MyPrivateBanking Blog
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Posts Tagged ‘wealth management websites’

For tablets top but for smartphones flop: wealth management websites for mobile browsers

Friday, November 22nd, 2013

Many banks and wealth advisers are struggling while trying to keep up pace with the rapid developments in our highly digitalized society. Particularly in the fields of mobile development and online adaptation, financial institutions are more and more challenged to meet the needs of the technology-savvy customer by providing an excellent user experience. Adapting the online presence to the mobile environment can only be considered a first step. Regarding these trends, our analysts have introduced some new criteria to this year’s (4th) edition of the MyPrivateBanking ‘Websites for Wealth Management‘ report. In comparison to the 2012 report we included criteria such as, external Internet recognition and the adaptation of the website for mobile devices. Particularly the latter has sadly proven to be a weak spot for most of the wealth advisors under evaluation.

As basic as the adaptation of a website to various mobile devices, such as smartphones and tablets should be, our analysts were disappointed with the outcome of the evaluation. Full scores were only achieved if the entire website worked well for use on a tablet and a smartphone (whether or not it has been adapted) and points have been deducted for lower stages of adaptation. Around 60% of the banks scored points for this criterion with an average of 1.82 points (of total 3 points). While only 15 of the 50 Banks under evaluation offer a manageable version of their website for both devices, the majority only provides a functioning format for tablets. On average the performance of the smartphone-versions is weak: only a few are manageable without holding the device either horizontal or enlarging the font. Amongst the 27 banks that provided more or less manageable smartphone versions are, again, only very few banks that offer a reduced and adapted version of their website.
For the ‘digital native’, as the client of the future can be described, it will be crucial to gain fast access on the go, when searching for information on the respective website. Providers also have to keep in mind that consumers are moving towards a technological development that promotes device hybrid versions and even smaller tablets. Living in this digital environment certainly brings a host of exciting prospects, but also raises questions about how to adapt to new technologies. The concept of responsive design offers an approach that can support struggling wealth managers: It aims at crafting sites to provide an optimal viewing experience, including easy reading and navigation with a minimum of resizing, panning, and scrolling, across a wide range of devices (from mobile phones to laptop computer monitors). A website designed with a responsive design adapts the layout to the viewing environment and allows the user an undiluted experience. But it is important to keep in mind that the user is not forced to a specific website format. There should always be an easy way back to the full (desktop format) website when a mobile device user wishes to do so.


Not Much Improvement on Private Banks’ Webpages

Thursday, April 7th, 2011

Just a quick one on our new report that we have published yesterday: How Wealth Managers Can Win Clients Online. It’s the 2nd edition of a report that we have published 2009 the first time. Overall, not much has changed since then. A few players have improved a lot (like Barclays and Merrill) but most are slow to adapt to the new online environment. We are seeing some progress on social media. More about this here.

We will follow this whole topic as we think that the financial advise business is going to feel a lot of impact from social media over the next 10 years or so. Another interesting thought here on the WSJ blog Wealth report. Some obviously think that social media are REPLACING advisers. Not sure about that, but certainly there will be a lot more pressure through increased transparency.