Navigating the Pitfalls: The dangers of developing your own Wealth Management Mobile App
I have spent my last few posts promoting the benefits of mobile apps. The stats speak for themselves. My favourite two are:
– “89% of ultra-high-net-worth individuals, Baby Boomers and Millennials all said they would have a strong preference for mobile app engagement” – April Rudin
– A mobile “app receives FOUR times as many logins as the desktop portal.” – moneyinfo
In the digital-first world with hyper connected clients, mobile apps are more than just a service channel; they’re a necessity.
However, it’s NOT just about taking the plunge and building any old app with your logo and colours, it is massively important to create the app that your clients want and that enhances your brand!
The journey to creating an app, that adds real value to both wealth managers and their clients, is fraught with hidden pitfalls and challenges.
Let’s briefly explore some of these:
1. The Hidden Costs
Developing the app is just the first step in a longer journey. Like all your other service channels, mobile apps need continual feature upgrades to give your users what they want, and on-going maintenance the ever-changing landscape of mobile devices and OS features. The goalpost is always moving, and staying ahead requires continuous investment.
2. The Image Factor
A bad app can do more than just fail – it can harm your firm’s reputation. Think twice before releasing something that isn’t up to par with your client’s expectations.
3. UX is Key
Your app isn’t just a digital version of a PDF statement; it’s an experience. A poor user experience can significantly affect how your firm is perceived and, more importantly, how it’s utilized.
4. Choose Your Dev Team Wisely! ALERT This is crucial!
The right development team understands both technology and the nuanced world of wealth management. This is a rare combination! Not all developers, even brilliant ones, understand the operations and data flows of financial markets.
The developers of your mobile app should be your “Technical Partner” guiding you through the exciting process of creating a new app. Making recommendations and suggestions to enhance your business BUT at the same time warning you of all these dangers and pitfalls.
Please do not under-estimate how important the right team is!
Stay tuned for part 2 of this post where I discuss what to look for in your technical partner in more detail.
More to follow next week!