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Global Survey of Mobile Disruption in Wealth Management 2014

Digital and Mobile Behavior and Attitudes of the Wealthy in USA, UK, France, Germany, and China

Nov. 24, 2014


The latest research shows that global private wealth grew almost 15% last year. Worldwide almost 35 million adults are USD millionaires, a number that is expected to increase by more than 50% by 2019. At the same time, swift digital development is disrupting how the rapidly rising number of affluent and high-net-worth individuals globally want to interact with their banks and wealth managers.

Our 396-page report (107 pages analysis and commentary plus 289 data charts) provides wealth managers with the data and analysis they need to make the right decisions on how to best serve affluent and high-net-worth individuals in the US, Germany, France, the UK, and China with mobile and digital technologies. The report tells you all you need to know about the mobile and digital behaviors, attitudes and needs of the wealthy in these five key markets, which in total comprise more than 60% of millionaires worldwide. In addition, the report compares the requirements of the survey respondents to the reality of today’s banking apps through a detailed gap analysis for 20 of the leading wealth managers.

>>Click here for Table of Contents, Methodology, Executive Summary<<

The report is based on a quantitative survey launched in five key markets in October 2014 on the topics of mobile devices, operating systems, mobile usage patterns, attitudes toward a large number of mobile features, digital communication behavior with financial institutions and satisfaction levels with regard to mobile banking channels. In total, 1000 emerging affluent, affluent and high-net-worth individuals were interviewed online.

The report gives wealth managers and banks, among others, answers to the following questions on how to reach and win affluents and HNWIs in the US, the UK, France, Germany and China:

  • On which mobile and digital devices can wealth managers reach the affluent/HNWIs?

  • Which are the most important mobile operating systems for reaching the wealthy (by market)?

  • Which mobile apps and websites do they use for finanical matters?

  • In which cirumstances and where do they use mobile devices?

  • Through which digital channels do they want to get in touch with their wealth managers and advisors?

  • What features should a bank’s mobile apps offer?

  • How satisfied are the affluent/HNWIs in the 5 key markets with the mobile offerings of their wealth manager? What factors prevent them from using them?

The report provides in detail the following, data-driven insights
into the digital behaviors of affluents and high-net-worth individuals (HNWI) in the US, the UK, France, Germany and China.

  • Devices the affluent/HNWI use at least once per day
  • Operating systems the affluent/HNWI use most frequently on their mobile devices
  • Bank or wealth management firm that manages the largest portion of the assets of the affluent/HNWI
  • Mobile apps or mobile websites used by the affluent/HNWI for financial matters
  • Reasons for not using mobile apps or websites for financial matters
  • Digital channels the affluent/HNWI use for interacting with their banks/wealth managers
  • Functions the affluent/HNWI desire in the mobile websites/apps of their bank/wealth manager
  • Satisfaction of the affluent/HNWI with the functions their banks/wealth managers offer through their mobile channels
  • Communication means between the affluent/HNWI and their financial advisors
  • Investment behaviors of the affluent/HNWI and corresponding specific digital needs and attitudes

The report breaks down the data and analyzes their impact on the wealth management sector for each country:

  • The key findings for each country are presented in the report and assessed for their impact for wealth managers targetting affluent/HNWI in the US, the UK, France, Germany and China.
  • All survey data are detailed in the appendix to the report, with individual splits by country and further segmented by criteria such as wealth (amount of investable assets) and age.

The report
compares the requirements of the survey respondents to the reality of today’s banking apps.

The report matches the features of banks’ mobile apps that respondents consider to be must-haves, with the quality of the mobile app offerings (as evaluated in our 2014 report on Mobile Apps for Wealth Management) offered by the following banks and wealth managers:

ABN AMRO, BBVA, BNP Paribas, Bradesco, Charles Schwab, Citi, DBS, FNB, HSBC, ING, Investec, J.P. Morgan, Julius Bär, Merrill Lynch, Northern Trust, Société Générale, UBS, UniCredit, and U.S. Trust.



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