Given the recent waves of massive security breaches and the increasing data manipulation, high-net-worth clients are justified in being anxious about their personal data being stolen and used by hackers and fraudsters.
Banks and wealth managers continue to ignore the fact that their clientele and prospective clients do not want to lose control over their information. As our new report on Mobile Apps for Wealth Management 2015 shows, out of the evaluated mobile core apps of 30 leading wealth managers worldwide, only 40% use the app store to inform clients about security.
Security measures of most mobile banking apps are not clearly communicated in the available app stores. An accurate description of banking or trading apps should certainly make it clear how users’ personal data is being used and protected in the app.
Initiatives that already give users the right and ability to learn what security measures banks integrate in their apps are successful in inspiring a feeling of transparency and trustfulness. Keeping the language easy to read and reflected in a clear and concise style is key to inform about the app’s necessary high security and encryption standards.
Wealth managers need to understand that their wealthy clients expect to be informed about an app’s security means before downloading it.