Consumers like these wealth apps best, J.D. Power says
Big banks are beating their competitors when it comes to customer satisfaction with wealth management and planning apps, according to a report Tuesday from J.D. Power.
Overall, full-service wealth management clients are happiest with the mobile apps and websites at Citi, J.P. Morgan Private Client Advisors, Fidelity, U.S. Bank, and Wells Fargo Advisors.
But those firms aren’t ahead by much, and that might say a lot about the innovation — or lack thereof — in wealth management fintech.
Among firms <a href=«http://2023» u.s. wealth management digital experience study j.d. power target="_blank" rel=«noreferrer noopener»>J.P. Power examined in a survey
of more than 6,000 financial services customers, the highest rating among full-service apps and sites went to Citi, at 798 out of 1,000, and the lowest was for Vanguard, at 741. For self-directed client sites and apps, the highest rating was for J.P. Morgan Wealth Management, at 754, and the lowest was at Merrill Edge, at 705.
“There is some level of statistical significance of a couple of brands’ performance … but in general, it’s tight competition,” said Craig Martin, executive managing director and global head of wealth and lending intelligence at J.D. Power. “There is not a huge differentiation between brands.”
That’s based on consumers’ perceptions of the services they use — and that mostly has to do with the speed, responsiveness, and aesthetics of sites, Martin said. There are bigger differences behind the scenes, but people are likely not aware of those, as they visit sites or use apps for planning sparingly, he noted.
Even so, companies need to have the basic needs of those who use apps and sites nailed — if people can’t intuitively navigate them, they’re not going to
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