Credit Suisse, Societe Generale and ABN AMRO have the best mobile app offerings for high net worth individuals, the new research from MyPrivateBanking suggests.
The firm analysed in detail the strengths and weaknesses of the mobile applications of 30 leading wealth managers worldwide that offer dedicated mobile apps for wealthy clients.
At the top of MyPrivateBanking Research’s ranking is Credit Suisse with an overall score of 52 points out of a maximum of 60, who in particular impressed by the range of apps relevant to wealthy clients. 2nd ranked Société Générale has strength in relation to client retention and marketing features, and third placed ABN AMRO impressed by the content quality and practical usefulness of its apps. It is worth noting that Deutsche Bank’s "Meine Bank"-app was the single best app, achieving the highest score on its own.
Improvement still needed
Despite the strategy’s success of wealth managers and their apps, the research shows that yet there remain critical shortcomings in the range of mobile functions offered.
The most needed improvements in the mobile development by wealth managers are:
- App coverage for Android devices is still lacking. Coverage for iPhone is at 100% whilst Android coverage is only 70%.
- Failure to provide the full range of core functions. While provision of market data (78% of all wealth managers), portfolio overviews (65%) and research content (73%) is satisfactory to good the numbers of institutions providing portfolio analytics (43%) or, still more, trading/brokerage (30%) functions is still much too low.
- Only 57% of financial institutions serving the wealthy are generally explaining their mobile security measures within their apps. This vital information is often either missing, poorly explained or mixed up with security information in relation to online banking.
- Only 40% of the evaluated wealth managers integrate their apps with their social media presences
"The greatest weakness in the mobile strategy of the leading wealth managers is the lack of true focus to wealthy client segment", says Francis Groves, Senior Analyst of MyPrivateBanking.
"Even institutions that already have solid reputations for delivering mobile resources to retail customers or offer some excellent wealth apps, are failing to view the mobile requirements of their wealthy clients in a truly comprehensive fashion", he adds.
A strategic plan
At the same time, MyPrivateBanking Research recommends the following strategic measures:
- As wealth managers treat their clients as a separate and privileged group, there should be also specific and privileged mobile apps for the high net worth segment.
- Core features for wealthy clients must help them evaluate, analyse and understand their investments. In addition, there is a significant high net worth segment that desires to have trading and brokerage functions for their mobile devices.
- Wealth management firms usually have a lot of specific content for their clients – from product information and client magazines to publications for specific groups such as wealthy women or entrepreneurs. Mobile apps are a perfect way to bring this content to the clients as it can be consumed while traveling, commuting or taking a break in a café.
- Wealth managers should integrate their mobile offer with other online and offline media. There should be links to websites, social media presences and other mobile apps in every app that is made available.
Earlier in April this year, the research firm had already outlined the need for developed mobile functions from the majority of banks lacking of many basic features such as ATM and branch finders, or systems for reporting lost and stolen cards.