Wealth management firms will need to step up their game on their mobile apps, as they rank lower in customer satisfaction than apps from other financial firms, a recent study found.
Consumers ranked mobile apps from wealth managers an average of 846 on a 1,000-point scale, behind those from other consumer financial companies including credit card providers, retail banks and insurers, according to a report from J.D. Power, which ranked customer satisfaction based on range of services, clarity of information, ease of navigation, appearance and speed of screens loading.
One-third of wealth management customers polled say their firms miss the mark when it comes to security, J.D. Power found.
Additionally, 49% of respondents say the most important communication tool in the apps is the ability to exchange messages securely, but 36% don’t believe the feature is very easy to use, according to the study, which polled 2,892 full-service and self-directed wealth management firm customers in July and August.
Scroll down for wealth management mobile app customer ranking.
Millennials in particular are more likely to sign up for more business if they like the app: 77% of those who rate their app as outstanding strongly believe they would buy more services from their wealth management firm — but only 30% rate the app that high, J.D. Power found.
Consumers ranked mobile apps from Charles Schwab and Wells Fargo the highest, with a score of 865, with Edward Jones following closely behind at 864, according to the survey. Merrill Edge and Fidelity come in just above the industry average, while Merrill Lynch, Ameriprise, E-Trade and U.S. Bank rank just below the average, J.D. Power says.