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Celent Urges Wealth Industry To Get The Most Of Out Apps

Tom Burroughes

29 April 2013

Users of “smart devices” such as modern mobile phones have come to expect a richer experience in tapping into links with their wealth managers via apps, according to a new report by Celent, the financial research and consultancy firm.

In a report, called North American SnAppshot 2013: Capital Markets and Wealth Management, it reaches findings including the point that apps can take to exploit devices such as cameras to enable remote deposits and GPS functionality to help users find their nearest branch office or ATM.

Financial services firms see higher demand for internal apps from their employees. After earlier cutbacks, many financial companies are launching “Bring Your Own Device” programmes that enable their employees to access corporate systems through their personal devices.

The report adds to the debate about how wealth managers are, or should be, exploiting developments such as social media, mobile devices and cloud computing to improve client service, find new clients and keep costs under control in an increasingly onerous regulatory environment.

“Celent expects demand to remain strong for both capital market and wealth management apps as users remain committed to using smart devices to access news and financial information and demand for smart devices remains strong. Industry consensus is that more than one billion smart devices will be sold in 2013,” the report said.

“It is more important than ever for both capital market and wealth management firms to offer apps to meet the needs of clients using this new (and growing) electronic channel,” it continued. The firm recommends that companies actively educate clients about their apps to encourage downloads as well as increased usage.