Having examined what it sees as the 30 most important banks and wealth managers globally, the Swiss research and networking platform found that just half offer mobile apps for clients. However, more surprising still - given the scope of apps for smartphones and tablets today - only three institutions out of the thirty offered anything more than online banking capabilities.

It would seem that firms really aren’t tapping into the full possibilities of mobile apps, as only six of them had developed apps with features which went beyond those of their existing websites. More disappointingly, the potential for smart, location-based services via apps was only being leveraged by three firms.

However, some institutions are clearly making greater strides with this technology than others: the app from Standard Chartered Singapore was singled out for particular praise, offering as it does a wide range of services, from GPS-enhanced branch/ATM location to the ability to pay bills with an electronic cheque.

That said, MyPrivateBanking’s overall assessment of the industry's use of apps was pretty damning. “None of the banks offer a comprehensive mobile application with real time access to the client's portfolio, financial research and specific mobile functionalities, such as financial planning tools with the capability of being personalised by the client,” the organisation concluded.

MyPrivateBanking has said it views the industry’s generally slow adoption of app capabilities as part of a general wariness among banks and wealth managers towards new technologies and client interfaces. This, the organisation says, is similar to the case with firms’ websites and social media acitivities – this despite the fact that these are extremely important marketing channels.

“Too many banks miss out on mobile technology to serve their clients, be it out of ignorance, misjudgement or slow internal decision-making and execution processes,” said Christian Nolterieke, research director of MyPrivateBanking.

The world’s leading banks and wealth management firms are largely lagging behind other industries in leveraging the latest app technology capabilities, MyPrivateBanking warns, and yet could make great strides in engaging their clients more if they overcame their prejudices. Much reluctance of course relates to data security concerns, but mobile app data can actually be made extremely secure, technology experts have told WealthBriefing.