Majority of Websites showed shortcomings in usability, content and privacy

Best Private Banking Websites: UBS, Deutsche Bank and Credit Suisse

The Private Banking websites of UBS, Deutsche Bank and Credit Suisse come out as winners in a ranking of the online presence of the world's top 20 Wealth Managers. In the study conducted by the Swiss research company MyPrivateBanking.com, UBS ranked first, with a total score of 82 out of possible 100 points. The UBS website scored well in particular due to a wide range of interactive tools which clients can use online to analyze investment needs and find the right products. Deutsche Bank and Credit Suisse were tied at the second place, with 81 points each. While Credit Suisse offers superior navigation and also a few interactive functions, Deutsche Bank scored especially due to its customer friendly content. No other provider publishes online its wealth management fees in such details as Deutsche Bank.

Overall, the report titled "How Wealth Managers Win Clients Online" came to the conclusion that the biggest Wealth Managers have no reason yet to be satisfied with their Internet presence. About one half of the Wealth Managers analyzed mastered the basic requirements for a website, but there are critical shortcomings nevertheless: Three out of four banks have no clear marketing message and more than 60% of the providers lack customer oriented content. Furthermore, only a fourth of the banks offered interactive functions on their Internet sites. "The Internet is increasingly becoming the preferred medium of information for affluent persons. However, banks are missing out on the opportunity to showcase their uniqueness in order to differentiate themselves from competitors - who are in fact just one click away - through their Private Banking websites", says Christian Nolterieke, Managing Director of MyPrivateBanking.com, "The content and marketing messages are by large easily replaceable and the interaction with the potential client leaves much to be desired."

The analysis and benchmarking of the Private Banking websites came to the following results:

  • Navigation and Structure often inadequate: Only 40% of the providers were able to convince with the usability of their websites. The search function caused major problems: 55% of the banks were unable to score even half of the possible points. Furthermore, only 12 among 20 banks had a complete Privacy Policy.

  • Positioning and content too superficial: Only one fourth of the evaluated banks were successful in communicating a unique selling proposition to potential clients. The illustration of offered services and the investment process was generally good, but information about costs and portfolio returns were absent for most of the candidates. The basic details of the amount of assets under management and the minimum investment sum were missing on half of the Private Banking websites.

  • Basic Interactivity works well: Quick and easy contact options are the strong points of most Private Banking websites. But there were critical weaknesses regarding secure data transfer as the majority of Wealth Managers has no encrypted messaging functionality on their website. In addition, only one fourth of the providers were able to offer Interactive Tools to support and engage potential clients on their website.


In the future, social online networks such as Facebook or LinkedIn will play an increasingly important role in winning over customers, because more and more affluent persons are getting hooked to these interactive Internet platforms. "The Wealth Manager not only needs to adapt the website to keep pace with these trends, but also re-align the overall marketing and sales strategy Banks that do not open up to social media and the interactive Internet will soon face negative consequences in the struggle over the younger generation of affluent clients", summarizes Steffen Binder, Research Director of MyPrivateBanking.com.


The total score (max. 100 points) is spread over three categories of evaluation:


Rank

Name

Total
(max. 100 P.)

Navigation
(max. 30 P.)

Content
(max. 40 P.)

Interactivity
(max. 30 P.)

1

UBS

82

29

27

26

2

Deutsche Bank

81

26

30

25

3

Credit Suisse

81

29

26

26

4

Merrill Lynch

80

28

24

28

5

Pictet

77

24

26

27

6

Morgan Stanley

70

26

22

22

7

HSBC

70

26

23

21

8

Société Générale

70

25

21

24

9

Credit Agricole

69

16

34

19

10

Barclays

68

19

24

25

Ø

Average

68

22

23

23

11

Julius Bär

68

18

24

26

12

Sal. Oppenheim

66

22

18

26

13

Rothschild

66

20

20

26

14

ABN AMRO

61

20

21

20

15

BNP Paribas

61

17

22

22

16

RBS Coutts

60

19

18

23

17

Santander

60

20

21

19

18

Lombard Odier

58

15

20

23

19

Goldman Sachs

57

22

16

19

20

Citibank

53

23

18

12


About MyPrivateBanking.com

MyPrivateBanking.com is an independent platform for information and networking for wealthy private clients across the world. Established in 2009 in Switzerland, MyPrivateBanking.com offers a variety of information to assist investors in making their decisions. This includes in-house research, articles and updates related to asset management, detailed bank directories and client evaluations of wealth managers across the world. The interactive “MyWealth” online network allows the clients looking for asset managers and private banks to get in touch with one another and exchange experiences. MyPrivateBanking.com aims at making wealth management more transparent, more cost effective and giving it a greater client focus. For further information please check
www.myprivatebanking.com.  

 

Contact:

Christian Nolterieke
Managing Director
MyPrivateBanking.com
+41(0)76 578 1904
pr@myprivatebanking.com