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.