A report from data and infrastructure provider Refinitiv, which surveyed 1,030 self-directed and advised investors in September 2020 across countries Australia, the US, the UK, Japan and Singapore, found that 43 per cent of investors now use mobile apps to access their investments.
Clients’ needs are rapidly changing too; 80 per cent said their analysis would be enhanced through real-time data, while 20 per cent called for alerts on their phones regarding their investments.
The figures show that platforms must catch up. Just 37 per cent of investors globally give their preferred platforms top scores for the digital experience while 29 per cent of millennial investors said they would be willing to switch providers.
“The consequences of COVID-19 have emphasized just how vital it is to have a robust, customer-centric digital experience enriched with deep insights and analytics,” Refinitiv’s head of digital solutions, Charles Smith, said.
“Rather than settling for digital transformation progress in 2020, platforms should set their sights higher and deliver a digital experience that really impresses.”
The report outlined 5 key aspects that firms should focus on to enhance wealth platform experiences including personalisation, education, collaboration, navigation and insights.
“Early in 2020, financial providers rose to the challenge of delivering a fully virtual relationship out of necessity rather than choice,” the report reads.
“They should now seize the opportunity of listening and learning from investors to truly make digital their differentiator. Future enhancements could then be much more of a win-win for both sides - as long as they stay the course and continue to improve the investor experience.
“The time for change is now.”