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New Report: Mobile Apps for Wealth Management


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).

Despite the quantitative increase in wealth management apps, our study has shown that many private banks still struggle with the quality of their mobile apps. They cover basic requirements but still do not differentiate themselves from retail apps and fail to offer their wealth clients a valuable and personalized digital journey. This is problematic mainly because of two reasons. Firstly, the wealth management value proposition is all about personalized and exclusive service and this kind of high-value service delivery is also important for the mobile channel. Secondly, with the advance of personalized robo-advisory, wealth managers need to define the advantages of their services against digitally much more innovative solutions that are offered by new entrants to the markets.

The best way for wealth managers to do this is to offer a mobile app that combines a personalized and exclusive experience with innovative technical capabilities.

Our report has shown that there are already some outstanding examples of wealth management apps that lead the way into a future where wealth management client relations, communications and interactions are going to move more and more into the digital space. Citi Private Bank for example has built a mobile app that allows clients and advisors to interact via video call and the newly launched UBS Wealth Management in Asia app integrates automated investment advice into the app experience.

The overarching overlap of the winning apps in our report is that they fulfill key requirements with regard to winning wealth management app capabilities:

Winning Wealth Management App Capabilities

    Focus: winning wealth management apps need to be specifically targeted at HNW clients.
    Automation: sophisticated apps integrate robo advisory elements for portfolio analysis or product recommendations.
    Personalization is the key to a unique and relevant customer journey.
    Interaction: winning apps allow users to interact and collaborate with their advisors via the app.

    Check out our new report to find out more about Mobile Apps for Wealth Management. This 179-page report tells you all you need to know for developing, optimizing and implementing a winning app strategy for high-net-worth clients. We analyzed in detail the strengths and weaknesses of the mobile apps relevant to wealthy clients of the 30 leading wealth managers worldwide. In total, more than 60 mobile apps were evaluated. The report provides an assessment and recommendations for the mobile app portfolios of each wealth manager and for the wealth management industry as a whole.

    Leave a comment if there is a specific aspect of wealth management mobile apps that you would like to discuss with us.

    Stay tuned for more insights from the report.

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