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Archive for the ‘wealth management websites’ Category

How one wealth manager excels in mobile advertising

Monday, May 11th, 2015

Few wealth managers exploit the promotional potential their mobile app offerings provide. Evaluating the apps of the 30 leading wealth managers and private banks for our new report on Mobile Apps for Wealth Management 2015 (coming in June), leveraging the app to advertise the financial institutions’ products and services remains a surprising area of weakness.

While most wealth managers are still seeing their mobile app or websites just as a transactional tool, some players are already reaching a new level in mobile advertising. As this new type of voice-controlled mobile advertisement by Edelman Financial shows, the future of interactive ads has already begun and customers are becoming attracted and involved in a totally new way. Private banks and wealth managers may find these interactive features too intrusive. However, mobile apps and websites are great platforms to interact with the client (and not only via payment or brokerage transactions). Mobile touch points are great to advertise one’s services and showcase the bank’s research. But the rules of the game are very different from the times when clients used to look at printed brochures or brochure-like websites. Voice control is just one way to make it much easier for your client to get in touch, receive an offer or trigger another activity.


MyPrivateBanking Research releases first Digital Wealth Survey!

Wednesday, November 26th, 2014

Don’t miss our new report on the digital behaviour of 1000 survey participants from China, UK, France, Germany, and the US. This survey paints a comprehensive picture of the attitudes and the behavior of the wealthy with regard to mobile technology.
Some key findings:

Chinese affluent and wealthy clearly win the race for most technology friendly respondents…

… BUT the rest of the world is about to catch up: particularly the UK survey participants surprise with their technology affinity

The trends apply to all wealth segments – for several criteria, the high-net-worth segment even is in clear lead

All age groups under 55 are heavy users of mobile technology for financial matters

Get ready for these and many more surprising results published in our new Wealth Survey!


Do you still believe mobile web presences do not matter (yet)?

Thursday, October 2nd, 2014

Having evaluated for the first time the mobile websites of the 40 leading private banks and wealth managers in our recently published report, the results left the impression that the wealth management industry is still not aware of the importance of a unique mobile web presence and simply does not care about their mobile websites.

However, reading this article about the efforts of fashion brands to make bigger pockets on their jeans to fit bigger smartphones (responding to the #bendgate issue) it becomes more than evident that as we design our habits, lives and textiles around our mobile devices, every single firm – no matter from which industry – unconditionally MUST cater for a mobile web experience. The mobile website is one element in a unified interface of a bank with its customers. Together with mobile apps the mobile website is increasingly critical to reach clients and other users. Mobile devices are quickly becoming the main access point for any private client or consumer-facing company. Banks ignoring their mobile websites are missing a huge opportunity to reach out to their clients.


Mobile websites as game changers

Friday, June 13th, 2014

Starting with this year’s benchmarking project on wealth management websites (due in September 2014), we decided to focus much more on private banks’ mobile websites to contribute to the fact that mobile websites have become an important factor in the digital battle for clients’ and users’ eyeballs. But successful mobile websites have – in many respects – very different requirements from their desktop siblings.

What do we expect from a good mobile website?

  • Clearly structured entry page: the entry page should contain prominently placed call-to-actions, a short menu containing only core content, as well as the possibility to login for financial transactions and account overview.
  • A search function on the entry page: mobile websites should allow for easy content search on the homepage of the mobile website in order to allow for fast information lookup. Optimally, smart search features like autofill or search filters are provided.
  • Balance between relevant content and easy navigation: content should be optimized for small screen sizes while, at the same time, informing comprehensively of the wealth manager’s products and services.
  • The choice between mobile and full view: customers should be able to choose the view they prefer since some would like to view the full website for getting more and detailed information whereas others prefer an easy navigation while on the go.
  • Flexible content consumption: busy clients should have the chance to send interesting articles via e-mail in case they wish to read it later.

This is by no means a comprehensive list. Stay tuned for our full report after the summer break.


For tablets top but for smartphones flop: wealth management websites for mobile browsers

Friday, November 22nd, 2013

Many banks and wealth advisers are struggling while trying to keep up pace with the rapid developments in our highly digitalized society. Particularly in the fields of mobile development and online adaptation, financial institutions are more and more challenged to meet the needs of the technology-savvy customer by providing an excellent user experience. Adapting the online presence to the mobile environment can only be considered a first step. Regarding these trends, our analysts have introduced some new criteria to this year’s (4th) edition of the MyPrivateBanking ‘Websites for Wealth Management‘ report. In comparison to the 2012 report we included criteria such as, external Internet recognition and the adaptation of the website for mobile devices. Particularly the latter has sadly proven to be a weak spot for most of the wealth advisors under evaluation.

As basic as the adaptation of a website to various mobile devices, such as smartphones and tablets should be, our analysts were disappointed with the outcome of the evaluation. Full scores were only achieved if the entire website worked well for use on a tablet and a smartphone (whether or not it has been adapted) and points have been deducted for lower stages of adaptation. Around 60% of the banks scored points for this criterion with an average of 1.82 points (of total 3 points). While only 15 of the 50 Banks under evaluation offer a manageable version of their website for both devices, the majority only provides a functioning format for tablets. On average the performance of the smartphone-versions is weak: only a few are manageable without holding the device either horizontal or enlarging the font. Amongst the 27 banks that provided more or less manageable smartphone versions are, again, only very few banks that offer a reduced and adapted version of their website.
For the ‘digital native’, as the client of the future can be described, it will be crucial to gain fast access on the go, when searching for information on the respective website. Providers also have to keep in mind that consumers are moving towards a technological development that promotes device hybrid versions and even smaller tablets. Living in this digital environment certainly brings a host of exciting prospects, but also raises questions about how to adapt to new technologies. The concept of responsive design offers an approach that can support struggling wealth managers: It aims at crafting sites to provide an optimal viewing experience, including easy reading and navigation with a minimum of resizing, panning, and scrolling, across a wide range of devices (from mobile phones to laptop computer monitors). A website designed with a responsive design adapts the layout to the viewing environment and allows the user an undiluted experience. But it is important to keep in mind that the user is not forced to a specific website format. There should always be an easy way back to the full (desktop format) website when a mobile device user wishes to do so.


A personal touch for wealth management websites (by Francis Groves, Senior Analyst)

Wednesday, October 23rd, 2013

MyPrivateBanking’s research analysts, working on our upcoming report on wealth manager websites, have been impressed with a number of sites that provide contact people or, in a few instances, contactable senior management or research experts.

In one exceptional case, a private bank has made almost its whole organization contactable to website visitors. Although we don’t yet have the final aggregation of data from our evaluation of 50 of the world’s leading wealth managers (the report is due out in the first half of November), this looks like one area in which wealth web presences are steadily improving. While MyPrivateBanking can see that some contacting policies can’t accommodate having named contact people as easily as others, generally speaking we strongly support having named contacts as a key way to enhance wealth manager websites.

Just to see a contact with photo and job description can trigger all sorts of reactions from site users beyond the obvious ‘I could contact that person’. For example, a website user may read into the presence of a contact person any of the following: ‘they don’t just process new business prospects like a machine’, ‘people in this bank stay around for long enough for it to be worthwhile for the bank to put up photos’, ‘this provider doesn’t give fee information on their site, but this contact may be willing to tell me what I want to know’, or ‘the bank has empowered this person significantly by doing this, there must be real trust there, to me this suggests that this is an organisation where people matter’.

These ideas may not be accurate and the person thinking them may reconsider their initial reaction; they may not even react positively. The point is that even if it’s only for a moment or two, the website user has considered a next step in engaging with the wealth manager in question.

Our new report on wealth management websites will be published early November.