Wealth management fares worst in mobile app client satisfaction
December 17, 2019 by Sean Allocca
Wealth management clients are not happy with their mobile apps. That could mean less opportunities to cross sell additional financial services products and a loss of wallet share, according to a recent J.D. Power survey.
Wealth management apps fared worse in terms of client satisfaction when compared with a group of firms from other industries — including rental car companies, airlines and even health insurers. The average overall customer satisfaction score for wealth management mobile apps topped out at 846 out of a possible 1,000 points. Winners included credit card apps with 872 points and retail banking apps with 853 points.
“Clients are using their mobile phones more often and for more things than ever before, and so the mobile experience becomes very important,” says Michael Foy, senior director at J.D. Power.
It’s particularly important for wealth management to address the problems with its mobile experience because the industry is underperforming, he adds. “Advisors are simply trailing behind other industries.”
Click HERE to read the full story via Financial Planning