In the first blog in this series, we discussed how banks seeking to expand their presence in private banking and wealth management should employ digital solutions to provide customers with the convenience and personalization they have come to expect from other companies with which they do business.

Mobile apps are an essential part of such an integrated private banking strategy. Rather than an “add-on” feature, they should be a central element in providing exclusive services to people with premium needs. These services can range from personalized financial advice (delivered at the frequency the customer desires) to digital feeds of financial media tailored to customer needs.

A first-class mobile app should be:

Secure & private

The app should have two-step authentication and may incorporate a biometric login such as voice, facial or thumbprint recognition, as well as data encryption and fraud protection.

Innovative

The app may connect the customer with the private bank via a chatbot or may enable voice-controlled, hands-free interaction. It may aggregate all the customer’s accounts with that institution or with other institutions.

Robust

It should provide the customer with a portfolio overview and interactive tools for portfolio analysis and personalization, using both human and robo-advisory capabilities. The app should support trading, brokerage and foreign exchange transactions as well.

Interactive

Through the app, the customer should be able to interact with client services via live chat, through call-backs or through other apps such as WeChat or Whatsapp. The app should also enable direct contact with the financial advisor via direct messaging, direct dial or video conferencing.

Personalized

The app should notify the customer of product and service offerings, provide tailored market and economic research and offer educational content using interactive tools and gamification.

Of course, the question now is not whether private banks should have a mobile app—but how to develop an attractive, value-added offering. Human interaction is still essential to private banking, but wealth managers using mobile apps in concert with other digital technologies will have more time and better insights with which to cultivate their customers.