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Archive for the ‘mobile apps’ Category

Swissquote’s new virtual reality trading app: the game-changer or just a hype?

Monday, February 20th, 2017

It’s no science fiction story, nor fake news: VR trading is possible!

Showing an excellent understanding of how to take their digital and client engagement strategy further and create unique experiences, the Swiss financial company Swissquote has recently released a new app that enables trading with virtual reality glasses. By using a VR headset, users are enabled to view the status of their accounts, check stock prices, currency pairs and key figures in a 360 -degree perspective, as well as to execute trades by focusing their eyes on the symbol. This creative approach facilitates a different client experience by enabling users to access information and trade in a highly dynamic way.

As already emphasized by our analysts, gamification will continue to play an important role especially in young consumers’ approach towards banking and trading. The demand for creative and convenient tools and features for mobile use will definitely continue to grow. Millennials, in particular, love it when viewing their portfolio on-the-way is made enjoyable using gamification techniques or when they can quickly track their spending or savings by means of visually engaging icons. Alternatively, customer engagements can also be maximized by introducing gamification elements like customization options in promoting products or displaying client information: it creates a personal experience and gives clients the feeling of being in control while also emphasizing you as an adopter of the latest tech trends.

With Swissquote setting the tone for innovative use of VR-based technology, it won’t be long until we’ll find ourselves in a VR-based setting discussing our retirement plans or investment scheme with an enjoyable chatbot (available round the clock).

The interesting storyline will be to see as many banks and financial companies embrace innovation and leverage the potential of both VR and AR-based technology, which can facilitate customers access to a new dimension giving the feeling of a virtual infinite space. A fresh perspective for (re-)building a distinct client relationship.

 

New Report: Mobile Apps for Wealth Management

Monday, May 30th, 2016

the-question-for-wealth-managers-is-no-longer-if-they-should-have-a-mobile-app-but-how-they-can-develop-a-winning-mobile-app11

The question for wealth managers is no longer if they should have a mobile app, but how they can develop a winning mobile app to provide them with an essential competitive advantage.

Almost eight years ago, in July 2008 the Apple App store was launched and Google Play followed only a few months later. Since then the app market has grown, apps have become an essential part of our lives and the technical possibilities have developed a lot. The wealth management industry is typically not among the first movers when it comes to technical innovations but we have seen that the market of mobile apps for wealth management is slowly but surely catching up. In our latest study Mobile Apps for Wealth Management we have analyzed the mobile apps of 30 of the biggest wealth managers worldwide. We have found that in contrast to the previous years, the number of wealth managers that offer dedicated apps to their wealthy clients has increased (from 63% in 2015 to 82% in our latest 2016 study).

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Discovering the world behind the walls of wealth management

Friday, December 4th, 2015

As digital wealth management is one of the hot topics at the moment in the financial industry, MyPrivateBanking’s analysts have embarked on a journey to evaluate remarkable and innovative features of secured websites and mobile apps for wealth management.

The forthcoming focus-style study ‘Behind the Login – Helping the Wealthy to Connect and Transact’ sets itself apart from the previous benchmarking reports by analyzing exclusively the behind the login content and capabilities of digital offerings for wealthy clients. Based on comprehensive interviews with representatives of leading wealth management firms and intensive analysis, the report explores the current and potential digital wealth capabilities, it shows how the digital strategy for wealth/private banking is defined and provides strategic recommendations and suggestions like the ‘10 essential capabilities for Digital Wealth Management in 2016’.

Don’t miss out this report on the secure site and app offerings for HNWIs! This report will be published soon – please check our website.

 

How Banks Fail to Make Their Apple Watch Apps Personal

Monday, November 30th, 2015

In our analysis of the Apple Watch banking apps offered by 22 of the largest retail banks worldwide, we come to the conclusion that the first generation of banking apps reveal some major shortcomings while in other industries, there are already several outstanding examples.

The infographic below displays the share of points the banks achieved for the nine features an Apple Watch banking app should contain. The results show that amongst other aspects, banks yet have to recognize the main benefit of a smartwatch app – the access to a very personal accessory of their clients that allows banks to get closer to their clients’ daily lives. Hence, Apple Watch apps should particularly deliver mobile moments that excite clients. Making use of the client’s location, interests, and financial situation for personalized offers, news, and product offerings is a field not yet explored by the leading retail banks, albeit adding substantially to a bank’s equipment in the race for clients’ attention.

The study shows how in other industries apps perform very well in delivering such mobile moments amongst other impressing best practices banks should take a closer look at when developing their Apple Watch apps.

Don’t miss out on our new study available tomorrow to not lose sight of what really matters when developing your Apple Watch app. sum

 

Bank at your Wrist: How the Apple Watch will Reinvent Banking

Monday, November 23rd, 2015

This week MyPrivateBanking Research releases the first comprehensive report on banking apps of the largest retail banks worldwide that run on the Apple Watch.

The report shows that the market for wearables will substantially benefit from the launch of the Apple Watch as it continues to grow to over $ 12 billion by 2018. The implication for banks is obvious: as the market penetration of smartwatches is increasing, the demand for banking apps that run on these devices will increase at the same rate. Actually, many banks are adopting this technology already today: The MyPrivateBanking report evaluates 23 Apple Watch apps of 22 banks and compares their overall performance. The evaluation comes to the conclusion that today’s Apple Watch banking apps are mainly providing only very basic features lacking the capability to excite clients. Outstanding examples from other industries and comprehensive strategic recommendations complete the study.

Watch out for our concise guidelines helping banks to take the right steps towards a winning Apple Watch app.

Wearable device market value from 2010-2018

 

Forget passwords. Pay with a selfie!

Wednesday, October 28th, 2015

From passwords to two-factor authentication, bio-authentication, and tokenization, both consumers and cybercriminals have forced the online and mobile banking industry to come up with innovative and convenient security technologies. The latest functionality announced to be available to US e-commerce consumers in the middle of 2016 is MasterCard’s new facial recognition-based identification method. Online retailers will be able to authorize a transaction by taking a snapshot of their face and blinking once (to prevent fraudsters from holding up a picture of the retailer and fooling the system).

Particularly popular with Millennials or the ‘selfie-generation’, using selfies to authorize transactions is a clear advantage to passwords/ PINs as it saves consumers from remembering complicated combinations of numbers or letters.

Just like other biometric authentication functionalities, ‘pay by selfie’ is surely on-trend but it remains uncertain how secure the new technology is. Biometrics that rely on static information like face recognition or fingerprints can be easily faked; the case of the German defense minister Ursula von der Leyen’s fingerprint cloned just from photos is a solid proof in this sense.

The retail banking industry is rushing its way in offering consumers innovative mobile technology functionalities but the next generation of mobile banking apps needs to include stronger security features to make cyberattacks impossible.

 

How Credit Suisse moved from app laggard to app champion

Thursday, October 22nd, 2015

In our Mobile Apps for Banking 2015 benchmark, Credit Suisse appears to be the most successful bank when it comes to continuous improvements during the last three years.

While DBS and BNP Paribas are on top of our rankings regularly, Credit Suisse managed to jump from the 13th rank in 2013 to the 9th rank in 2014 and arrive at the third rank in this year’s evaluation of the banking apps offered by the 35 largest retail banks worldwide.

Credit Suisse is rolling out its new digital strategy since beginning of this year and the continuously improving performance of its mobile flagship Private Banking Schweiz shows its great success. These are the four improvements that had most impact on its progression:

Core functions: The new version now offers a complete set of core functions, including trading.

Add-ons for clients: Clients can view their finances graphically, making it easy and convenient to check the financial situation at a glance.

Content for customer retention and marketing: Clients can now apply for new products and services directly from the app and they have access to a comprehensive section discussing mortgage, including video material, calculators and tips.

Attraction of a whole client segment: The Viva app contains valuable rewards and music streaming offerings, which is particularly attractive to the young client segment.

 

Part No. 4: Guess who has made the most progress on mobile apps for banking?

Thursday, October 1st, 2015

Here’s the fourth hint for our little quiz about which bank showed an outstanding effort in continuously improving its core banking app in our yearly ‘Mobile Apps for Banking’ benchmarking:

4.) THE BANK WE ARE SEARCHING IS KEEPING PACE WITH THE LATEST TRENDS, OFFERING A SMARTWATCH APP THAT ADDS A LOT OF VALUE TO INVESTORS

Watch out for our new report coming soon!

 

Part No. 3: Guess who has made the most progress on mobile apps for banking?

Wednesday, September 23rd, 2015

Here’s the third hint for our little quiz about which bank showed an outstanding effort in continuously improving its core banking app in our yearly ‘Mobile Apps for Banking’ benchmarking:

3.) THE BANK’S CORE APP EXCELS THROUGH ENGAGING CONTENT WHILE PROVIDING EXCELLENT USABILITY

Watch out for our new report coming soon!

 

Part No. 2: Guess who has made the most progress on mobile apps for banking?

Wednesday, September 16th, 2015

Here’s the second hint for our little quiz about which bank showed an outstanding effort in continuously improving its core banking app in our yearly ‘Mobile Apps for Banking’ benchmarking:

2.) THE CORE APP OF THE BANK WE ARE SEARCHING CONTAINS INNOVATIVE PAYMENT OPTIONS FOR CONVENIENT TRANSACTIONS

Watch out for our new report coming soon!

 
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