Europe has seen the number of wealth management account openings on mobile devices almost double in the past year.
A report released on Tuesday found the number of openings had risen from 22% in 2018 to 40% in 2019.
The study by Temenos, a banking software provider, tracks sales volumes in wealth management products ranging from deposits to full brokerage accounts. The results were compiled from the “digital sales readiness of 70 banks in North America, Europe and Australia”.
However, Europe’s rise seems to be an abnormality. “With the exception of a large jump in Europe, the category stayed flat worldwide. This category was not the focus of activity in Australia or North America,” the report said.
Europe’s growth is also below average. The number of mobile wealth management openings globally was 43% in 2019, which was boosted by Australia’s 60%.
According to GlobalData, Australia has the highest number of investors willing to use digital banking only. The data firms also considers a string of scandals that have hit the traditional wealth management market in Australia recently have helped fuel an interest in digital wealth management tools.
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But it is North America which leads in personal banking. For the first time, since Avoka compiled the findings (it was acquired by Temenos last year), North America had overtaken Australia with up to 75% banks now mobile enabled.
GlobalData’s 2018 survey found 16.8% of US investors have used ‘robo-advice’ before, the highest of the four countries studied.