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Canadian Self-Directed Investment Firms Not Connecting with Investors on Mobile Experience, J.D. Power FindsCustomer satisfaction with self-directed investment firms is lagging among investors in Canada when it comes to mobile experience, according to the J.D. Power 2018 Canadian Self-Directed Investor Satisfaction Study,SM released today. As nearly two-thirds (64%) of investors do not use their firm's mobile app and fewer than one-third (31%) say they have a complete understanding of available mobile services, overall satisfaction is lowest in this channel (742 on a 1,000-point scale), compared with satisfaction in the online (774) and phone (779) channels. "Investment firms in Canada in general are significantly behind the curve when it comes to their mobile app offerings, capabilities and customer engagement," says Mike Foy, Senior Director of the Wealth Management Practice at J.D. Power. "Investors are increasingly looking to mobile platforms, not only for convenient trade execution but also to access account information; do research; transfer funds; use planning tools; and receive customized alerts and notifications from their firms. Firms that can deliver a robust and intuitive experience-ideally integrated across investment and other financial needs such as banking-will have a huge advantage over competitors." The low satisfaction level associated with self-directed investment apps is even further evident in comparison with the retail banking sector in Canada, in which 49% of customers have adopted bank mobile services, and the mobile channel has the highest satisfaction level among all channels (832). "Taking into account how critical mobile is for consumers and considering where the next pool of investors will come from, it is critical for self-directed investment firms to focus and improve their mobile offerings and user experience, as this is the channel Millennials and younger generations will use," Foy added. Following are some key findings of the 2018 study:
Study Rankings BMO InvestorLine ranks highest in self-directed investor satisfaction, with a score of 739. Desjardins Online Brokerage and CIBC Investor's Edge rank second in a tie with a score of 735 each. Questrade ranks fourth with a score of 732. The 2018 Canadian Self-Directed Investor Satisfaction Study was fielded in May-June 2018 and is based on responses from more than 2,100 investors who do not work with a financial advisor at their primary investment firm. For information about the Canadian Self-Directed Investor Satisfaction Study, visit http://canada.jdpower.com/resource/canadian-self-directed-investor-satisfaction-study. See the online press release at http://www.jdpower.com/pr-id/2018170. J.D. Power is a global leader in consumer insights, advisory services and data and analytics. These capabilities enable J.D. Power to help its clients drive customer satisfaction, growth and profitability. Established in 1968, J.D. Power is headquartered in Costa Mesa, Calif., and has offices serving North/South America, Asia Pacific and Europe. J.D. Power is a portfolio company of XIO Group, a global alternative investments and private equity firm headquartered in London, and is led by its four founders: Athene Li, Joseph Pacini, Murphy Qiao and Carsten Geyer. About J.D. Power and Advertising/Promotional Rules www.jdpower.com/business/about-us/press-release-info
Study Ranking
1 J.D. Power defines generational groups as Pre-Boomers (born
before 1946); Boomers (1946 to 1964); Gen X (1965-1976); Gen Y (1977 to
1994); and Gen Z (1995-2004). Millennials (1982-1994) are subsets of Gen
Y.
Source (News - Alert): J.D. Power 2018 Canadian Self-Directed Investor Satisfaction
Study, SM
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