MyPrivateBanking Blog
Daily Comments on the World of Wealth Management

Archive for April, 2013

How we evaluate apps, websites and social media

Thursday, April 18th, 2013

Yesterday one of our clients asked me in a meeting how we make sure that our evaluations are really objective and independent. I think that’s a fair and very important question so I am answering it today via our blog.

First of all, we are not being paid to write a report. We write reports and do benchmarking analysis on topics and companies we chose to. Only when the research is done and final, we start to sell the product.

Secondly, we are using a very structured and elaborate research process. We start by doing interviews with end-users trying to find out what really drives their preferences and usage behavior of an app or a website. Based on this qualitative research we construct use cases. Where do people use an app? Why? What motivates them? What do they like about an application or a website, what do they hate? The next step is to develop a catalogue of very detailed benchmarking criteria based on these typical use cases. Once we have our benchmarking criteria we test them and refine them until they are absolutely bullet-proof and work across all the different global markets. Then our analysts start analyzing apps, websites or social media presences. We always compare the global leaders with each other because we are convinced that the leading financial firms are the benchmark of the industry worldwide. This process is repeated twice within 4 weeks by two, sometimes three independent analysts to make sure that our standards are applied objectively. The final result is our detailed, comprehensive and completely data-driven benchmarking analysis.

Thirdly, we make sure that our analysts are objective and neutral. They are not paid based on sales or revenues they are generating with certain clients. They are paid for their analytical skills and only for their analytical skills. This ensure their complete neutrality in the process.

Last but not least, we are doing no consulting work in order to avoid that our company gets attached to strongly to one client’s revenue stream. We are living from the sales of our reports and some limited advisory work we do. But there are no extended consulting projects at all.

These four points ensure that the results you see in our research are based only on an objective and scientific analytical process and not any other considerations. This is what earns us the trust of our clients.

 

Mobile banking apps: improving around the globe

Thursday, April 11th, 2013

The result that strikes me most in our new report about Mobile Apps for Banking is how global and how broad the movement around banking apps is. The top-5 banks in our ranking are from the US, Singapore, France, Australia and the Netherlands. This shows that mobile apps in the finance industry have reallyreached a new stage on a worldwide scale. It is aslo interesting to see that the features and functions across countries are quite similar. Of course, there are lots of differences with regard to quality and content but the best banks provide apps that have comparable ranges of features and functions. But have a read for yourself….

 

Mobile Apps for Advisors - our new report in the media

Wednesday, April 3rd, 2013

Here is a sample of the most recent media articles that are quoting our latest report “Mobile Apps for Financial Advisors and Wealth Managers 2013“:

Banking Technology

Wealth Briefing (log-in required)

Mobile Business (German edition)

CIO (German edition)

 
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