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Archive for May, 2015

Citi Private Bank & Deutsche Bank – two different approaches for a mobile wealth management strategy

Thursday, May 28th, 2015

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!


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.


Sneak peek: Wealth managers’ mobile solutions are growing up

Monday, May 4th, 2015

In June, we will again publish a new edition of our report on Mobile Apps for Wealth Management 2015 (see last edition here). At this early stage of evaluation, we are truly impressed by the efforts of the most innovative wealth managers and private banks over the course of last year.

Here are only a few areas, where some wealth managers already show great performance:

Apps for smartwatches. With the launch of the Apple Watch, a new era of wearable devices has heralded and, actually, there are some early birds adopting this trend.

Personalization. We see a great movement towards an individualized user experience thanks to customizable dashboards, schemes, and other user preferences.

App presentation. Demo accounts or videos, great and interactive websites, interactive tours and user guides – several wealth managers fully exploit marketing potentials for presenting their mobile app offerings.

Utility tools. Contributing to wealthy clients’ demand for convenience, some apps already excel thanks to sophisticated utility tools. Besides commonly known currency converters, elaborate financial planning tools are entering the space.

Check out our website for the latest research in the digital world of wealth management and private banking.