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WEBSITES FOR WEALTH
MANAGEMENT 2016 THE DIGITAL DIVIDE BETWEEN
WEALTH MANAGERS DEEPENS
Benchmarking – Analysis – Recommendations
www.MyPrivateBanking.com
September 2016
Emma Haffenden Roxana Palade
Senior Analyst Analyst
Report Extract
Original Report with 229 pages plus comprehensive data appendix
WEBSITES FOR WEALTH MANAGEMENT 2016 │ 2
CONTENT
1.0 EXECUTIVE SUMMARY 7
2.0 RANKING 12
2.1 OVERALL RANKING 12
2.2 DESKTOP WEBSITE RANKING 13
2.3 MOBILE WEBSITE RANKING 14
3.0 METHODOLOGY 15
3.1 SELECTION OF WEBSITES 15
3.2 USE CASES AND GUIDELINES 16
3.3 EVALUATION PROCEDURE 17
3.4 DETERMINING THE CRITERIA 18
4.0 STRATEGY – THE INTERCONNECTED WORLD AND
CONSEQUENCES FOR WEALTH MANAGER’S WEBSITE
STRATEGIES 24
4.1 MOBILE WEBSITE STRATEGY 33
4.2 DESKTOP WEBSITE STRATEGY 35
4.3 INTEGRATING SOCIAL MEDIA AND INTERACTIVITY IN THE OVERALL STRATEGY 37
4.4 THE PROGRESS OF WEALTH MANAGERS TO DATE 38
5.0 SUMMARY OF FINDINGS 40
5.1. DESKTOP 44
5.2 MOBILE 48
5.3 CONCLUSION 51
Mobile URL(s) analyzed
WEBSITES FOR WEALTH MANAGEMENT 2016 │ 3
6.0 PROFILES 52
6.1 ABN AMRO 52
6.2 ANZ 57
6.3 BARCLAYS 62
6.4 BNP PARIBAS 66
6.5 BNY MELLON 70
6.6 CHARLES SCHWAB 74
6.7 CIBC 78
6.8 CITI PRIVATE BANK 82
6.9 COMMERZBANK 86
6.10 COUTTS 91
6.11 CREDIT SUISSE 96
6.12 DANSKE BANK 101
6.13 DBS 105
6.14 DEUTSCHE BANK 110
6.15 EFG BANK 114
6.16 GOLDMAN SACHS 118
6.17 HSBC 123
6.18 BANK OF SINGAPORE 127
6.19 ING 131
6.20 INVESTEC 135
6.21 J.P. MORGAN 140
6.22 JULIUS BAER 145
6.23 KBL 149
6.24 LLOYDS 154
6.25 MERRILL LYNCH 159
6.26 MORGAN STANLEY 164
WEBSITES FOR WEALTH MANAGEMENT 2016 │ 4
6.27 PICTET 168
6.28 RBC 173
6.29 SOCIETE GENERALE 178
6.30 TD BANK 183
6.31 UBS 187
6.32 UNICREDIT 192
6.33 VONTOBEL 196
6.34 WELLS FARGO 210
6.35 WESTPAC 205
7.0 TOP 15 BEST PRACTICES 210
7.1 INTRODUCING THE ORGANIZATION AND ITS SERVICES 210
Segment specific design to attract wealthy individuals - XXX and XXX 210
Digital introduction to the business - XXX and XXX 212
Fee transparency - XXX 213
Discretionary portfolio philosophy – XXX 214
7.2 WEALTH MANAGEMENT EXPERTISE AND ENGAGING CONTENT 215
Pragmatic and relevant online advice – XXX 215
Thought leadership content and navigation - XXX and XXX 216
Encouraging interaction and propositions based around client needs – XXX 218
Educational programs and tools – XXX 219
Well-presented and accessible wealth expertise - XXX 220
7.3 FORWARD THINKING DIGITAL STRATEGY AND TOOLS 222
Digital strategy aligned to the business - XXX 222
Online services clearly part of the offer - XXX 223
Proactive approach to help clients to manage their online security - XXX 224
Innovative accessibility feature – XXX 225
Interactive tools to attract new or prospective clients – XXX 226
Integration with Social Media - XXX 227
WEBSITES FOR WEALTH MANAGEMENT 2016 │ 5
AUTHORS 228
DISCLAIMER 229
ORDER THE REPORT HERE
WEBSITES FOR WEALTH MANAGEMENT 2016 │ 6
TABLE OF CHARTS
Overall Performance Matrix, 2015 vs. 2016 rankings 8
Rich-push notifications on desktop and mobile (example via Accengage) 25
Polly Portfolio’s investments chatbot 26
The website of Essence, a private concierge office 27
Google Knowledge Graph, example output 28
Desktop and Mobile overall and top performers (average % of total available points) 40
Performance trends by category and channel, 2014-16 41
Results and winners for key user journeys 43
Desktop Navigation, Structure and Design, 2015-16 44
Desktop Content, 2015-16 45
Desktop Interactivity and Social Media, 2015-16 47
Mobile Navigation and Structure, 2015-16 48
Mobile Content, 2015-16 49
Mobile Interactivity and Social Media, 2015-16 51
Performance by category, 2015-16 51
Best Practices: XXX has embraced a segment specific approach to website design 210
Best Practices: XXX’ luxury reputation extends to their digital interface design 211
Best Practices: XXX share their client commitment principles 212
Best Practices: XXX publish extensive pricing details 213
Best Practices: XXX offer insight into their investment approach 214
Best Practices: XXX financial advice column 215
Best Practices: Engaging with our digital future via XXX’s blog 216
Best Practices: XXX offers a multimedia resource focused on client life goals 217
Best Practices: XXX is a role model for client centric websites 218
Best Practices: XXX’s multichannel approach to educating the next generation 219
Best Practices: XXX contact page and links 220
Best Practices: XXX contact page and links 221
Best Practices: XXX mobile app and website design links to the advisory approach 222
Best Practices: XXX demo of secure website features 223
Best Practices: XXX security infographic 224
Best Practices: XXX online sign language tool 225
Best Practices: Interactive eligibility test from XXX 226
Best Practices: XXX social media hub page 227
WEBSITES FOR WEALTH MANAGEMENT 2016 │ 7
EXTRACT OF THE EXECUTIVE SUMMARY
EXTRACT OF THE
EXECUTIVE SUMMARY
>> There is a growing digital divide between
those wealth managers who offer engaging
and client-friendly websites that are
continually updated and improved, and
those who are lacking in a number of key
areas. The quality of the websites of the
latter group is, at best, stagnating, and
mobile websites in particular remain a
weakness. These are the key findings of our
report for which we analyzed and ranked,
for the seventh year, the desktop and
mobile websites of 35 leading wealth
managers worldwide. Based on 36 criteria
for the desktop websites and 21 criteria for
the mobile websites, the report
benchmarks, among others, user-
friendliness and the quality of the content,
contact options and interactivity offered by
the wealth management desktop and
mobile websites of each institution. <<
The research shows that wealth managers are
stumbling where other retail industries and FinTech
players are striving to deliver great user experiences
and apply the latest technologies to their websites.
Around one third of the wealth managers we
analyzed appear to be lagging behind their peers to
such an extent that only a relaunch of their websites
would enable them to catch up. The leading wealth
managers, however, are beginning to form a
breakaway group, having developed the skills to
continuously improve their websites each year. The
report details which wealth managers are lagging
behind, improving, evolving or starting to slip in a
performance matrix that compares the results of
our 2016 benchmark with those of previous years.
Fewer than half of the benchmarked wealth
managers had consistently improved their website
performance from year to year. The average mobile
score for mobile websites remains with 50% of the
possible points low; however, on a more positive
note the number of wealth managers with no
mobile offerings at all has declined from twelve to
seven. The report identifies how the 35 wealth
managers scored for each of the 57 analyzed and
benchmarked criteria for their desktop and mobile
websites.
ABN AMRO, DBS AND SCHWAB TOP THE
OVERALL RANKING
The top performers continue to enhance and evolve
their websites in an effort to keep pace with new
technologies and the steadily rising bar of client
expectations. ABN AMRO is the overall winner of
MyPrivateBanking’s 2016 ranking with a total of 66
points (out of a maximum of 80), achieving this top
spot for the third consecutive year. DBS holds onto
second place with 63 points, closely followed by
Charles Schwab with 62 points and Investec with 59
points. Barclays and Vontobel are ranked joint fifth
with 57 points each.
The report includes full rankings of the 35 wealth
managers for both desktop and mobile websites.
The results for each wealth manager are analyzed in
individual profiles, including specific
recommendations for improving their websites. A
comprehensive data appendix further details the
evaluation for each criteria.
WEBSITES FOR WEALTH MANAGEMENT 2016 │ 8
EXTRACT OF THE EXECUTIVE SUMMARY
DESKTOP WEBSITES LACK TRANSPARENCY;
MOBILE WEBSITES MISS OUT ON
INTERACTIVITY
Overall in this year’s survey, desktop websites are
generally not keeping pace with user needs, and
have suffered a loss of transparency regarding key
performance measures. With respect to mobile
websites, it is a positive sign that most wealth
managers now seem to understand that a mobile
app is not a substitute for a mobile website, because
mobile websites and mobile apps have distinctive
use cases. Nevertheless, a lot of work has to be
done, particularly when it comes to interactivity.
The research data offer an in-depth assessment on
the degree to which each wealth manager’s
desktop and mobile websites are keeping up with
the needs of a demanding group of clients.
The benchmarking results demonstrate how crucial
it is for wealth managers to continuously monitor
not only each of their websites, but also those of
their competitors to ensure a competitive set of
capabilities and stay abreast of changes in
technology. Using MyPrivateBanking Research’s
proprietary evaluation framework as a
management tool, wealth managers can anticipate
new trends and focus areas to help them evolve
their websites. By keeping an objective view of their
websites, firms can avoid creating any unintended
gaps as they develop future versions. Leaders stand
out for their ability to continually evolve their
websites, but all firms need to do more to balance
out their offering so that each website performs
well independently. The report looks at how wealth
managers should enhance and evolve their desktop
and mobile websites to stand out in the market in
order to successfully engage existing clients and win
new ones.
WEBSITES FOR WEALTH MANAGEMENT 2016 │ 9
RANKING
2.0 RANKING
2.1. OVERALL RANKING
44
39
36
38
32
36
34
33
30
32
26
30
26
27
28
25
27
24
27
31
25
24
22
23
21
21
29
29
12
27
23
21
11
17
15
22
24
26
21
25
21
22
21
23
20
24
19
23
21
19
20
18
20
17
12
18
17
15
10
11
10
17
9
66
63
62
59
57
57
56
54
53
52
50
49
49
48
47
45
45
44
44
43
43
41
37
33
32
31
29
29
29
27
23
21
20
17
15
0 10 20 30 40 50 60 70 80
ABN AMRO ( #1 )
DBS ( #2 )
Charles Schwab ( #3 )
Investec ( #4 )
Barclays ( #5 )
Vontobel ( #5 )
UBS ( #7 )
BNPP ( #8 )
Coutts ( #9 )
Credit Suisse ( #10 )
Lloyds ( #11 )
Julius Bär ( #12 )
Merrill Lynch ( #12 )
J.P. Morgan ( #14 )
RBC ( #15 )
HSBC ( #16 )
Morgan Stanley ( #16 )
Pictet ( #18 )
SGPB ( #18 )
ING ( #20 )
Unicredit ( #20 )
Wells Fargo ( #22 )
Citi Private Bank ( #23 )
KBL ( #24 )
ANZ ( #25 )
Commerzbank ( #26 )
BNY Mellon ( #27 )
EFG Bank ( #27 )
Goldman Sachs ( #27 )
Danske Bank ( #30 )
CIBC ( #31 )
TD Bank ( #32 )
Westpac ( #33 )
Deutsche Bank ( #34 )
BOS ( #35 )
TOTAL POINTS DESKTOP TOTAL POINTS MOBILE
WEBSITES FOR WEALTH MANAGEMENT 2016 │ 10
METHODOLOGY
3.0 METHODOLOGY
3.1 SELECTION OF WEBSITES
This report analyzes the private banking desktop
and mobile websites of 35 leading global private
banks/wealth managers. For integrated banking
groups with multiple websites, those websites that
offered information specifically for wealthy private
clients were chosen. Secure sites, i.e. websites that
can be used only by private banks’ existing clients
and which require a login were not evaluated. The
wealth managers included were chosen by their size
in terms of assets under management to ensure
that they have a strong global influence. Of these
wealth managers, approximately eight do not have
a particularly strong global presence, but they are
among the leading providers in their national or
regional markets. In order to represent all
important regions we have included these
institutions as well.
Only content on the private banking presence itself,
or content that was directly linked from the private
banking presence, was included in the analysis.
Consideration of content that was only available on
the bank’s group or retail banking websites was
excluded, since private banking clients cannot be
expected to refer to various websites when looking
for information. On the contrary, they should be
provided with one platform that provides them with
all the information they are looking for. As the
information needs of retail and wealth
management clients differ, it is also important for a
bank to not just transfer content from the general
website, but to adapt it appropriately (e.g. provide
corporate information dedicated to the wealth
management division).
(… more in full report)
4.0 STRATEGY – THE
INTERCONNECTED WORLD
AND CONSEQUENCES FOR
WEALTH MANAGER’S
WEBSITE STRATEGIES
In this chapter we explore some important digital
trends impacting website development and shaping
our future online experiences, considering the big
picture, as well as what this means for wealth
managers.
WHERE IS THE WEB HEADING AND WHAT
DOES IT MEAN FOR WEALTH MANAGERS?
(… more in full report pages 24-39)
5.0 SUMMARY OF FINDINGS
As we now turn to consider the findings of our
analysis of 35 wealth managers’ websites, it is
important to refer to our methodology (see Chapter
3) where we explain the streamlining of this year’s
evaluation grid. This is to ensure that our evaluation
framework is updated to keep up with modern
usability and technology standards. In effect, we
apply the ‘standing on the shoulders of giants’
principle as is well-known in IT development and
expect to see a continual improvement from wealth
managers’ website efforts. This is especially as the
maturity of browser based functionality, design
tools and open source web technology such as APIs
has advanced significantly in the last couple of years
to deliver increasingly rich, sophisticated web
experiences.
(… more in full report pages 40-51)
6.0 PROFILES
(… more in full report pages 52-209)
7.0 TOP 15 BEST PRACTICES
(… more in full report pages 210-227)
AUTHORS
Steffen Binder, Managing Director and co-founder of MyPrivateBanking Research.
Steffen is Head of Research and oversees the research agenda and analyst teams.
He is responsible for creating and developing powerful concepts and relevant
content to help our clients navigate a rapidly changing digital environment. As
a regular speaker at finance and technology industry events around the globe,
Steffen is frequently quoted by leading business media such as the Wall Street
Journal, Handelsblatt and the Financial Times. Prior to this, Steffen was Managing
Director of Forrester Germany, Switzerland and Austria. He came to Forrester
through its acquisition of Forit GmbH, a leading European technology research
company, of which he was also a co-founder. Prior to that, Steffen was a partner at Monitor Company (Strategy
Consulting). He holds Master’s Degrees in Organizational Behavior from Rutgers University (USA) and in Public
Administration from the University of Konstanz (Germany).
Emma Haffenden, Senior Analyst, has over 10 years of experience in wealth
management and technology, mostly delivering analysis, business and technology
strategy consulting and research services to C level Executives of the leading global
financial institutions. In her previous roles, she led the Wealth & Private Banking
practice at Expand Research, a subsidiary of BCG, and was a Senior Consultant and
member of the Wealth Leadership team at Capco in London. Emma has a degree in
IT and Criminology, and a Master’s in Database Systems from the University of
Westminster.
Roxana Palade, Analyst, specializes in research in the fields of mobile apps for
wealth management and online presences of wealth managers. Her specific
interests are in the areas of Web 2.0 technologies, vendor management and data
mining. Roxana has held a number of research positions in business and
academia in Germany, India and Romania. She has a Master’s Degree in British
and American Studies from the University of Konstanz (Germany) and a Master’s
Degree in Literature from the Alexandru Ioan Cuza University, lasi (Romania).
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