NEW
YORK, June 27, 2024 /PRNewswire/ -- New
benchmarking research from Corporate Insight (CI) finds that hybrid
brokerages—firms that serve both self-directed and advised
investors—continue to offer the best digital experiences, while top
full-service firms are closing the competitive gap. The 2024
Brokerage Website and Mobile Experience Benchmark reports evaluate
20 leading brokerage firms across hundreds of digital attributes to
provide a detailed view of how firms compare in terms of
functionality and usability, backed by investor survey data and
in-depth interviews. The research finds that the best desktop
experiences still come from hybrid firms Fidelity, Charles Schwab, E*TRADE and Merrill Edge, but that top full-service firms
like Merrill Lynch, Ameriprise and Morgan Stanley have closed much
of the digital gap.
"The performance of hybrid firms reflects feature-rich platforms
designed to serve both self-directed and advised investors," says
Ian Bonhotal, Brokerage Research
Manager at CI. "All four leaders excel in the Benchmark's most
important categories: Account Information, Design & Navigation
and Trading. They also do well in the Research & Tools
category, where we consider charts, investment alerts, quotes,
news, research, screeners and watchlists."
For this edition of the Brokerage Experience Benchmarks, CI
surveyed 1,397 investors and conducted over 40 hours of in-depth
interviews to understand investor preferences and usage. Surveyed
investors highly valued their brokerage firm's desktop site, with
81% saying it is "very important" or "extremely important" and 68%
saying they log in weekly. Users are also generally satisfied with
brokerage digital platforms, particularly for frequently completed
tasks, but content layout and feature awareness are issues.
In-depth interviews revealed that even experienced traders find
some homepages overwhelming, with many traders unaware that tools
they use on third-party websites were also available from their
brokerage firm.
"In terms of year-to-year changes, we saw the most updates in
the Design & Navigation category, with firms seeking to help
users find and use the full suite of features," says James
McGovern, Vice President at CI. "This reflects the broader trend of
financial institutions moving toward one-stop shop models for their
customers' financial needs, with investing, banking, credit cards
and advice in one platform. Intuitive design is critical to help
users navigate these options."
The benchmarks examine the following categories:
- Account Information
- Account Servicing
- Design & Navigation
- Profile & Settings
- Research & Tools
- Support
- Trading
- Prospect Experience (Website only)
Firms covered:
- Ally Invest
- Ameriprise
- Charles Schwab
- Citi Self Invest
- E*TRADE
- Edward Jones
- Fidelity
- J.P. Morgan SDI
- Merrill Edge
- Merrill Lynch
- Morgan Stanley
- Raymond James
- RBC
- Robinhood
- SoFi
- TIAA
- U.S. Bancorp SDI
- UBS
- Vanguard
- Wells Fargo Advisors
About Corporate Insight
Corporate Insight (CI) delivers competitive intelligence, user
experience research and consulting services to the nation's leading
financial services, insurance and healthcare institutions. As the
recognized industry leader in customer experience research for over
30 years, our best-in-class research platform and unique approach
of analyzing the actual customer experience helps corporations
advance their competitive position in the marketplace.
For inquiries or to interview with an analyst, contact:
Patrick Flood
646-876-7535
pflood@corporateinsight.com
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SOURCE Corporate Insight