Wealth apps fail meeting investor expectations

Experts warn bad UX and weak security erode client trust.

A growing disconnect between investor expectations and the digital experiences offered by wealth management firms is threatening client loyalty, according to industry experts. Despite rising demand for digital and mobile access, many wealth management apps continue to fall short, driving dissatisfaction and diminishing trust.

Reports from Capco, along with industry data, show investor dissatisfaction with wealth management mobile apps despite the demand for digital services, a sentiment shared by Laurens Koppelaar, Managing Principal for Wealth Management at Capco.

“Traditionally, the finance industry has always lagged compared to other industries. [The industry is not] typically known for mobile first and best in UI and UX,” Koppelaar said.

He acknowledged improvements in recent years from both fintech startups and traditional players, but noted persistent gaps in experience—especially when journeys become complex or span across different channels and functions.

Igor Mostovoy, Product Director for CPaaS at 8x8 Inc., pointed to fragmented communication as a key source of investor frustration.

“Many apps don't allow smooth transitions between self service and human support, making it difficult to get real time assistance,” Mostovoy said. “Instead of getting clear and concise insights, they are redirected to a call center where they have to repeat the information… and this joint process wastes time, increasing frustration.”

Mostovoy emphasized the need for embedded voice, video, and messaging, as well as AI-powered chatbots that preserve conversation history.

Mostovoy stressed that cumbersome login processes and password fatigue also drive dissatisfaction. “Pass key authentication eliminates friction, reduces password dependency… while it also helps to maintain security,” he said.

For Koppelaar, mobile apps are becoming the critical “moment of truth” in client relationships—especially as digital-only wealth offerings rise. “Mobile apps are an element of driving additional trust… and it's a great way to both look at acquisition of clients as well as retention,” he said.