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Wealth Managers Slow to Adopt Mobile Apps
The findings of a new research by MyPrivateBanking Research are disappointing. Only half of the major banks and wealth managers offer mobile application,, but fewer still are those that offer applications that aren’t related to online banking.
Only 15 banks (50%) out of a total of 30 offered mobile applications at all. No more than six banks (20%) could come up with mobile apps that included functionality that was not available on their own websites. A mere three banks offer applications that go beyond pure online banking or account checking functionality and provided features such as smart, location based services. None of the banks offer a comprehensive mobile application with real time access to the client´s portfolio, financial research and specific mobile functionalities such as financial planning tools with the capability of being personalized by the client. The best mobile app identified by MyPrivateBanking comes from Standard Chartered Singapore, which offers a wide range of services, from the standard location service of the nearest branch/ATM, with location based maps, to viewing account and credit cards details, to transferring funds and paying bills with an electronic check.
MyPrivateBanking views the slow adoption by banks of the opportunities of the mobile technologies as a consequence of their general reluctance to embrace new technologies and client interfaces, which to a similar extent characterizes their website and social media offerings. “Too many banks miss out on mobile technology to serve their clients, be it out of ignorance, misjudgement or slow internal decision-making and execution processes,” argues Christian Nolterieke, Research Director of MyPrivateBanking. “Meanwhile other providers do reach users with their financial applications and push the banks aside, particularly in respect to real-time information and relevant research”.
“Banks could become one of the information hubs for their clients in the mobile world if they overcame this narrow view of new technologies”
Analysed Mobile Application Offerings:
ABN AMRO, Banco Santander, Bank of New York Mellon, Barclays, BNP Paribas, Citigroup, Commerzbank, Coutts, Crédit Agricole, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, ING Group, Julius Bär, Kleinwort Benson, Lombard Odier, Merrill Lynch, Morgan Stanley, Nordea, Pictet, RBS Coutts, Rothschild, Sal. Oppenheim, Standard Chartered, Société Générale, UBS Switzerland, UniCredit; U.S. Trust, Wells Fargo.
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MyPrivateBanking is an independent research and networking platform for wealthy private clients and wealth managers across the world. Established in 2009 in Switzerland, MyPrivateBanking offers a variety of information to assist investors and providers in making their decisions. This includes in-house research by MyPrivateBanking Research, articles and updates related to wealth management, detailed bank directories and client evaluations of wealth managers across the world. The interactive “MyWealth”