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Kreuzlingen, Switzerland, 2009/12/23 - A new study by MyPrivateBanking GmbH comes to the conclusion that the majority of Wealth Managers shows shortcomings on their websites in terms of usability, content and privacy.
The Private Banking websites of UBS, Deutsche Bank and Credit Suisse come out as winners in a ranking of the online presence of the world's top 20 Wealth Managers. In the study conducted by the Swiss research company MyPrivateBanking.com, UBS ranked first, with a total score of 82 out of possible 100 points. The UBS website scored well in particular due to a wide range of interactive tools which clients can use online to analyze investment needs and find the right products. Deutsche Bank and Credit Suisse were tied at the second place, with 81 points each. While Credit Suisse offers superior navigation and also a few interactive functions, Deutsche Bank scored especially due to its customer friendly content. No other provider publishes online its wealth management fees in such details as Deutsche Bank.
Overall, the report titled "How Wealth Managers Win Clients Online" came to the conclusion that the biggest Wealth Managers have no reason yet to be satisfied with their Internet presence. About one half of the Wealth Managers analyzed mastered the basic requirements for a website, but there are critical shortcomings nevertheless: Three out of four banks have no clear marketing message and more than 60% of the providers lack customer oriented content. Furthermore, only a fourth of the banks offered interactive functions on their Internet sites. "The Internet is increasingly becoming the preferred medium of information for affluent persons. However, banks are missing out on the opportunity to showcase their uniqueness in order to differentiate themselves from competitors - who are in fact just one click away - through their Private Banking websites", says Christian Nolterieke, Managing Director of MyPrivateBanking.com, "The content and marketing messages are easily replaceable and the interaction with the potential client leaves much to be desired."
The analysis and benchmarking of the Private Banking websites came to the following results:
2. Positioning and content too superficial: Only one fourth of the evaluated banks were successful in communicating a unique selling proposition to potential clients. The illustration of offered services and the investment process was generally good, but information about costs and portfolio returns were absent for most of the candidates. The basic details of the amount of assets under management and the minimum investment sum were missing on half of the Private Banking websites.
3. Basic Interactivity works well: Quick and easy contact options are the strong points of most Private Banking websites. But there were critical weaknesses regarding secure data transfer as the majority of Wealth Managers has no encrypted messaging functionality on their website. In addition, only one fourth of the providers were able to offer Interactive Tools to support and engage potential clients on their website.
In the future, social online networks such as Facebook or LinkedIn will play an increasingly important role in winning over customers, because more and more affluent persons are getting hooked to these interactive Internet platforms. "The Wealth Manager not only needs to adapt the website to keep pace with these trends, but also re-align the overall marketing and sales strategy. Banks that do not open up to social media and the interactive Internet will soon face negative consequences in the struggle over the younger generation of affluent clients", summarizes Steffen Binder, Research Director of MyPrivateBanking.com.
The total ranking (max. 100 points) is as following: 1. UBS: 82; 2. Deutsche Bank: 81; Credit Suisse: 81; 4. Merrill Lynch: 80; 5. Pictet: 77; 6. Morgan Stanley: 70; HSBC: 70; Société Générale: 70; 9 Credit Agricole: 69; 10. Barclays: 68; Ø Durchschnitt: 68; Julius Bär: 68; 12. Sal. Oppenheim: 66; Rothschild: 66; 14. ABN AMRO: 61; BNP Paribas: 61; 16. RBS Coutts: 60; Santander: 60; 18. Lombard Odier: 58; 19. Goldman Sachs: 57; 20. Citibank: 53.
MyPrivateBanking.com is an independent platform for information and networking for wealthy private clients across the world. Established in 2009 in Switzerland, MyPrivateBanking.com offers a variety of information to assist investors in making their decisions. This includes in-house research, articles and updates related to asset management, detailed bank directories and client evaluations of wealth managers across the world. The interactive “MyWealth” online network allows the clients looking for asset managers and private banks to get in touch with one another and exchange experiences. MyPrivateBanking.com aims at making wealth management more transparent, more cost effective and giving it a greater client focus. For further information please check our homepage.