Financial services firms are dedicating an increasing amount of time and resources to their mobile app capabilities in an effort to keep pace with consumer demands, according to a Cogent Reports study, Investor Touchpoints, from Market Strategies International.
Additionally, a recent study found that this investment in technology may actually cater most to high-net-worth investors, who utilize financial services mobile apps at nearly twice the rate of the general investor population.
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Cogent found that 28% of high-net-worth investors (defined as those holding US$2 million or more in investable assets) had interacted with at least one firm’s mobile technology app over the past year, compared with just 16% of the total affluent investor population (those with a minimum of US$100,000 in investable assets).
Julia Johnston-Ketterer, senior product director and author of the report, said: "We expected that Gen Y investors would be frequent users of financial services mobile apps, and sure enough we found that 47% of these younger investors had interacted with firms in this manner. But we were surprised to find such a substantial proportion of high net worth investors leveraging mobile technology. Providers typically focus on high-touch interactions with this segment, without paying as much attention to using technology to keep this group engaged."
Recognizing that mobile technology is evolving rapidly in the financial services space, the study also asked investors to describe the ideal provider-based mobile app. Overwhelmingly, investors point to ease of use and simplicity as their most desired features.
Johnston-Ketterer added: "This is an important aspect for providers to keep in mind. Not only are their most high-profile clients utilizing mobile apps, but firms must balance functionality with ease of use or else they risk all their bells and whistles adding too much complexity and actually backfiring."
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