Hong Kong, Singapore clients of Asian wealth management firms largely unhappy with digital services: Accenture study
- More than 60 per cent of wealth firms’ clients in Hong Kong and Singapore unhappy with mobile apps, higher than the overall average of 50 per cent, study shows
- Reliable mobile app with a wide array of features and functionality is imperative to the growth of wealth management firms in Asia, Accenture executive Wilson says
Asia’s wealth management firms are not up to scratch with their mobile banking services, according to a survey by consulting firm Accenture.
Clients identified mobile apps as the most important medium for their wealth-banking needs, but half of them were unhappy with their firm’s app. In Hong Kong and Singapore, that figure rose to nearly 60 per cent, with respondents saying they did not have a smooth experience across their firms’ various channels.
Around two-thirds of those surveyed encountered glitches using the apps, while about 60 per cent said that scheduled app downtime was disruptive. Another 56 per cent said they found the apps cumbersome to use and needed too many steps to access certain features.
“Poor digital experiences frustrate investors,” said David Wilson, Accenture’s wealth management lead for growth markets, adding that “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.”
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Accenture surveyed nearly 3,700 investors and 600 relationship managers at private banks, wealth firms, banks and independent financial advisers from countries in the Asia-Pacific and the Middle East, as well as C-suite executives.
Companies’ struggles to prioritise a good digital experience for consumers was not surprising and they could lose out on younger clients, according to Benjamin Quinlan, CEO of Quinlan & Associates, a strategy consultancy specialising in fintech.