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Wealth Management Apps Underperform Other Consumer Financial Apps, J.D. Power Finds

December 3, 2019 GMT
Wealth Management Apps Underperform Other Consumer Financial Apps, J.D. Power Finds
Wealth Management Apps Underperform Other Consumer Financial Apps, J.D. Power Finds

COSTA MESA, Calif.--(BUSINESS WIRE)--Dec 3, 2019--

Investors are not impressed with the mobile apps their brokerage firms are providing. According to the J.D. Power 2019 U.S. Wealth Management Mobile App Satisfaction Study℠ Volume 2, released today, customer satisfaction with wealth mobile apps significantly lags those provided by other consumer financial companies, including credit cards, retail banks and insurance. When wealth management firms do get the app formula right, however, clients are more likely to stay with and purchase additional products and services from those firms.

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(Graphic: Business Wire)

“The stakes are incredibly high for wealth management firms to deliver an exceptional mobile experience,” said Michael Foy, Senior Director of Wealth & Lending Intelligence at J.D. Power. “With competition intensifying to gain share of wallet across the various financial needs of emerging affluent clients, the mobile experience is a critical factor influencing investor decisions about considering new products and services.”

Following are key findings of the study:

“Increasingly, we’re seeing a common set of best practices emerge among consumer financial apps that resonate most with customers,” said Amit Aggarwal, Senior Director of Digital Solutions at J.D. Power. “Ultimately, you need both intuitive design and an appropriate feature set in order to meet customer expectations. Banks and credit card companies have been raising the bar by doing just that. Meanwhile, personalization is emerging as a powerful mechanism to help strike this balance.

The 2019 U.S. Wealth Management Mobile App Satisfaction Study evaluates customer satisfaction with wealth management mobile apps based on five factors (in order of importance): range of services; clarity of information; ease of navigating app; appearance; and speed of screens loading. The study is based on responses from 2,892 full-service and self-directed wealth management firm customers. The study was fielded in July-August 2019.

Wealth Management App Rankings

Charles Schwab & Co., Inc., and Wells Fargo rank highest in a tie in overall customer satisfaction with wealth management apps, each with a score of 865. Edward Jones ranks third with a score of 864.

For more information about the J.D. Power U.S. Wealth Management Mobile App Satisfaction Study, visit https://www.jdpower.com/business/resource/us-wealth-mobile-app-study.

See the online press release at http://www.jdpower.com/pr-id/2019234.

J.D. Power is a global leader in consumer insights, advisory services and data and analytics. These capabilities enable J.D. Power to help its clients drive customer satisfaction, growth and profitability. Established in 1968, J.D. Power has offices serving North America, South America, Asia Pacific and Europe.

About J.D. Power and Advertising/Promotional Rules:www.jdpower.com/business/about-us/press-release-info

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1 J.D. Power defines generational groups as Pre-Boomers (born before 1946); Boomers (1946-1964); Gen X (1965-1976); Gen Y (1977-1994); and Gen Z (1995-2004). Millennials (1982-1994) are a subset of Gen Y.

View source version on businesswire.com:https://www.businesswire.com/news/home/20191203005244/en/

CONTACT: Media Relations Contacts

Geno Effler, J.D. Power; Costa Mesa, Calif.; 714-621-6224; media.relations@jdpa.com

John Roderick; St. James, N.Y.; 631-584-2200; john@jroderick.com 

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: TECHNOLOGY MOBILE/WIRELESS PROFESSIONAL SERVICES FINANCE

SOURCE: J.D. Power

Copyright Business Wire 2019.

PUB: 12/03/2019 08:00 AM/DISC: 12/03/2019 08:01 AM

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