Vanguard, TIAA-CREF Named Asset Management Leaders in Mobile Finance

“Most firms inside the asset management industry use the same client-facing security steps that they use on their websites,” Wiegand told AdvisorOne. “There’s a tradeoff between security and convenience.” Logging on to a firm’s website on a mobile device is “labor intensive and error prone.” To get around that, some firms will remember a client’s username, but require a password or pin to access an account, but these never the only security feature, Weigand said.

As for what the future holds for mobile technology, now that the market for ubiquitous iPhone apps has calmed down, development of Android apps should “skyrocket.” Over half of respondents are planning to launch an Android app in the next 12 months, compared with 16% of respondents who are planning to add an iPhone app or specialized mobile website.

Only slightly less popular is the tablet market, where over half of developers are planning to launch an Android tablet app in the next year, and 44% of developers will launch an iPad app.

Mobile check deposit may become a standard part of big banks’ mobile banking efforts, the report found.Mitek Systems, which powers mobile check deposit technology for Chase and U.S. Bank, recently added Bank of America and Capital One as clients. The report also pointed to Schwab and Fidelity’s recent adoption of mobile check deposits as evidence that this is more than just a “flash in the pan.”

The report recommends that financial services firms that want to expand the reach of their mobile offerings make them available on all devices. Most of the firms covered in the report focused their initial efforts on the iPhone. Now firms are turning their attention to Android (the number of that offer Android apps increased 50% in the last six months), but only five firms currently offer apps that work on Windows Mobile–Bank of America, optionsXpress, PNC, TD Ameritrade and USAA.

The report also noted that mobile efforts can’t stop at apps; firms need to offer optimized mobile sites as well. Many firms redirect mobile users to a mobile-optimized website, but firms that fail to provide that convenience, the report states, should provide a smart URL. For example, Fifth Third bank features an “easy-to-type” URL, 53.mobi, for mobile users.

Of the mutual fund companies surveyed, all agreed that their mobile offerings would improve in the future, but the report noted that the “highly regulated and conservative” industry hasn’t caught up to banks and credit card companies in terms of embracing mobile capabilities. One reason for this, Wiegand told AdvisorOne, is that they’re “prioritizing advisor resources over client resources.”

That doesn’t mean mutual funds are lagging other firms altogether.

“Mutual funds are behind brokerages in some respects, but do more in others,” Weigand told AdvisorOne. “Mutual fund firms provide more multimedia commentary like webinars. They’re not behind across the board.”