The majority of wealth management platforms are failing to live up to customers’ demands when it comes to digital features, according to recent research from data provider Refinitiv.

In its wealth management report, “The Race for Digital Differentiation”, Refinitiv found that only 37% of the 1,030 investors surveyed gave their platforms top marks for the digital experience.

The study also found that investors are placing greater importance on digital capability with 72% calling for better integration of news updates and 80% asking for real-time data to enhance their analysis. In addition, 20% of investors are not receiving alerts they would find helpful.

In response to the findings, Refinitiv called on wealth managers to accelerate their digital initiatives in order to meet customers’ heightened expectations.

“The consequences of Covid-19 have emphasised just how vital it is to have a robust, customer-centric digital experience enriched with deep insights and analytics,” said Charles Smith, head of digital solutions, wealth at Refinitiv.

“Rather than settling for digital transformation progress in 2020, platforms need to set their sights higher and deliver a digital experience that meets and exceeds expectations.”

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