’s desktop and mobile websites are keeping up with the needs of a demanding group of clients.

The benchmarking results demonstrate how crucial it is for wealth managers to continuously monitor not only each of their websites, but also those of their competitors to ensure a competitive set of capabilities and stay abreast of changes in technology. Using MyPrivateBanking Research’s proprietary evaluation framework as a management tool, wealth managers can anticipate new trends and focus areas to help them evolve their websites. By keeping an objective view of their websites, firms can avoid creating any unintended gaps as they develop future versions. Leaders stand out for their ability to continually evolve their websites, but all firms need to do more to balance out their offering so that each website performs well independently. The report looks at how wealth managers should enhance and evolve their desktop and mobile websites to stand out in the market in order to successfully engage existing clients and win new ones.

Analyzed Wealth Management Websites (Desktop and Mobile): ABN AMRO, ANZ, Bank of Singapore, Barclays, BNP Paribas, BNY Mellon, Charles Schwab, CIBC, Citi Private Bank, Commerzbank, Coutts & Co., Credit Suisse ,Danske Bank, DBS Bank, Deutsche Bank, EFG Bank, Goldman Sachs, HSBC, ING, Investec, J.P. Morgan, Julius Bär, KBL, Lloyds Bank, Merrill Lynch, Morgan Stanley, Pictet, RBC, Société Générale, TD Bank, UBS, Unicredit, Vontobel, Wells Fargo, Westpac 

About the report: The report "Websites for Wealth Management 2016 – The Digital Divide between Wealth Managers Deepens" analyzes in 229 pages on the strengths and weaknesses of the desktop and mobile websites of 35 leading wealth managers and private banks worldwide. Based on 36 criteria for the desktop websites and 21 criteria for the mobile websites, the report benchmarks, among others, user-friendliness and the quality of the content, contact options and interactivity offered by the wealth management desktop and mobile websites of each institution. for more information on the report click here.

 

My Private Banking



Report: Websites For Wealth Management 2016

One-third of Wealth Managers' Websites Need Complete Relaunch

  Sep. 06, 2016

Report: Websites For Wealth Management 2016

There is a growing digital divide between those wealth managers who offer engaging and client-friendly websites that are continually updated and improved, and those who are lacking in a number of key areas. The quality of the websites of the latter group is, at best, stagnating, and mobile websites in particular remain a weakness.

These are the key findings of our report "Websites for Wealth Management 2016 – The Digital Divide between Wealth Managers Deepensfor which we analyzed and ranked the desktop and mobile websites of 35 leading wealth managers worldwide. Based on 36 criteria for the desktop websites and 21 criteria for the mobile websites, the report benchmarks, among others, user-friendliness and the quality of the content, contact options and interactivity offered by the wealth management desktop and mobile websites of each institution.

The research shows that wealth managers are stumbling where other retail industries and FinTech players are striving to deliver great user experiences and apply the latest technologies to their websites. Around one third of the wealth managers we analyzed appear to be lagging behind their peers to such an extent that only a relaunch of their websites would enable them to catch up. The leading wealth managers, however, are beginning to form a breakaway group, having developed the skills to continuously improve their websites each year. The report details which wealth managers are lagging behind, improving, evolving or starting to slip in a performance matrix that compares the results of our 2016 benchmark with those of previous years.

Fewer than half of the benchmarked wealth managers had consistently improved their website performance from year to year. The quality of the mobile websites is still unsatisfactory, earning, on average, only 50% of the possible points. However, on a more positive note the number of wealth managers with no mobile offerings at all has declined from twelve to seven. The report identifies how the 35 wealth managers scored for each of the 56 analyzed and benchmarked criteria for their desktop and mobile websites.

ABN Amro, DBS and Schwab top the overall ranking

The top performers continue to enhance and evolve their websites in an effort to keep pace with new technologies and the steadily rising bar of client expectations. ABN AMRO is the overall winner of MyPrivateBanking’s 2016 ranking with a total of 66 points (out of a maximum of 80), achieving this top spot for the fifth consecutive year. DBS holds onto second place with 63 points, closely followed by Charles Schwab with 62 points and Investec with 59 points. Barclays and Vontobel are ranked joint fifth with 57 points each.


Top 5 Wealth Management Websites 2016 


 Rank 2016 (Rank 2015)

 


Wealth Manager


Total Points
(max. 80)

     1     (1)

 

ABN AMRO

66

     2     (2)

  

DBS

63

     3     (9)

 

Charles Schwab

62

     4     (3)

 

Investec

59

     5    (26)

 

Barclays

57

     5     (8)

 

Vontobel

57


The report includes full rankings of the 35 wealth managers for both desktop and mobile websites. The results for each wealth manager are analyzed in individual profiles, including specific recommendations for improving their websites. A comprehensive data appendix further details the evaluation for each criteria.

Desktop websites lack transparency; mobile websites miss out on interactivity

Overall in this year’s survey, desktop websites are generally not keeping pace with user needs, and have suffered a loss of transparency regarding key performance measures. With respect to mobile websites, it is a positive sign that most wealth managers now seem to understand that a mobile app is not a substitute for a mobile website, because mobile websites and mobile apps have distinctive use cases. Nevertheless a lot of work has to be done, particularly when it comes to interactivity. The research data offer an in-depth assessment on the degree to which each wealth manager’s desktop and mobile websites are keeping up with the needs of a demanding group of clients.

The benchmarking results demonstrate how crucial it is for wealth managers to continuously monitor not only each of their websites, but also those of their competitors to ensure a competitive set of capabilities and stay abreast of changes in technology. Using MyPrivateBanking Research’s proprietary evaluation framework as a management tool, wealth managers can anticipate new trends and focus areas to help them evolve their websites. By keeping an objective view of their websites, firms can avoid creating any unintended gaps as they develop future versions. Leaders stand out for their ability to continually evolve their websites, but all firms need to do more to balance out their offering so that each website performs well independently. The report looks at how wealth managers should enhance and evolve their desktop and mobile websites to stand out in the market in order to successfully engage existing clients and win new ones.

Analyzed Wealth Management Websites (Desktop and Mobile): ABN AMRO, ANZ, Bank of Singapore, Barclays, BNP Paribas, BNY Mellon, Charles Schwab, CIBC, Citi Private Bank, Commerzbank, Coutts & Co., Credit Suisse ,Danske Bank, DBS Bank, Deutsche Bank, EFG Bank, Goldman Sachs, HSBC, ING, Investec, J.P. Morgan, Julius Bär, KBL, Lloyds Bank, Merrill Lynch, Morgan Stanley, Pictet, RBC, Société Générale, TD Bank, UBS, Unicredit, Vontobel, Wells Fargo, Westpac 

About the report: The report "Websites for Wealth Management 2016 – The Digital Divide between Wealth Managers Deepens" analyzes in 229 pages on the strengths and weaknesses of the desktop and mobile websites of 35 leading wealth managers and private banks worldwide. Based on 36 criteria for the desktop websites and 21 criteria for the mobile websites, the report benchmarks, among others, user-friendliness and the quality of the content, contact options and interactivity offered by the wealth management desktop and mobile websites of each institution. for more information on the report click here.