Wealth clients unimpressed with platform features

Refinitiv’s new report The Gold Standard: The Race for Digital Differentiation surveyed more than 1,000 affluent investors across both self-directed and advised channels, in markets including Australia, China, Japan, the UK and US.

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Just 37 per cent of respondents gave their investment platforms top marks for digital experience, and 20 per cent of advised clients surveyed said they would consider switching platform providers.

This trend was particularly pronounced among younger clients, with 29 per cent of millennial respondents saying they wanted to switch platforms compared to 10 per cent of respondents across other generations. Just 26 per cent of Millennials said they would recommend their current platform provider.

The survey also revealed many platforms had yet to fully embrace digital customer experience, with just 43 per cent of investors saying their platform had the option to use a mobile app to view their investments.

“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 head of digital solutions for wealth Charles Smith said.

“Rather than settling for digital transformation progress in 2020, platforms need to set their sights higher and deliver a digital experience that meets and exceeds expectations.”

When it came to what their platforms could do better, 72 per cent of respondents said they needed to better integrate news updates into their dashboard. Around 20 per cent of investors also said they weren’t receiving updates that were helpful from their platform.

Further, 80 per cent of investors said they would like access to real-time data from their investment platform, and 24 per cent said they would like to be able to navigate more clearly between the products available.

 

 

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