UBS, Credit Suisse and Wells Fargo offer the best newsletters, electronic magazines and digital access platforms, new research from MyPrivateBanking suggests.
The Swiss research company analysed and ranked the e-publication portfolios of the 35 largest private banks and wealth managers worldwide, outlining their strengths and weaknesses in the service.
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UBS was the top performer with an overall score of 41 out of 45 points, followed by Credit Suisse with 40 points and Wells Fargo with 39 points. Banque Pictet, Northern Trust and Bank Vontobel completed the Top-5.
Need to expand possibilities
Despite the current success in the electronic publishing revolution, the research found that many wealth managers still need more engaging content and availability via mobile channels. Finding the ‘technical quality’ of the platforms the only excellent feature for all the examined banks, the lack of an identifiable strategy in their wealth management websites was one of the major shortcomings detected.
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By GlobalDataAmong all the other categories analysed in the bank’s evaluation, MyPrivateBanking outlined some substantial weaknesses proposing the following improvements:
- More publications should be downloadable and allow mobile access. On average, the benchmarked institutions only reach a score of 44% of the total possible points with regard to making the most of available media formats. While more than 80% of banks offer newsletters, only 40% have a downloadable client magazine and even less (29%) offer a tablet based e-publication.
- Coverage of broader topics of interest to clients. The results for coverage of topics are equally disappointing with an average score of only 56%. Many banks restrict their e-publications to economic and investment topics whereas clients prefer broader topics, including lifestyle, family matters and other important themes relevant to the life of high-net-worth individuals.
- Content quality needs to be improved. Currently, only about half of the e-publications are available in more than one language. Only 31% include customer retention content, motivating the reader to interact with the private bank. Most of the banks (73 %) also fail to feature contributions from outside experts or other independent content in their publications as a way to boost their credibility.
- Publications need to become more interactive and should utilize social media. The analysis of publication feedback possibilities has revealed particularly poor results – wealth managers only reached an average score of 27%. This means that most publications do not offer any features for the reader to engage actively, make comments, send feedback or rate publications. Also worrying is the fact that only 63 % allow sharing via e-mail and social media channels. Therefore, the potential for enlarging the audience is wasted in many cases.
Earlier in July this year, the research firm had already found major weaknesses for many wealth managers in core functions of mobile apps they offered, such as lack of Android coverage, portfolio analytics and trading/brokerage options.
