By Chris Psaltos, Vice President of Product Management, Scivantage
I recently had an amazing opportunity to participate in a panel discussion on mobility trends in wealth management during a one-day conference hosted by Celent in Boston. Along with my esteemed fellow panelists, we talked about a variety of issues and trends emerging in this space.
Although the group agreed on a lot of the subject matter, one of the most interesting dialogues stemmed from the panel’s inherent philosophical difference on the best approach for mobile apps – native or hybrid. For wealth management firms that are new to mobility, a hybrid app is built using technology (such as HTML5) that can be deployed on multiple mobile operating systems (Android, iOS, etc.) The benefits of this type of application include lower cost to maintain and the ability to leverage existing technology skill sets.
As a panel, we also looked at the hurdles preventing wealth management firms from jumping onto the mobile app bandwagon. Although there are several issues that still stand in the way, the risk factor of having a mobile app, as well as the potentially daunting technology gap between building and maintaining it, seemed to be the most prevalent challenges.
Having said that, mobile technology has become a big part of consumers’ lives and wealth management firms will need to adapt in order to compete. We believe that a growing number of the industry will look to creating and launching mobile apps in 2012.