Working on our new report on mobile apps for wealth management (see last year’s edition here) we came across many different ways wealth managers are seeking to meet the mobile needs of their high-net-worth clients.
From our 2014 survey on mobile disruption in wealth management and other continuous research, we learned a lot about wealthy clients’ digital behavior and one major insight is that they are using different devices throughout the day for different purposes:
When on the go, clients need a mobile app to look up their account balances, make easy and convenient money transfers to their friends, and quickly check their portfolios and watch lists.
In the evening when at home, they are mainly using their tablet device for checking and analyzing their portfolios, making payments and executing trades. Additionally, this is the right environment for reading comprehensive research materials and expert commentary.
The tablet is the preferred device when meeting with their financial advisor, as well – checking their investment portfolios with their personal advisor is a basic part of the meeting.
Two possible ways to address these behavioral patterns are shown by Citi Private Bank and Deutsche Bank. Citi Private Bank offers two complementary core apps: the Citi Private Bank In View app is a dedicated wealth management app, allowing users to view their accounts and comprehensively analyze their portfolios with the help of rich graphics. At the same time, clients benefit from deep informational content. For their daily banking activities including credit card account views, mobile payments and check deposits, they can switch to the Citi Mobile UK app.
A different strategy is offered by Deutsche Bank. As an exceptional example, the Meine Bank app contains all relevant core features, including portfolio analysis and trading while working on smartphones as well as tablet devices. Additionally, Deutsche Bank launched a dedicated app for the Apple Watch to complete their digital strategy.
No matter if offering separate apps or a holistic wealth management app, wealth managers are strongly recommended to offer a unified user experience and branding across all digital interfaces. Additionally, they should provide for a sensible channel integration, allowing clients to easily switch media – including social media presences, websites, and mobile apps.
Watch out for the upcoming report on mobile apps for wealth management 2015 for more interesting results – coming up mid June!