Empowering the Investor via Personal Messaging Apps
- Date:March 23, 2022
- Author(s):
- William Trout
- Daniel Gonzalez
- Report Details: 16 pages, 8 graphics
- Research Topic(s):
- Wealth Management
- Digital Wealth
- PAID CONTENT
Overview
Personal messaging apps have been used by banks and other wealth managers for off-the-books communications for years. Scandal and fines recently have brought the issue to the fore. Firms of all stripes are racing to self-report and emerge from the sights of the regulator.
Why have financial institutions done so little to address the issue? Part of the problem has been a see-no-evil approach on the part of banks willing to overlook the transgressions of their high-powered trading units. Brokerages and other wealth managers have also been sluggish in their approach, however, particularly in the U.S. Many firms have understood messaging apps in terms of Gen Z communications, WhatsApp, and WeChat. Such myopia has blinded firms to the appeal of messaging apps among all types of investors. It has also exposed tensions between the corporate bank and the retail wealth management business, for whom communication with investors is the lifeblood.
Key questions discussed in this report:
- How do firms tackle communication that takes place off-platform?
- What are the strategic benefits of adopting instant messaging platforms?
- How do firms balance security, operational efficiency, and user-experience considerations?
Companies Mentioned:
Accenture, Aegis Capital Corp, Android, Apple, Avaloq, Bloomberg, Broadcom, CellTrust, Citigroup, Cognizant, Credit Suisse, Deutsche Bank, Erado, Facebook, Fidelis, Global Relay, Goldman Sachs, HSBC, Jefferies Group, JonesTrading, JPMorgan Chase, Message Matrix, Microsoft, Mimecast, Movius, Proofpoint, Safeguard Cyber, Signal, Sprint, TD Securities, Telegram, TeleMessage, T-Mobile, UBS, United First Partners, Verizon, WeChat, WhatsApp, Wipro, Zoom
Learn More About This Report & Javelin
Related content
Financial Planning Platforms Get Savvy
Pressure is mounting for tech vendors that cater to registered investment advisors to grow market share while the pool of financial advisors remains relatively static. In tandem, t...
Generative AI and the New Next Best Action
Financial advisors’ next best action (NBA) for clients is at the center of generative AI and predictive AI applications for wealth managers. New client analytics and automated gene...
Digital Estate Planning: A New Frontier for RIAs
Death, as the saying goes, is inevitable, and so are the complexities involved in estate planning. Wealth advisors, who historically have handed off the process to attorneys and ta...
Make informed decisions in a digital financial world