Mobile apps. The benefits – Part 2?

Mobile apps for Wealth Managers. What are the benefits – Part 2?

The digital knight in shining armour saving the back-office admin!

Ok, last week I mentioned that the main beneficiary of a mobile app for a wealth management firm was the investor client. In my mind this should always be the case but there are many others.

A very important one is the back-office admin. Why?

Let’s see if I can paint a picture of poor back office admin Sarah and some frustrated clients.


As the head of back-office administration at a wealth management firm, Sarah was the guardian of access to the banking system. The buck stopped with her!

She had to manually approve all cash withdrawal requests which flooded her desk every month. Some of them telephonic, some via email and even more from in-house staff leaving post-it notes on her monitor and desk. (Some in different colours to indicate priority).

This process was not only time-consuming but fraught with potential for errors that could significantly damage the firm’s reputation and client relationships. There was even the possibility of financial loss.

Sarah was overloaded, frustrated, and felt unappreciated. She thought of quitting!

Enter our digital knight in shining armour – the firms new mobile app.

With features like instruction workflow handling, client messaging and biometric authorization, the app streamlined the withdrawal request process. Clients could now submit requests directly through the app, with automatic account linkage and security verification. This significantly reduced manual entry errors and operational stress. With push notification updates, the clients were better informed about the status of their requests.

The app brought efficiency to the firm. It meant that Sarah’s involvement was minimized to a simple, bulk export action, transforming her role from a manual processor to a strategic manager. This shift not only alleviated her stress but also improved client satisfaction by speeding up transactions and enhancing security.

A win for everyone!


A summary of a few of the benefits:

–  the client stayed in control and received a better service
–  automation means less tedious manual labour, reduced errors, happier staff and a great ability to serve more customers
–  compliance was enhanced and future audits far simpler

Ultimately a mobile app enhanced the wealth management firms brand and service offering to clients.

What do you think?

Next week my thoughts on “why is a mobile app so expensive”. Stay tuned.