MyPrivateBanking Blog
Daily Comments on the World of Wealth Management

Archive for February, 2018

How HNWIs Use Banks’ Mobile Apps and Digital Channels

Wednesday, February 28th, 2018

Our panel survey profiles today’s behavior, attitudes and preferences of HNWIs towards their wealth managers’ mobile apps and outlines how wealth managers can successfully convert them into actionable concepts for their mobile strategy. For the report, MyPrivateBanking conducted a panel survey in the five key markets -the US, the UK, France, Germany, and Switzerland- addressing the mobile needs and preferences of 1,000 affluent and high-net-worth individuals. One the most interesting findings reveals that the top five most required features identified by our interviewees across age, gender, and wealth segments are all basic capabilities that any wealth management mobile app should offer. The logic behind ‘the basics’ is simple but impressive: before moving to sophisticated capabilities, make sure to deliver the basics very well.

Additionally, there is a strong demand for investment functions and analytical features to manage investment portfolios with a significant share of respondents demanding more elaborate and interactive capabilities like trading (32%), self-assessment (28%), and portfolio analysis tools (28%).

In-depth analysis

The results are segmented and analyzed overall and for specific age groups (millennials, Gen X, and baby boomers), wealth segments (mass affluent, affluent and HNWIs) and separately for each of the five markets- the US, the UK, France, Germany, and Switzerland.

Gap analysis

The goal of the gap analysis is to examine how the industry responds to the expectations of wealthy clients interviewed in the survey, identify possible gaps in their offerings, and propose brief recommendations for supporting them to re-define their mobile strategy. The focus is mainly directed at the top five capabilities that are most desired by clients (survey respondents).

The results show that as a whole, the majority of banks do not fully leverage the potential of mobile banking apps with their portfolios. Until they address the main deficiencies pointed out in the ten individual profiles, their mobile apps are missing the basic capabilities needed to attract and keep their clients.

Check out our new report How HNWIs use banks’ mobile apps and digital channels -Survey data from the US, UK, Germany, France and Switzerland

 
Subscribe