Users of “smart devices” such as modern mobile phones have
come to expect a richer experience from tapping into links with their wealth
managers via apps, according to a new report by Celent, the financial research and
consultancy firm.

In a report, called North
American SnAppshot 2013: Capital Markets and Wealth Management, the firm points out that apps can exploit devices such as cameras
to enable remote deposits and GPS functionality to help users find the nearest
branch office or ATM.

Financial services firms are also seeing higher demand for internal apps
from their employees, it says. After earlier cutbacks, many financial companies are
launching “Bring Your Own Device” programs that enable their employees to
access corporate systems through their personal devices.

The report adds to the debate about how wealth managers can exploit developments such as social media, mobile devices and cloud
computing to improve client service, find new clients and keep costs under
control in an increasingly onerous regulatory environment.

“Celent expects demand to remain strong for both capital
market and wealth management apps as users remain committed to using smart devices
to access news and financial information and demand for smart devices remains
strong. Industry consensus is that more than 1 billion smart devices will be
sold in 2013,” the report said.

“It is more important than ever for both capital market and wealth
management firms to offer apps to meet the needs of clients using this new (and
growing) electronic channel,” it continued. The firm recommends that companies
actively educate clients about their app to encourage downloads and increase usage.