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Sep. 26, 2017
Report: Mobile Apps for Wealth Management 2017

Wealth Managers’ Mobile Apps Lack Innovations

Report: Mobile Apps for Wealth Management 2017

The wealth management industry, as a whole, suffers from complacency when it comes to mobile app strategies, which is especially problematic given that the digital wealth management industry as a whole is in transition. This is one of the key findings of the report "Mobile Apps for Wealth Management 2017 – How Innovation beats Complacency” for which MyPrivateBanking Research analyzed and ranked, in total, almost 60 mobile apps of 34 leading wealth managers worldwide. The report evaluates and ranks the mobile apps offered by each wealth manager based on 53 criteria grouped into nine main categories of evaluation.

According to the analysis, 75% of the analyzed wealth managers provide apps that cater to the needs of wealthy clients, but these apps often lack innovative features and the agility needed to bring in the latest technological advancements. The report identifies which wealth managers consistently underperform in the provision of advanced portfolio features, interactive portfolio tools, top-notch security, and contact features and offers individual recommendations on how to improve their mobile apps for HNWIs.

While in MyPrivateBanking’s assessment the wealth management industry as a whole lags behind when it comes to mobile strategies, there is a select group of private banks and wealth managers who are outperforming their peers by a large margin. This year MyPrivateBanking locates five wealth managers in the top 3 ranking, due to tied points.

The Top 3 ranked Wealth Managers Globally 

 Rank 2017 (Rank 2016)

 

Wealth Manager

Total Points  (max. 80)

     1    (2)

 

Credit Suisse

68

     1    (1)

 

UBS

68

     2    (3)

 

BNP Paribas

65

     2    (14)

 

Investec

65

     3    (10)

 

Societe Generale 

59

     

The report offers the full ranking of the 34 wealth managers for their mobile app strategies incl. year-to-year performance developments. A comprehensive profile for each wealth manager details the strength and weaknesses of their mobile offerings and, for each, provides strategic and practical recommendations for creating mobile apps that can engage both existing and new wealthy clients. 

The overall performance measures are supplemented through MyPrivateBanking’s index of essential wealth services, which ranks the analyzed wealth managers in particular for their essential wealth services, such as advanced portfolio features and interactive tools, the provision of exclusive concierge-style services or the use of remote advisory and/or collaboration.

New challenges through a digital wealth management in transition

As our ranking shows, wealth managers who retain their top ranking are those who innovate and constantly push forward with releasing new features and transforming their mobile app offerings. The report provides insights on how these wealth managers keep ahead of the competition. Still, while a small group of wealth managers provide truly excellent mobile apps, we find that, on average, wealth managers have chosen complacency over innovation.

As the report explains, this is especially problematic given that the digital wealth management industry as a whole is in transition. As technology rapidly advances, wealth management apps simply are not doing a good job of keeping up with standard wealth management features. The report also identifies how client demand and technology development will likely shape the mobile client solutions of the future and investigates what can wealth managers do today to be ready for the evolving mobile wealth experience.

Wealth Managers need to strive for agility and innovation

In MyPrivateBanking’s view, several points are particularly important to this transition period and the report identifies the areas where wealth managers must push forward and how to best achieve this. Failure to respond to these developments will quickly lead to wealth managers’ mobile apps becoming outdated and, as a result, clients, walking out of the door. The report also explores how traditional wealth managers can develop a mobile strategy that counters the threat of new FinTechs that have set their sights on the wealth management industry.

Based on our in-depth benchmarking and a detailed strategic analysis of current and future the client needs and as well technological developments, the report provides a series of recommendations for developing an innovative, top-performing app. These recommendations are illustrated by plenty of examples of best practices in areas such as design and usability, platform integration, use of innovative technology and value-added services.

The report includes more than 50 visuals including graphs, screenshots and charts, and it comes with a comprehensive data-appendix containing content analytical data of each firm’s mobile app(s) according to 53 detailed criteria.


About the report: The report "Mobile Apps for Wealth Management 2017 – How Innovation beats complacency” analyzes in detail the strengths and weaknesses of the mobile applications of 34 leading wealth managers worldwide that offer dedicated mobile apps for wealthy clients, and these offerings are ranked. In total, more than 60 mobile apps were evaluated against 53 criteria and grouped into nine 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; innovative app features, platform integration and best practices. The report also offers separate rankings for each of these criteria and presents 15 best practices. For more information on the report click here.

Analyzed Wealth Managers: ABN Amro, ANZ, Barclays, BNP Paribas, BNY Mellon, Charles Schwab, China Merchant’s Bank, Citi Private Bank, Coutts, Credit Suisse, Danske Bank, DBS Private Bank, Deutsche Bank, First National Bank, Goldman Sachs, HSBC, ING, Investec, J.P. Morgan Private Bank, Julius Baer, Merrill Lynch, Morgan Stanley, Nedbank, Bank of Singapore (OCBC), Pictet, RBC, Société Générale Private Banking, Standard Chartered Private Bank, TD Bank, UBS, Unicredit/Hypovereinsbank, US Trust, Vontobel, Wells Fargo.

 

My Private Banking



Report: Mobile Apps for Wealth Management 2017

Wealth Managers’ Mobile Apps Lack Innovations

  Sep. 26, 2017

Report: Mobile Apps for Wealth Management 2017

The wealth management industry, as a whole, suffers from complacency when it comes to mobile app strategies, which is especially problematic given that the digital wealth management industry as a whole is in transition. This is one of the key findings of the report "Mobile Apps for Wealth Management 2017 – How Innovation beats Complacency” for which MyPrivateBanking Research analyzed and ranked, in total, almost 60 mobile apps of 34 leading wealth managers worldwide. The report evaluates and ranks the mobile apps offered by each wealth manager based on 53 criteria grouped into nine main categories of evaluation.

According to the analysis, 75% of the analyzed wealth managers provide apps that cater to the needs of wealthy clients, but these apps often lack innovative features and the agility needed to bring in the latest technological advancements. The report identifies which wealth managers consistently underperform in the provision of advanced portfolio features, interactive portfolio tools, top-notch security, and contact features and offers individual recommendations on how to improve their mobile apps for HNWIs.

While in MyPrivateBanking’s assessment the wealth management industry as a whole lags behind when it comes to mobile strategies, there is a select group of private banks and wealth managers who are outperforming their peers by a large margin. This year MyPrivateBanking locates five wealth managers in the top 3 ranking, due to tied points.

The Top 3 ranked Wealth Managers Globally 

 Rank 2017 (Rank 2016)

 

Wealth Manager

Total Points  (max. 80)

     1    (2)

 

Credit Suisse

68

     1    (1)

 

UBS

68

     2    (3)

 

BNP Paribas

65

     2    (14)

 

Investec

65

     3    (10)

 

Societe Generale 

59

     

The report offers the full ranking of the 34 wealth managers for their mobile app strategies incl. year-to-year performance developments. A comprehensive profile for each wealth manager details the strength and weaknesses of their mobile offerings and, for each, provides strategic and practical recommendations for creating mobile apps that can engage both existing and new wealthy clients. 

The overall performance measures are supplemented through MyPrivateBanking’s index of essential wealth services, which ranks the analyzed wealth managers in particular for their essential wealth services, such as advanced portfolio features and interactive tools, the provision of exclusive concierge-style services or the use of remote advisory and/or collaboration.

New challenges through a digital wealth management in transition

As our ranking shows, wealth managers who retain their top ranking are those who innovate and constantly push forward with releasing new features and transforming their mobile app offerings. The report provides insights on how these wealth managers keep ahead of the competition. Still, while a small group of wealth managers provide truly excellent mobile apps, we find that, on average, wealth managers have chosen complacency over innovation.

As the report explains, this is especially problematic given that the digital wealth management industry as a whole is in transition. As technology rapidly advances, wealth management apps simply are not doing a good job of keeping up with standard wealth management features. The report also identifies how client demand and technology development will likely shape the mobile client solutions of the future and investigates what can wealth managers do today to be ready for the evolving mobile wealth experience.

Wealth Managers need to strive for agility and innovation

In MyPrivateBanking’s view, several points are particularly important to this transition period and the report identifies the areas where wealth managers must push forward and how to best achieve this. Failure to respond to these developments will quickly lead to wealth managers’ mobile apps becoming outdated and, as a result, clients, walking out of the door. The report also explores how traditional wealth managers can develop a mobile strategy that counters the threat of new FinTechs that have set their sights on the wealth management industry.

Based on our in-depth benchmarking and a detailed strategic analysis of current and future the client needs and as well technological developments, the report provides a series of recommendations for developing an innovative, top-performing app. These recommendations are illustrated by plenty of examples of best practices in areas such as design and usability, platform integration, use of innovative technology and value-added services.

The report includes more than 50 visuals including graphs, screenshots and charts, and it comes with a comprehensive data-appendix containing content analytical data of each firm’s mobile app(s) according to 53 detailed criteria.


About the report: The report "Mobile Apps for Wealth Management 2017 – How Innovation beats complacency” analyzes in detail the strengths and weaknesses of the mobile applications of 34 leading wealth managers worldwide that offer dedicated mobile apps for wealthy clients, and these offerings are ranked. In total, more than 60 mobile apps were evaluated against 53 criteria and grouped into nine 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; innovative app features, platform integration and best practices. The report also offers separate rankings for each of these criteria and presents 15 best practices. For more information on the report click here.

Analyzed Wealth Managers: ABN Amro, ANZ, Barclays, BNP Paribas, BNY Mellon, Charles Schwab, China Merchant’s Bank, Citi Private Bank, Coutts, Credit Suisse, Danske Bank, DBS Private Bank, Deutsche Bank, First National Bank, Goldman Sachs, HSBC, ING, Investec, J.P. Morgan Private Bank, Julius Baer, Merrill Lynch, Morgan Stanley, Nedbank, Bank of Singapore (OCBC), Pictet, RBC, Société Générale Private Banking, Standard Chartered Private Bank, TD Bank, UBS, Unicredit/Hypovereinsbank, US Trust, Vontobel, Wells Fargo.

 

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