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InvestCloud survey finds investment management industry falling short on digital offering

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A new survey from Global fintech firm InvestCloud finds that the investment management industry is drastically under-prepared to cater to the digital needs of the next generation of investors – not only in the US, but also in the UK.

‘The State of Digital Investment Management: Adoption and Usage in 2018’ surveyed 47 UK-based investment managers and 1,019 investors. The survey looks at the state of digital offerings and capabilities from investment managers. It also asks investors to describe how they use investing apps and rate them.

Key findings from the survey include the fact that the vast majority of wealth managers (68 per cent) know they need to improve their digital technology to survive; nearly half of investors right now (49 per cent) use mobile apps to manage their investments, and this is only going to increase, and yet wealth managers are by and large very behind on mobile offerings; and investors are now using the digital proposition as one of the key determining factors in selecting a wealth manager (48 per cent).

John Wise, Co-Founder, CEO and Chairman at InvestCloud, says: “The investment management industry is facing a digital crisis. Engagement both online and via mobile is now mission-critical for firms hoping to win the battle for the next generation of investors. Those firms who successfully manage this digital transition will gain access to a lucrative, multi-trillion-dollar market as wealth transfers to younger generations. Failure to go digital will cause them to lose out to digital advice start-ups and big tech firms making an entrance into the sector, which already have strong knowledge of user experience (UX), design and digital.”

Wise adds: “The loyalty that once bound investors and their managers is now under threat from investors’ growing affinity with technology. Mobile apps and digital platforms are no longer a ‘nice to have.’ They are a necessity for growing assets under management, retaining current clients and attracting new investors. This survey shows that there is a clear need from both managers and investors alike not just for more digital adoption, but also for improving the overall quality of digital offerings. The need to adopt digital has never been more critical.”

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