Consumers are less satisfied with their wealth management mobile apps than they are with retail banking or credit card apps, but when wealth firms provide an outstanding mobile experience, clients are more likely to sign up for additional products and services, according to a J.D. Power study released today. Apps provided by Charles Schwab and Wells Fargo tied with the highest satisfaction score (865) out of those surveyed, with Edward Jones scoring just behind at 864.
The average consumer satisfaction score for wealth mobile apps was 846 out of 1,000, trailing satisfaction with apps for credit cards (872) and retail banking (853). However, J.D. Power found that of the 30% of millennials who rated their app as “outstanding,” more than three-quarters were more likely to sign up for additional products, compared to just a quarter for those less satisfied. Survey respondents were also more satisfied when they perceive their wealth apps to be very secure and when they receive personalized advice and insights.
A report recently published by the American Bankers Association on the changing face of wealth management also highlighted banks’ opportunities in mobile access to wealth services, with nearly six in 10 banks seeing a need to enhance mobile wealth management capabilities.
