Morgan Stanley’s Mobile Apps: Successful Implementation
Morgan Stanley is a global financial services company that provides products and services in the areas of investment banking, asset management, wealth management, and more. This article will focus on their mobile apps, some of the aspects to successful implementation, and how Morgan Stanley uses this for business success.
Morgan Stanley has two mobile apps, which are Morgan Stanley and the Wealth Management app. Both of these were launched in 2010 and 2011 respectively. They both have similar features such as:
- monitoring your account balances;
- check recent transactions on accounts;
- send money to another person’s bank account with a few clicks (via phone number or email address);
- easily check your account balance;
- make stock trades (for Morgan Stanley customers).
The Morgan Stanley App has additional features such as:
- Morgan Stanley news, market data and press releases for investors.
- Morgan Stanley research reports on companies (for Morgan Stanley customers).
The Wealth Management App by Morgan Stanley has the following additional features:
- View Morgan Stanley professional advisory accounts.
- Make direct stock trades.
The Wealth Management app assets allocation guidance based on your risk tolerance and time horizon. This helps you make a more informed investment decision with the help of a professional advisor.
Both apps have user friendly interfaces that are easy to navigate through by anyone who downloads it. A user only needs an internet connection via WiFi or mobile hotspot in order to access their accounts from anywhere they can get online! In addition, some banks still do not offer this level of convenience even if providing bank account.
Some Criticism Regarding the Apps
There are many benefits to mobile apps, however there has also been some criticism. For example, mobile banking can be less secure than other transactions because you may not always have a password protected screen lock or your phone is out in the open. There could be any number of people standing around looking at what’s on your mobile device! However Morgan Stanley takes this into consideration and implements security measures such as using sensitive data encryption when transmitting personal information to their servers for applications like Wealth Management. They take every precaution necessary so none of these security measures are compromised.
This is just one industry example of mobile app success and implementation around the world. Morgan Stanley has seen great results across many aspects including customer satisfaction, brand awareness/recognition, growth in assets under management (from Morgan Stanley customers), etc. They provide a platform that serves their financial consultants with up-to-date information on Morgan Stanley accounts as well as Morgan Stanley professional advisory accounts for clients who have more than $250k to invest.
Morgan Stanley’s iPad App
Morgan Stanley also has an iPad app, which was launched in 2013. The mobile apps have been well executed as the company reports higher levels of customer satisfaction and likely better retention rates since they’ve been implemented. While this may seem obvious, there are a few things that lead up to successful implementation:
- user centered design from start to finish – from defining personas early on all the way through testing with users throughout development phases will help create a product that people actually want and need rather than just solving for technical requirements or business needs only based on assumptions about what users may want;
- being tested/beta testing throughout development process – not only before the app is released, but also during different stages of production will help to flag issues or opportunities for improvement so that Morgan Stanley can iterate on their product and make it better each time they update it. If you’re interested in learning more about how usability testing works, check out this short video explaining what would be involved with user centered design if Morgan Stanley were to do some sort of formalized research study where users are recruited at random from within their customer base: Morgan Stanley Mobile App Usability Testing Video. And here’s another great example of a company talking through an idea behind developing/launching a mobile app as well as testing it with users: Blue Bottle Coffee App Video.
Is It Beneficial for Businesses to Have Such Apps?
The Morgan Stanley mobile apps are a great example of how successful implementation can lead to business success. They’ve created an app that customers want and continued focus on iterating the product will help them ensure their customer needs remain met over time, while also bringing in new audiences who may not have otherwise considered using their services before because they couldn’t do so easily via mobile devices. This is what effective execution looks like!
As you can see mobile apps are beneficial for businesses looking for new platforms to expand their brands, stay ahead of competitors, or increase business growth through different channels!
Morgan Stanley is a global financial services company that provides products and services in the areas of investment banking, asset management, wealth management, and more. This article will focus on their mobile apps, some of the aspects to successful implementation, and how Morgan Stanley uses this for business success. Morgan Stanley has two mobile apps,…