A fifth (21 percent) of retail investors claim to have stopped using a wealth management service because its digital offering was too weak, according to Nucoro, a B2B wealth management fintech.
This led Nucoro’s chief executive Lennart Asshoff to argue that a strong digital proposition is a "necessity for any organisation offering wealth management services and not a luxury".
The research, conducted by Consumer Intelligence which interviewed 1,028 UK retail investors in August 2019, also found a gender gap, with 25 percent of male investors having switched providers because of a poor digital offering, compared with 18...