There’s a new bit of jargon for us to learn, and for a change, we think it’s useful: digital financial attention.
Financial advisories have been goaded into building multifaceted online platforms that allow clients to communicate with advisers and other customers, keep a watchful eye on their assets, and read the latest research – that’s just the short list of the features now on offer.
But just how many of our clients are fully availing themselves of the capabilities of these digital platforms? The whole reason they were concocted was to meet demand from clients, we believed – all we needed to do was respond and we’d gain steady traffic.
Recently, Vanguard released a report based on a study of 18,000 of their long-term clients. Over a three-year period, they sought to determine the number of days that investors logged into their accounts and how many minutes they spent once they’d done so. Desktop applications, mobile browsers and mobile app usage were all considered and measured.
Over the study period (2015-17), Vanguard found that most of its customers used their online resources at least once – most seem to visit once a month or less. Fewer than 15% failed to do so at all – still, a rather large minority. Despite smartphone ubiquity, desktop browsing was the commonest form of online access to accounts.
Screen size and ease-of-use factors are likely in play here. Mobile usage is on the rise, as the customer base gains facility with their smartphones. However, it may be that, in contrast to mobile banking and shopping, where smartphone app use dominates, that reviewing one’s financial assets requires a cup of coffee, a comfortable chair and a powerful desktop computer – serious tools for serious work.
Minutes of use per visit were surprisingly small – around ten minutes or less per session. Analysis suggests that extensive PR work is needed to explain the many online features available to customers and exactly how they can be most effectively used.
For more information, please read:
What Is Digital Financial Attention? | Wealth Management