A newly released study by Cogent Reports shows financial services firms are dedicating an increasing amount of time and resources on their mobile app capabilities in an effort to keep pace with consumer demands. Additionally, the study found that this investment in technology may actually cater most to high net worth investors, who utilize financial services mobile apps at nearly twice the rate of the general investor population. These and other findings are included in Investor Touchpoints™, a Cogent Reports study from Market Strategies International.
Cogent found that 28% of high net worth investors (defined as those holding $2 million or more in investable assets) had interacted with at least one firm¡¯s mobile technology app over the past year, compared to just 16% of the total affluent investor population (those with a minimum of $100,000 in investable assets.)
¡°We expected that Gen Y investors would be frequent users of financial services mobile apps, and sure enough we found that 47% of these younger investors had interacted with firms in this manner,¡± says Julia Johnston-Ketterer, senior product director and author of the report. ¡°But we were very surprised to find such a substantial proportion of high net worth investors leveraging mobile technology. Providers typically focus on providing much more personal outreach to this segment without paying as much attention to using technology to keep this group engaged.¡±
¡°We expected that Gen Y investors would be frequent users of financial services mobile apps, and sure enough we found that 47% of these younger investors had interacted with firms in this manner,¡± says Julia Johnston-Ketterer, senior product director and author of the report. ¡°But we were very surprised to find such a substantial proportion of high net worth investors leveraging mobile technology. Providers typically focus on providing much more personal outreach to this segment without paying as much attention to using technology to keep this group engaged.¡±
¡°This is an important aspect for providers to keep in mind,¡± continued Johnston-Ketterer. ¡°Not only are their most high-profile clients utilizing mobile apps, but firms must balance functionality with ease of use or else they risk all their bells and whistles adding too much complexity and actually backfiring.¡±
About Investor Touchpoints
Cogent Reports interviewed a sample of 4,170 affluent investors that were recruited from the Research Now opt-in online panel. Respondents were required to have at least $100,000 in investable assets (excluding real estate). Due to its opt-in nature, this online panel (like most others) does not yield a random probability sample of the target population. As such, it is not possible to compute a margin of error or to statistically quantify the accuracy of projections. Market Strategies will supply the exact wording of any survey question upon request.
