A newly released study by J.D. Power says that client satisfaction with self-directed investment firms is lagging among investors in Canada when it comes to mobile experience.
The 2018 Canadian Self-Directed Investor Satisfaction Study, released Sept. 13, found that 64 per cent of investors do not use their firm’s mobile app and only 31 per cent say they have a complete understanding of available mobile services. The study also found that overall satisfaction is lowest in this channel (742 on a 1,000-point scale), compared with satisfaction in the online (774) and phone (779) channels.
Significantly behind the curve
“Investment firms in Canada in general are significantly behind the curve when it comes to their mobile app offerings, capabilities and customer engagement,” says Mike Foy, Senior Director of the Wealth Management Practice at J.D. Power. “Investors are increasingly looking to mobile platforms, not only for convenient trade execution but also to access account information; do research; transfer funds; use planning tools; and receive customized alerts and notifications from their firms. Firms that can deliver a robust and intuitive experience – ideally integrated across investment and other financial needs such as banking – will have a huge advantage over competitors.”
Banks see higher satisfaction levels
J.D. Power says this low satisfaction level associated with self-directed investment apps contrasts with the retail banking sector in Canada, where 49 per cent of customers have adopted bank mobile services, and the mobile channel has the highest satisfaction level among all channels (832).
“Taking into account how critical mobile is for consumers and considering where the next pool of investors will come from, it is critical for self-directed investment firms to focus and improve their mobile offerings and user experience, as this is the channel Millennials and younger generations will use,” Foy added.
To learn more, consult the study here.