Users unhappy with mobile apps of wealth management firms

Asian wealth management clients are relatively dissatisfied with mobile apps, especially in Hong Kong and Singapore.

Fewer than half of the respondents to a survey said that they were satisfied with the mobile app offered by their wealth management provider. That is according to a study from consulting firm Accenture.

The study polled nearly 3,700 investors, 600 relationship managers, and C-suite executives from a range of financial institutions including private banks, wealth firms, banks, and independent financial advisers across countries in the Asia-Pacific region and the Middle East.

“A well-designed, reliable mobile app with a wide array of features and functionality is imperative to the growth and retention goals of wealth management firms in Asia,” said David Wilson, Accenture’s wealth management lead for growth markets.

Clients consider mobile apps crucial for wealth-banking needs, but approximately half of them are unhappy with their firms' apps, with dissatisfaction reaching nearly 60% in Hong Kong and Singapore.

Two-thirds of the surveyed investors said they were affected by pervasive issues like glitches and disruptive scheduled app downtimes.

Although some of the main functions of the app, like investment execution, are adequate, there are significant gaps in services like advisory coverage, affecting how tailored advice is delivered to clients.

Clients find the apps cumbersome to use, citing too many steps to access specific features as a concern. They also complain about limited app support for various asset groups, including digital assets, equities, fixed income, and private equity, with only a few key functions available.

Relationship managers at these institutions spend over half their time spent on low-value tasks, with their productivity hindered by menial tasks that can likely be automated.

The underlying issue the report highlights is the potential risk of wealth management firms losing younger clients due to inadequate digital experiences.

“With burgeoning tools like generative AI threatening to upend wealth management, firms must position themselves as innovators or risk losing high net worth customers who will define their business for decades to come,” said Nicole Bodack, Accenture’s growth markets industry lead.

“For example, in Singapore, 41% of investors said they would be excited about more personalized portfolio views through their mobile app, a strong indicator of where clients' expectations are heading.”

Mobile apps around wealth management and banking have exploded in recent years, with providers competing to offer the most features and convenience with their apps, and costumers expecting a range of digital offerings. Digital-only players, which offer flexibility and ease, have been increasingly carving out a piece of the sector.