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The firms stand-alone investment must improve their services, according to J. D. Power



June 21, 2019 09:30

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According to a report from J. D. Power, the investors are more or less satisfied of the companies stand-alone investment, and they barely reach the milléniaux.

In fact, about 27 % of young investors consider to change the provider in the course of the next year, the report said.

The study reveals that in regard to interactions with their financial institution, the people of generation Y are more likely than older investors to rely on mobile technology to interact with investment firms and to use the mobile in a manner very different from that of the boomers.

While the babies boomeurs prefer tablets, milleniaux rely on their smart phone to perform a broad range of transactions that go well beyond transaction and account balance checks.

Young investors want a consistent experience

“The milléniaux expect a digital experience consistent, regardless of the platform,” pointed out Michael Foy, senior director of the prosperity and intelligence of the loans at J. D. Power.

“Young investors expect to have a mobile experience that delivers the functionality to make their transactions on the website, whether it is transactions, transfer funds, review their portfolio, or even use tools. Financial institutions that wish to retain this segment critical need to improve the customer experience in order to reflect the priorities and expectations of investors. “

According to this study, the milléniaux made an average of 20 interactions online in the last 12 months, compared to 35 interactions for babies boomeurs. Some 80 % of milléniaux which execute transactions using their phone, compared to 47 % of babies boomeurs.

Uncertain of the services available

However, only 30% of milléniaux and 29 % of all investors indicate that they fully understand the mobile services and features at their disposal, which represents a great opportunity for businesses to strengthen their commitment, said J. D. Power.

The study also indicates that more individuals understand the fees and expenses, which has increased significantly since 2015, perhaps in part because of the disclosures prescribed by the Model of client relationship 2 (MRCC2). In 2015, just 34 % of self-directed investors in Canada indicated that they understood ” all ” of the costs, compared to 50% in 2019.

However, there is a significant gap between the understanding of the generation Y (34 %) and the babies boomeurs (58 %), which probably explains the rate of satisfaction was lower for women belonging to the generation Y.

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