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Press Release: investors switch wealth managers due to poor UX

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UK Retail Investors Switch Wealth Managers Due To Poor Digital Experience

One in five retail investors (21%) claim to have stopped using a wealth management service because its digital offering was too weak. The new research* from Nucoro, a B2B fintech providing Wealth Management as a Service solutions, also reveals a gender gap around this issue, with 25% of male investors having switched providers because of this, compared to 18% of women with investments.

The findings also reveal some significant differences here based on age.  Overall, 42% of retail investors say they have changed wealth management services because of a poor digital experience, but this drops to just 11% of those aged 55- 64 and 8% of those aged 65 and over.  

Despite these findings, Nucoro’s research also reveals that 17% of retail investors say that the wealth management service they are using now does not currently offer them a digital service to manage their investments.  Just 61% claim that the services they use currently offer this, and 22% are unsure.

When it comes to how much of people’s investment activity is currently done digitally, 24% said their digital activity made up over half of their investments.

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Lennart Asshoff, CEO of Nucoro said: “People are using more digital services for all aspects of their lives and how they manage their money is no exception.

“Our research shows that many retail investors are willing to switch wealth managers if they feel the digital service is not good enough and we see this trend continuing, driven very much by younger investors.

“A strong digital proposition is a necessity for any organisation offering wealth management services and not a luxury.

“We expect to see more wealth managers outsourcing this part of their proposition to specialist third parties like us to ensure that they can focus on their core proposition of offering advice.” 

From client onboarding to portfolio construction through to billing automations, Nucoro combines all the tools required to build the next generation of wealth management propositions. To help the wealth management sector move forward, Nucoro offers a new technology-based foundation built without legacies - a complete overhaul to the models of client service and accessibility. Nucoro’s is a radically different approach to the relationship between technology providers and the organisations adopting their solutions – in short, they can provide the new engine to power the next generation of financial services.

Nucoro is making this technology available for firms across the financial services sector, including banking and insurance, that have the ambition to truly innovate and future-proof their businesses - and are struggling to realise their digital ambitions alone.

Meet Antonio: CTO at Nucoro - “Where before How”

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Melanie Palmer
Melanie Palmer

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