Mobile apps are becoming increasingly popular among investors. Installs of wealth management apps are particularly popular among younger investors who cite higher overall satisfaction and strong brand advocacy. Now research by J.D. Power has identified some of the key trends in wealth management apps for 2022.
Apps outperform websites
When it comes to user satisfaction US wealth management apps outperformed websites by 50 points. The gap was largely driven by a preference for apps among younger investors.
Satisfaction was highest among Gen Y at an average score of 760 of 1,000, followed by Gen Z at a score of 720.
“Wealth management firms that want to attract and retain younger investors need to focus on continuing to improve their apps,” said Michael Foy, senior director of wealth intelligence at J.D. Power. “The mobile app really is becoming the center of the modern wealth management client user experience, and that’s true not just for do-it-yourself investors but also for those who work with a financial advisor. App users are engaging much more frequently with their brand and, when they have a positive experience, are also much more likely to recommend that brand.”
Top-rated US wealth management apps 2022
Source: J.D. Power
Design and service are crucial
However, smooth functionality and good in-app service matter. Top-performing apps that saw some of the highest levels of customer satisfaction also had stronger brand advocacy.
Meanwhile, customer satisfaction was higher among investors who were advised compared to those using DIY financial tools. It shows that personal service still matters when it comes to money.
“Digital has become a key component of the overall wealth management customer experience,” said Amit Aggarwal, senior director of digital solutions at J.D. Power. “Firms that are delivering the best overall digital experience are recognizing that their apps and websites are an extension of the client relationship and can be leveraged to improve relationships with advisors, drive brand loyalty and differentiate from the competition.”
Key takeaways
- User satisfaction of US wealth management apps outperformed websites by 50 points
- Satisfaction was highest among Gen Y followed by Gen Z
- Top-performing apps that saw some of the highest levels of customer satisfaction also had stronger brand advocacy.
