DBS Is Top Dog For Wealth Management Mobile Apps; Industry Must Do Better - Report

Tom Burroughes

12 June 2014

Recent comments by .

The Swiss-based research firm says it benchmarks the mobile apps of 30 wealth managers around the world.

The findings will cheer DBS Group. The bank recently talked about its digital strategy that it says is a vital part of how it intends to develop in the coming years. (To view the recent coverage, click here.)

“Clients demand that banks personalise their offers, are accessible anytime and anywhere and give them the tools they need to manage their finances successfully; all of this centered around mobile apps as the main hub for an increasingly mobile lifestyle,” MyPrivateBanking’s research director Steffen Binder, said in a statement.

”However, our research shows that most wealth managers are not yet focusing on integrating mobile apps seamlessly with their other client touch points such as advisors, desktop, Internet, social media, branches and telephone,” Binder said.

The report adds to the perception that while some firms have embraced the mobile revolution wholeheartedly, others have not yet fully exploited the potential.

More encouragingly, the report said, at the top of the tree for performance is DBS, with an overall score of 55 points out of a possible maximum of 70. This is followed by Citi Private Bank with 54 points and BNP Paribas and Northern Trust who share the third highest score with very different app offerings, each scoring 53 points. Credit Suisse, in fifth, ranked at 50 points.

Citi´s core app Citi Private Bank In View was the single app to achieve the highest score on a stand-alone basis, the report said. (To see an article about the In View app, click here.)

The report said the areas identified for improvement included a lack of focus in overall strategy on this specific client segment. For example, specific wealth management apps exclusively available for high-net-worth-clients are offered by only 67 per cent of banks.

“Too many wealth managers and private banks are failing to provide their clients with securities trading functions. Only 50 per cent of the banks offer brokerage via apps to their clients. It is remarkable that even retail banks would score better than the average wealth manager in this category, by 5 per cent,” the report said.

It continued that “wealth managers are not talking with their clients through mobile apps”.

Only 27 per cent of wealth managers provide a personal advisor contact via their apps, which is key to maintaining a close relationship with the client. Similar low scores are reached also for other means of communication such as client support, concierge services or video chat, it said.

“Wealth managers should engage with clients, talk to clients, sell to clients and win new clients via their mobile touch points.” says Steffen Binder. ”Banks need to make sure their communication efforts are suitable for this new medium to strengthen existing relationships and facilitate new ones,” he said.