HNW customers are not satisfied by wealth management mobile apps, with text-heaviness, lack of visuals and dated look being the key complaints.
The findings are from a report by J.D. Power, which polled 2,478 wealth management customers and evaluated 15 mobile apps.
Of those polled, 45% of customers gave their app a failing grade on security quotient.
According to the study, challenges with basic tasks lower satisfaction among clients.
However, banking and credit card apps fare well through frequent interface updates and user-friendly design, the study said.
Notably, adviser relationship was found to play an integral role in satisfaction for mobile apps.
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For customers engaging with an adviser, the satisfaction was found to average 857.
On the flip side, satisfaction averaged 817 for customers without adviser relationship.
J.D. Power senior director of wealth and lending intelligence Michael Foy said: “The wealth management industry faces some key challenges when it comes to digital adoption with an older client base and a legacy service model that relies heavily on high-touch personal contact from an adviser.
“However, to meet higher customer expectations for convenience and personalisation while maximising adviser efficiency and productivity, wealth firms must ensure that their mobile solutions are meeting expectations for ease of use, range of services and security.”