The digital experience has become a critical consideration for wealth clients, especially in Asia where there are many tech-savvy users. Nonetheless, less than half in the region were satisfied with their provider's mobile app, according to Accenture.
While creating an optimal digital client experience is crucial for wealth managers seeking to attract and retain new clients, according to a report by IT services and consulting firm Accenture, just 47 percent in Asia said they were satisfied with their firm’s mobile app.
Disruptions to performance were a top hurdle with 66 percent citing bugs or crashes and 60 percent citing scheduled app downtime. 58 percent also said there are too many steps required to access desired features.
By specific markets, Singapore respondents were the most satisfied at 64 percent, in contrast with Japan and New Zealand respondents who were tied as the least satisfied at 31 percent.
Asset Class Access
With regards to investment-related features, certain functions were satisfactory such as execution but there were gaps in other areas like advisory coverage. Around 75 percent of all assets in Asia were not fully supported on most wealth managers’ apps, including equities, fixed income, private equity and digital assets, despite high client demand.
«A well-designed, reliable mobile app with a wide array of features and functionality is imperative to the growth and retention goals of wealth management firms in Asia,» said David Wilson, Accenture’s wealth management lead for growth markets.
Accenture’s report is based on a survey of 3,700 investors and nearly 600 relationship managers across 12 Asian markets, alongside interviews with senior wealth executives.
