While mutual fund companies in general are not embracing mobile technologies to the degree that banks, credit cards and self-directed brokerages are
This is one of the crucial findings in Corporate Insight's report, "Money on the Move: Mobile Finance Review 2011," which details the industry leaders and best practices in the mobile finance space as well as the findings of a survey of asset management executives on their plans for mobile technologies.
Vanguard offers clients the ability to trade the company's mutual funds as well as access information for a variety of account types, including brokerage, as well as to research investments.
In addition to a mobile-optimized website and iPhone application, Vanguard recently introduced an iPad app.
Corporate Insight said that TIAA-CREF is one of the few asset management companies to offer access to client accounts, funds and commentary via mobile. The company also integrates a number of educational tools and calculators in its app.
IShares, Legg Mason, TIAA-CREF and Vanguard provide podcasts and/or videos to help educate clients and keep them informed of market trends and analysis, Corporate Insight said.
"The benefits offered by a strong mobile platform are clear," Dan Wiegand, senior analyst at Corporate Insight and author of the report, said in a June 22 press release.
"By embracing mobile, companies can reduce servicing costs, improve client satisfaction and position themselves as industry innovators. While the logistics of mobile finance pose an array of development, support and security challenges to financial services firms, there's no denying that we have entered the mobile era," Wiegand said.
"Financial service firms do not want to be left behind."
In its survey, Corporate Insight found that 68% of financial executives said mobile has already had a positive impact on their business.
Eighty percent agreed that a mobile offering is a very important element of their company's customer service strategy.
And 100% expect the quality of their mobile offerings to improve.
"Mobile services are still gaining momentum," Wiegand said.
"In fact, May 2011 was one of the most active months we've seen in the mobile space yet. As consumers become increasingly mobile focused in their daily lives, it's reasonable to expect financial firms will continue to invest in the mobile channel, improving existing platforms and launching apps to support additional devices in the months to come."
This article originally appeared on SourceMedia's
