J.D. Power report finds that Wealth Management Apps Underperform when placed against other Financial Apps
According to a J.D. Power 2019 Mobile App Satisfaction Study, many investors are dissatisfied by the mobile apps their brokerage firms are providing.
The study revealed that customer satisfaction with wealth mobile apps significantly lags those provided by other consumer financial companies, including credit cards, retail banks and insurance.
Michael Foy, Senior Director of Wealth & Lending Intelligence at J.D. Power, said “The stakes are incredibly high for wealth management firms to deliver an exceptional mobile experience. With competition intensifying to gain share of wallet across the various financial needs of emerging affluent clients, the mobile experience is a critical factor influencing investor decisions about considering new products and services.”
The report highlights the areas in which wealth management apps are behind, urging the need for security, simplicity and personalisation, something which many apps seem to neglect in favour of a lot of features and functionality, meaning that the user’s unique needs and objectives are not being reflected.
The study also revealed that, somewhat predictably, Millennials are the demographic most likely to be influenced by the app experience. Millennials who say the overall mobile app experience is “outstanding,” 77% strongly agreed they are likely to sign up for additional products and services, vs. just 26% of those with lower satisfaction, according to statistics quoted by BusinessWire.
The study aluates customer satisfaction with wealth management mobile apps based on five factors (in order of importance): range of services; clarity of information; ease of navigating app; appearance; and speed of screens loading. The study is based on responses from 2,892 full-service and self-directed wealth management firm customers.