Many mobile apps that offer a good provision of core functions for wealthy clients have not managed to stay ahead of the competition. Why so? The analysts at MyPrivateBanking Research disclose the captivating story of what makes a mobile app for HNWIs successful in the forthcoming report ‘‘Mobile Apps for Wealth Management 2014’’. One of the striking results of our research so far has been that only 24% of banks offer an exclusive banking app – for their wealthy clients only. All other banks offer a general banking app to all of their customers – retail, high-net-worth or in between.
Even though the existing retail apps may also be relevant for HNW clients, there are good reasons to offer a customized solution:
- HNW clients love to be treated exclusively and separately from the crowd. That’s the reason why they are paying substantial fees to their private banker or wealth manager in the first place.
- HNW clients have other client needs in the mobile world. Often, they are heavy travelers, need to communicate a lot more with their banker and have deeper and more demanding information needs.
- HNW clients are interested in different products than retail clients. A banner ad for a cheap consumer credit or a good car insurance rate might not really capture their imagination.
- Investing, research and market developments are key areas of action for HNW clients. Checking and analyzing their portfolios in real-time anywhere in the world, executing a trade or checking quotes are important mobile activities for HNW clients.
- HNW clients are longing for an app that matches their advisor’s app. Meeting with their advisor will be more and more app supported. Both parties to the meeting should be able to communicate on the same level using matching apps.
And no matter how sophisticated the financial operations they need to support, an app developed for wealthy customers should first of all engage them by means of elegant design, user-friendliness and easy-to-digest content.