Data from a new study suggests that the financial services industry is not fully meeting customer expectations for mobile products. And millennial investors, in particular, want access to quotes, account information and trading ability in their mobile features.
The study, by Corporate Insight, highlights the rising popularity of mobile investing, driven in part by the growing number of millennial brokerage customers, defined as those investors born after 1981.
But only 37 percent of mobile users said they are “very satisfied” with their firm’s mobile platform, while 53 percent said they were “very satisfied” with their firm overall.
“For many millennials, the mobile investing experience is the customer experience,” said Anneli Lefranc, senior research associate at Corporate Insight and the primary author of the study.
Seventy-two percent of millennials consider the availability of account performance figures to be “very” or “extremely important,” while only 41 percent of baby boomers do.
Young investors also place a higher value on apps specifically designed for their mobile devices than they do on account access through Web sites.
According to the study, brokerage customers from all age groups primarily use apps to check their account holdings and balance information. But younger investors are more likely to place trades via a mobile device. They also expect more app functions.
“Investment firms must recognize that young customers expect a lot from their brokerage apps,” said Silviya Simeonova, analyst and study co-author. “Mobile development must be a top priority if firms are serious about serving tomorrow’s investor.”
Corporate Insight conducted more than 1,500 online interviews with individual investors who have logged on to their brokerage firm’s Web site at least once in the past six months.