Client Affairs
Credit Suisse Crowned King Of HNW Client Apps; Research Finds Industry Shortcomings

A study of private banks' apps shows Credit Suisse performed strongly but the report also revealed shortcomings in the industry.
Wealth managers have come a
long way
with their mobile app offerings aimed at high net worth clients,
but
“critical
shortcomings” remain in the range of functions available while a
lack of
focus to the wealthy client segment has emerged as a great
weakness,
MyPrivateBanking
says in its latest report, Mobile Apps for Wealth
Management 2013.
As part of the research, the Swiss firm analysed over 100
mobiles
apps provided by 30 wealth managers and - with scores of 52, 49
and 48
out of 60
respectively - ultimately crowned Credit
Suisse, Société Générale and ABN Amro as the top three
financial
institutions with the best mobile app offerings for high net
worth
clients.
Credit Suisse was praised for the wide range of apps
it provides that are relevant to wealthy clients, while
Société
Générale boasted strength in relation to client retention and
marketing
features. ABN AMRO, meanwhile, impressed with its content quality
and practical
usefulness of its apps. MyPrivateBanking noted, however, that
Deutsche Bank’s “Meine
Bank” app bagged top spot as the single best app, which on its
own achieved the
highest score. JP Morgan and US Trust came in at joint fourth
place,
with scores of 46.
Evaluation of results
Overall, wealth managers fared
particularly well in the user-friendliness category (which
includes aspects such as sound navigation,
user menus and performance stability), scoring 83 per cent of
maximum possible
points. Website integration emerged as another bright spot,
achieving
an average score of 79 per cent.
While the research firm concludes that there are too few
mobile
apps tailored for wealth management clients, citing “critical
shortcomings”, the good news is that there is certainly more to
play for. For example,
the research shows that app coverage for Android devices is only
70 per cent compared
to 100 per cent for iPhone devices.
Meanwhile, the number of firms providing
portfolio analytics or trading/brokerage functions is still “much
too low”, at 43
and 30 per cent respectively. Indeed, provision of market data
(78 per cent),
portfolio overviews (65 per cent) and research content (73 per
cent) were
branded as “satisfactory to good”, but these figures are still
not as high as they
could be.
In other significant findings, only 57 per cent of financial
institutions serving wealthy clients are generally explaining
their mobile
security measures within their apps.
This is surprising given the confidential nature of
information involved and the level of noise the industry has made
recently with regard to privacy and security.
“This vital information is often either missing,
poorly explained or mixed up with security information in
relation to online
banking,” MyPrivateBanking says. Another intriguing finding is
that just
40 per cent of the evaluated wealth managers integrate their apps
with their
social media presence.
“The greatest weakness in the mobile strategy of
the leading wealth managers is the lack of true focus to wealthy
client
segment”, said Francis Groves, senior analyst of
MyPrivateBanking. “Even
institutions that already have solid reputations for delivering
mobile
resources to retail customers or offer some excellent wealth
apps, are failing
to view the mobile requirements of their wealthy clients in a
truly
comprehensive fashion.”
Recommendations
In light
of its conclusions and research gleanings, MyPrivateBanking has
outlined a “general mobile
approach for wealth managers”, recommending the following:
·
There should be specific and privileged mobile apps for the
HNW
segment, reflecting the notion that wealth managers treat their
clients as a “separate and privileged”
group;
·
There is a significant HNW segment that desires to have
trading
and brokerage functions for their mobile devices - wealthy
clients must be
able to evaluate, analyse and understand their investments;
·
Mobile apps are an ideal way of amalgamating content such as
product
information and segment-specific client magazines; and
·
Wealth managers should integrate their mobile offering with
other
online and offline media, with links to websites, social media
and other mobile
apps.
Methodology
MyPrivateBanking evaluated 100 mobile apps along
42 criteria and grouped into ten main categories: availability;
core functions;
support features; content for marketing; means of communication;
integration
with other online media; user-friendliness, security; best
practices; and
strategy.
The wealth
managers analysed were: ABN
AMRO; Banque de Luxembourg; BB&T; BBVA; BNP Paribas; BNY
Mellon; Bradesco;
Citi; Commerzbank; Coutts; Credit Suisse; Deutsche Bank; Goldman
Sachs; HSBC;
ING; Investec; JP Morgan; Julius Bär; Merrill Lynch; Nordea;
Northern Trust;
Pictet; RBC; Santander; Société Générale; Standard Chartered;
UBP; UBS; US Trust;
and Wells Fargo.
MyPrivateBanking
Research specialises in research and analysis on how
financial services
firms should develop their websites, social media presence and
mobile apps.