Rapid expansion in the use of web enabled mobile devices is fuelling the popularity of mobile enabled websites. A recent Celent report ‘So What If There Is an App? A Survey of Insurance Consumers’ shows that 100 percent of 18 – 29 year olds claim they would use a life insurance app if it met their requirements. These findings can be translated to the broader wealth management industry including superannuation / pensions.

Results from a September 2010 Nielsen survey showed that more than one third of Australians (36 percent) accessed the Internet via their mobile phone in the past 30 days (at the time of survey) and 13 percent accessed the Internet via a handheld media device other than a mobile. The results showed that by September this year, more than half of online Australians were likely to access the Internet via their mobile phone, and 30 percent indicated they may access the Internet via a handheld device other than a mobile.

All trends indicate that wealth management organisations should begin reviewing their mobile strategy to ensure they attract their share of this growing market.

Even simple websites that let users more easily access their account information from their mobile device could mean the difference between keeping up with market demand (or even expectations) and being relegated to laggard status.

What is your business doing about exploring mobile devices as a distribution channel?

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Mark Thomas

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