JPMorgan Chase's and U.S. Trust's mobile apps for high-net-worth individuals shared the top ranking among U.S. firms in a new worldwide report published Monday by MyPrivateBanking Research.
Overall, the American companies earned fourth place in the Swiss-based research and analysis firm's report, which evaluated 100 mobile apps from 30 wealth managers worldwide. The firm praised JPMorgan for its content and features that aid marketing and client retention (such as video content), while U.S. Trust was recognized for its tailored content.
MyPrivateBanking gave Credit Suisse's mobile app the highest marks, while Societe Generale of France came in second, and third place went to ABN AMRO of Amsterdam.
The mobile apps evaluated scored well in the user-friendliness category (which includes stable performance and helpful user menus) and in website integration.
However, MyPrivateBanking pointed out a number of recurring weaknesses among these apps. Coverage for Android devices is lacking, the group found, and more firms need to tell their clients about mobile security measures within the apps.
The firms evaluated by MyPrivateBanking were: ABN AMRO, Banque de Luxembourg, BB&T, BBVA, BNP Paribas, BNY Mellon, Bradesco, Citi, Commerzbank, Coutts, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, ING, Investec, JPMorgan Chase, Julius Bär, Merrill Lynch, Nordea, Northern Trust, Pictet, RBC, Santander, Société Générale, Standard Chartered, UBP, UBS, U.S. Trust and Wells Fargo.