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Objective

SEI is a leading global provider of asset management, investment processing and investment operations solutions for institutional and private-client wealth management. The SEI Wealth PlatformSM is a fully integrated, next-generation, wealth management technology solution. The SEI Wealth PlatformSM is designed to support client relationship management including front, middle and back-office fiduciary investment and account administration processing services.

In 2014, SEI approached Mubaloo to explore opportunities for a mobile app to provide private banking customers with access to their accounts. SEI wanted to create a white label mobile app to license to other financial institutions, which could be re-skinned to reflect individual company branding. In the past, end-users accessed a Web Portal to view their account information. As today’s users are looking for anytime, anywhere access to their accounts, a web only method did not provide the smooth, intuitive user experience consumers expect to have access to on their mobile devices.

For phase one the app is read-only. This allows users to log into their accounts and access information on their financial accounts, holdings and assets in a secure and user friendly way. The app uses clever UX design to make heavy financial information easier to digest and be able to view at a glance.

SEI D2C mobile app

Solution

After identifying the core required functionality and creating a delivery roadmap for the app, Mubaloo’s UX team created a prototype using Proto IO. Prototypes enabled SEI to test the functionality of the app with end users,prior to the development phase. This provided the team with a better understanding of how the app should work to best engage users, so that improvements could be made to the user experience before a single line of code is written.

The app provides end users with a detailed view their funds and investments. Interactive graphs help users glance at the app to get an understanding of their account activity with ease. Users can view their catalogue of funds and investments, as well as important information such as Gain/Loss or Market Value data. Turning the device to landscape will bring up more detailed data on screens which provide financial information.

The app has been designed to utilise universal navigation and features a flexible user interface with modular elements. By adopting this approach, the app is more adaptable for future use as a white label application for any of SEI’s existing or future partners. The app also features a help screen, to assist users in understanding the app with greater ease. Two versions of the app have been created, designed specifically and separately, to run on iOS and Android.

As mobile consultants, Mubaloo help to identify ways to improve SEI’s approach to mobile. With SEI, we helped them look at their API strategy and optimise it for mobile use, this enabled us to create a faster, more responsive app.
To protect the end-user, no user information is stored on the app itself. Another way to increase data security is through registering devices. Users can therefore only access the app after registering the device. This is completed by answering additional security questions the first time a new device is used.

SEI D2C mobile app

Results

The new technology – which is fully integrated into the SEI Wealth Platform – enables SEI’s clients to white label the app, without the associated set-up and ongoing support costs that would come from in-house development. Participating firms can then make the app available to end customers, as part of their ongoing service propositions. This allows wealth managers to focus more on delivering professional financial advice and less on account management.

As a result of this effort, consumers are able to securely login to the app at their convenience, view their latest portfolio information and review how individual accounts and assets are performing. Through the touch of a screen on their favourite device they can now see where their money is invested, whilst reviewing the historic value of their investments through the SEI Wealth Platform.

Ahead of the launch, SEI commissioned NMG Consulting to carry out in-depth interviews with around 35 end clients, focusing on those who had a relationship with a financial adviser and more than £100K of investable assets.

David Burns, Director at NMG commented: “What came across loud and clear was to keep it simple and not to overcomplicate the content. All the respondents said if the app was available from their wealth manager they would want to use it. Why not? But only a small number currently had access to this sort of technology which was a clear frustration.”

Moving forward, the app will look to incorporate further functionality to create a more comprehensive experience for the end user.

SEI D2C mobile app

Technical Specification

  • Native Android and iOS app
  • 2 factor authentication to access app
  • Supports online use only
  • Deloitte Tech Fast 50 winner 2014
  • Appsters winner for best use of API 2014
  • Ranked as the top app developer outside of the US by research firm Clutch
  • UXUK Winner 2014
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  • Mubaloo innovation lab
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Company registration number: 0‌6770774.

Registered address: Mubaloo, 3 Grosvenor Gardens, London, SW1W 0BD