Not only is financial services the least-trusted industry, but customers are happier with their car rental mobile apps than they are with the apps available to them to manage their assets, according to new data from J.D. Power. Consumers have a plethora of mobile apps to choose from and they set high expectations for user experiences—expectations that wealth management fails to meet.
"To meet higher customer expectations for convenience and personalization while maximizing advisor efficiency and productivity, wealth firms must ensure that their mobile solutions are meeting expectations for ease of use, range of services and security," said Michael Foy, senior director of wealth and lending intelligence at J.D. Power. “Wealth management firms have set a high bar for the overall customer experience and it is critical that their mobile apps keep pace."
The J.D. Power 2019 U.S. Wealth Management Mobile App Satisfaction Study found that HNW customers were "significantly less satisfied with their wealth mobile apps than other customer segments" and that "45 percent of customers effectively give their app a failing grade" when it came to the perception of security.
Wealth management apps also tend to be text-heavy and lacking in visuals, a significant design problem considering the screensize and on-the-go situations in which the apps are most utilized. The study criticized the apps' "dated look," a particularly stinging criticism considering mobile apps are all but tablestakes for many companies today. Wealth management app designers looking for inspiration might want to download some bank and credit card apps or auto insurance apps, categories which scored highest in satisfaction.
Survey results come from 2,478 full-service and self-directed wealth management firm customers and 15 mobile apps, including MyMerrill, Schwab Mobile, TD Ameritrade Mobile, J.P. Morgan Mobile, Morgan Stanley Wealth Management, Fidelity Investments and Vanguard, were evaluated.
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