Mobile wealth management account openings soar in Europe

Pedro Gonçalves
Mobile wealth management account openings soar in Europe

The number of people opening wealth management accounts on mobile devices has soared in Europe in the past year.

A study from Temenos, a banking software provider found the number of openings had risen from 22% in 2018 to 40% in 2019.

The study tracks sales volumes in wealth management products ranging from deposits to full brokerage accounts. The results were compiled from the "digital sales readiness of 70 banks in North America, Europe and Australia".

However, Europe's rise seems to be an abnormality. "With the exception of a large jump in Europe, the category stayed flat worldwide. This category was not the focus of activity in Australia or North America," the report said, Verdict reports.

Europe's growth is also below average. The number of mobile wealth management openings globally was 43% in 2019, which was boosted by Australia's 60%.

According to GlobalData, Australia has the highest number of investors willing to use digital banking only.