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Sep. 08, 2014
Report: Websites for Wealth Management 2014

Mobile Wealth Management Websites Trail Far Behind Desktop Web Siblings

Websites for Wealth Management

In the fifth annual global ranking of the websites of the 40 leading wealth managers and private banks by Swiss research company MyPrivateBanking Research, the report “Websites for Wealth Management 2014 - Desktop and Mobile Sites: A Winning Combination” evaluates desktop and mobile websites side by side for the first time. This year’s benchmarking study shows that the global leaders in wealth management and private banking are on the right track with their desktop websites. However, their mobile websites, being largely neglected, represent a major weakness in the overall digital strategy of these firms.

ABN AMRO Private Banking was able to defend last year’s top spot and is the overall winner of this year’s ranking with 84 points (desktop and mobile websites combined), followed by Société Générale with 76 points. Coutts and Investec share third place with 75 points and Julius Baer follows in fifth with 70 points. Looking at the ranking for mobile websites only, ABN AMRO claims the crown again, followed by Coutts and DBS, who share the second rank, and Société Générale comes next by a 1 point margin. Looking only at the desktop website, ABN AMRO is once more the winner, with BMO as the runner-up and Investec coming in third.


Top 5 Wealth Management Websites 2014 (Desktop and Mobile Websites combined)

 Rank 2014 (Rank 2013)

 

Wealth Manager

Total Points 
(max. 100)

     1    (1)

 

ABN AMRO

84

     2    (4)

 

Société Générale

76

     3    (3)

 

Coutts

75

     3    (11)

 

Investec

75

     5    (6)

 

Julius Baer

70


Desktop Websites on the Right Track; Mobile Wealth Management Websites Disappointing

MyPrivateBanking Research can report significant progress with regard to wealth management firms’ desktop websites compared to the 2013 report. Areas such as website navigation and expert content show particular improvement. In other areas, however, the results prove less promising: the provision of online information on fees and prices as well as on portfolio performance is still comparatively weak. Still, this year the average result of the desktop websites increased from 61% to 64% of maximum available points compared to last year’s evaluation.

While mobile web users are becoming more and more accustomed to accessing the Internet via their smartphones, most private banks fail to offer a well-designed mobile website. On average, only 29% of the total points for mobile websites have been achieved, which is partly due to the fact that only half of the wealth managers actually provide a mobile website (not to be confused with mobile apps) that is optimized for smartphone use.

The fact that only half of the wealth managers offer a mobile sibling of their desktop websites is alarming. Moreover, of those websites, the majority are simply a squeezed version of the desktop websites. It becomes clear that wealth managers have not yet recognized that their mobile users have entirely different needs and preferences than users of conventional desktop websites, and they should be offered not only mobile apps, but also a mobile web presence that addresses these specific needs. One example is that mobile websites need to have a strong focus on contact options, allowing mobile users to easily get in touch with their wealth manager.

Desktop and Mobile Websites Require Integrated Strategy

As client needs and behaviors change rapidly in the digital world, wealth managers must continuously adapt to these trends. Consequently, this year’s evaluation by MyPrivateBanking emphasizes the mobile side of their web touch-points and the seamless integration of all digital channels.

To follow such an integrated digital strategy, MyPrivateBanking recommends three key measures:

  • Integrate social media and communicate the same message across all digital touch-points. Each website, mobile app and social media presence must ensure brand recognition and communicate the same key values and design principles.

  • When developing a mobile website, desktop sites should not simply be shrunk to smartphone screen size. A good mobile website addresses completely different use cases and client needs. Therefore, it should be developed from the ground up and independently of the existing desktop website.

  • Interactive features are crucial for attracting users. The average wealth manager still rarely provides tools such as calculators, demos, games and questionnaires. However, such features substantially contribute to a lower bounce rate and, thus, prevent users from leaving the website too early. In the future, the “gamification” of wealth management will play an important role on every bank’s digital presence.


About the report:
The report “Wealth Management Websites for Wealth Management 2014" analyzes in detail the strengths and weaknesses of the desktop and mobile websites of 40 leading wealth managers and private banks worldwide. Based on 48 criteria for the desktop websites and 24 criteria for the mobile websites, the report benchmarks the user-friendliness, the quality of the content and the contact options and interactivity offered by the wealth management desktop and mobile websites of each institution. For further information on the report please click here.


Analyzed Wealth Managers:
ABN AMRO, ANZ, Barclays, BBVA, Bessemer Trust, BMO, BNP Paribas, BNY Mellon, Charles Schwab, CIBC, Citibank, Commerzbank, Coutts, Credit Agricole, Credit Suisse, DBS Bank, Deutsche Bank, Goldman Sachs, HSBC, ING, Investec, JP Morgan, Julius Baer, KBL, Lloyds, Lombard Odier, Macquarie, Merrill Lynch, Morgan Stanley, Northern Trust, Pictet, RBC, Santander, Société Générale, Standard Chartered, UBP, UBS, Vontobel, Wells Fargo, Westpac.

My Private Banking



Report: Websites for Wealth Management 2014

Mobile Wealth Management Websites Trail Far Behind Desktop Web Siblings

  Sep. 08, 2014

Websites for Wealth Management

In the fifth annual global ranking of the websites of the 40 leading wealth managers and private banks by Swiss research company MyPrivateBanking Research, the report “Websites for Wealth Management 2014 - Desktop and Mobile Sites: A Winning Combination” evaluates desktop and mobile websites side by side for the first time. This year’s benchmarking study shows that the global leaders in wealth management and private banking are on the right track with their desktop websites. However, their mobile websites, being largely neglected, represent a major weakness in the overall digital strategy of these firms.

ABN AMRO Private Banking was able to defend last year’s top spot and is the overall winner of this year’s ranking with 84 points (desktop and mobile websites combined), followed by Société Générale with 76 points. Coutts and Investec share third place with 75 points and Julius Baer follows in fifth with 70 points. Looking at the ranking for mobile websites only, ABN AMRO claims the crown again, followed by Coutts and DBS, who share the second rank, and Société Générale comes next by a 1 point margin. Looking only at the desktop website, ABN AMRO is once more the winner, with BMO as the runner-up and Investec coming in third.


Top 5 Wealth Management Websites 2014 (Desktop and Mobile Websites combined)

 Rank 2014 (Rank 2013)

 

Wealth Manager

Total Points 
(max. 100)

     1    (1)

 

ABN AMRO

84

     2    (4)

 

Société Générale

76

     3    (3)

 

Coutts

75

     3    (11)

 

Investec

75

     5    (6)

 

Julius Baer

70


Desktop Websites on the Right Track; Mobile Wealth Management Websites Disappointing

MyPrivateBanking Research can report significant progress with regard to wealth management firms’ desktop websites compared to the 2013 report. Areas such as website navigation and expert content show particular improvement. In other areas, however, the results prove less promising: the provision of online information on fees and prices as well as on portfolio performance is still comparatively weak. Still, this year the average result of the desktop websites increased from 61% to 64% of maximum available points compared to last year’s evaluation.

While mobile web users are becoming more and more accustomed to accessing the Internet via their smartphones, most private banks fail to offer a well-designed mobile website. On average, only 29% of the total points for mobile websites have been achieved, which is partly due to the fact that only half of the wealth managers actually provide a mobile website (not to be confused with mobile apps) that is optimized for smartphone use.

The fact that only half of the wealth managers offer a mobile sibling of their desktop websites is alarming. Moreover, of those websites, the majority are simply a squeezed version of the desktop websites. It becomes clear that wealth managers have not yet recognized that their mobile users have entirely different needs and preferences than users of conventional desktop websites, and they should be offered not only mobile apps, but also a mobile web presence that addresses these specific needs. One example is that mobile websites need to have a strong focus on contact options, allowing mobile users to easily get in touch with their wealth manager.

Desktop and Mobile Websites Require Integrated Strategy

As client needs and behaviors change rapidly in the digital world, wealth managers must continuously adapt to these trends. Consequently, this year’s evaluation by MyPrivateBanking emphasizes the mobile side of their web touch-points and the seamless integration of all digital channels.

To follow such an integrated digital strategy, MyPrivateBanking recommends three key measures:

  • Integrate social media and communicate the same message across all digital touch-points. Each website, mobile app and social media presence must ensure brand recognition and communicate the same key values and design principles.

  • When developing a mobile website, desktop sites should not simply be shrunk to smartphone screen size. A good mobile website addresses completely different use cases and client needs. Therefore, it should be developed from the ground up and independently of the existing desktop website.

  • Interactive features are crucial for attracting users. The average wealth manager still rarely provides tools such as calculators, demos, games and questionnaires. However, such features substantially contribute to a lower bounce rate and, thus, prevent users from leaving the website too early. In the future, the “gamification” of wealth management will play an important role on every bank’s digital presence.


About the report:
The report “Wealth Management Websites for Wealth Management 2014" analyzes in detail the strengths and weaknesses of the desktop and mobile websites of 40 leading wealth managers and private banks worldwide. Based on 48 criteria for the desktop websites and 24 criteria for the mobile websites, the report benchmarks the user-friendliness, the quality of the content and the contact options and interactivity offered by the wealth management desktop and mobile websites of each institution. For further information on the report please click here.


Analyzed Wealth Managers:
ABN AMRO, ANZ, Barclays, BBVA, Bessemer Trust, BMO, BNP Paribas, BNY Mellon, Charles Schwab, CIBC, Citibank, Commerzbank, Coutts, Credit Agricole, Credit Suisse, DBS Bank, Deutsche Bank, Goldman Sachs, HSBC, ING, Investec, JP Morgan, Julius Baer, KBL, Lloyds, Lombard Odier, Macquarie, Merrill Lynch, Morgan Stanley, Northern Trust, Pictet, RBC, Santander, Société Générale, Standard Chartered, UBP, UBS, Vontobel, Wells Fargo, Westpac.

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