A study of online and mobile apps of wealth management houses around the world found that in many cases their standards fall short of the high demands of wealthy clients, although some firms do excel.

Wealth managers’ secure websites and mobile apps that require a client log-in can deliver basic capabilities well but lack the state-of-the-art personalisation and instant communication features that impress high net worth clients, according to a new study from MyPrivateBanking Research. The organisation singled out Vontobel, the Swiss bank, UBS, BNP Paribas and Coutts as standout firms in their offerings.

The Switzerland-based organisation analysed the online and mobile apps of 15 wealth managers worldwide; findings appeared in a report entitled Behind the Log-In of Wealth Managers’ Websites - Enticing the Wealthy to a Personalized Digital Space.

“It is an encouraging finding that the client-only wealth management platforms met our criteria for essential core features on average by 75 per cent,” said Carmela Melone, analyst at MyPrivateBanking. All apps and web portals met the requirement for a comprehensive wealth overview, which included graphics and charts for picturing clients’ financial status, access to account statements and portfolio valuation reports, Melone said.

The client-only wealth management apps and online portals perform very well in providing a comprehensive wealth overview and a high level of fraud protection (100 per cent of the criteria are achieved in both areas). However, personalisation, as the most important means of addressing high net worth clients, is offered by only 40 per cent of the wealth management solutions, indicating a major gap. The weakest areas overall are instant communication features and social media integration (both 20 per cent) and collaboration tools (7 per cent). 

These gaps are “significant oversights” by wealth managers, the research firm said.

This area will allow wealth managers to differentiate themselves.

Vontobel is identified as an example, providing an app that in MyPrivateBanking’s assessment serves as a very good touch point for wealthy clients and their advisors. The report also spotted what it said are successful strategies at UBS Wealth Management, which differentiates itself from others through highly innovative advice elements, and BNP Paribas Banque Privée, with its wide-ranging provision of valuable content and social media integration.

The firm also said that Coutts “excels through featuring a complete set of communication options, including a messaging tool and video conferencing”.

“Regrettably, we still see many approaches where relevant features and content are located outside of the secured space of mobile apps and websites. Examples are research material, social media integration, non-financial content such as a client magazine, and concierge services,” Melone said. “This forces high net worth clients to search for these functions outside their personal spaces where, more often than not, they are hard to find,” Melone continued. 

The following banks were analysed in the survey: Barclays, BNP Paribas, BNY Mellon, Coutts, Credit Suisse, DBS, Investec, Julius Baer, Merrill Lynch, Northern Trust, Pictet, Société Générale, UBS, US Trust and Vontobel.