The report, called North American SnAppshot 2013: Capital Markets and Wealth Management, added that more workers approaching retirement and the Madoff scandal are some of the catalysts for more individual investors to monitor their investments and accounts more closely.
According to the report, although most investors can access their wealth management accounts online, many own smart devices and want to use an app to access their account.
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"These investors also expect their user experience to be equal to or better than other apps on their device," the report added.
The report suggests that it is more important than ever for both capital market and wealth management firms to offer apps to meet the needs of clients using what represents a new and growing electronic channel.
Bill Fearnley, Jr., senior analyst with Celent’s Securities & Investments Group and author of the report, said: "There are multiple catalysts for the release of new apps and updates to existing apps in capital markets and wealth management. It’s important for firms to release apps in order to remain competitive."
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