DBS, along with Citi Private Bank, BNP Paribas and Northern Trust offer the best mobile apps for wealthy clients, although as a whole, the wealth management industry is falling short in key aspects.

Singapore-headquartered DBS, along with Citi Private Bank, BNP Paribas and Northern Trust offer the best mobile apps for wealthy clients, although as a whole, the wealth management industry is falling short in key aspects, according to new research released today by MyPrivateBanking Research.

The Swiss-based research firm benchmarked the mobile apps of 30 wealth managers around the world: ABN AMRO, Banque de Luxembourg, BBVA, BNP Paribas, BNY Mellon, Bradesco, Charles Schwab, Citi Private Bank, Coutts, Credit Suisse, DBS Bank, Deutsche Bank, FNB, Goldman Sachs, HSBC, ING, Investec, JP Morgan, Julius Bär, Merrill Lynch, Morgan Stanley, Northern Trust, RBC, Société Générale, Standard Chartered, US Trust, UBP, UBS, UniCredit and Wells Fargo.

“Clients demand that banks personalize their offers, are accessible anytime and anywhere and give them the tools they need to manage their finances successfully; all of this centered around mobile apps as the main hub for an increasingly mobile lifestyle,” MyPrivateBanking’s research director, Steffen Binder, said.

“However, our research shows that most wealth managers are not yet focusing on integrating mobile apps seamlessly with their other client touch points such as advisors, desktop, Internet, social media, branches and telephone,” Binder added.

The report adds to the perception that while some firms have embraced the mobile revolution wholeheartedly, others have not yet fully exploited the potential.

More encouragingly, the report said, at the top of the tree for performance is DBS, with an overall score of 55 points out of a possible maximum of 70. This is followed by US-listed Citi Private Bank with 54 points, and then BNP Paribas and US-headquartered Northern Trust, who share the third highest score with very different app offerings - each scoring 53 points. Credit Suisse, in fifth, ranked at 50 points.

Citi’s core app, Citi Private Bank In View, was the single app to achieve the highest score on a stand-alone basis, the report said.

The report said the areas identified for improvement included a lack of focus in overall strategy on this specific client segment. For example, specific wealth management apps exclusively available for high net worth clients are offered by only 67 per cent of banks.

“Too many wealth managers and private banks are failing to provide their clients with securities trading functions. Only 50 per cent of the banks offer brokerage via apps to their clients. It is remarkable that even retail banks would score better than the average wealth manager in this category, by 5 per cent,” the report said.

It continued that “wealth managers are not talking with their clients through mobile apps.”

Only 27 per cent of wealth managers provide a personal advisor contact via their apps, which is key to maintaining a close relationship with the client. Similar low scores are reached also for other means of communication such as client support, concierge services or video chat, it said.

“Wealth managers should engage with clients, talk to clients, sell to clients and win new clients via their mobile touch points.” says Steffen Binder. ”Banks need to make sure their communication efforts are suitable for this new medium to strengthen existing relationships and facilitate new ones,” he said.