No iOS 7-Updated Mutual Fund, ETF Apps Yet

With all of the attention being paid to the mid-September release of Apple’s iOS 7, I’ve wondered how asset manager iPad (mostly) and iPhone apps weathered the updating process. Are any apps taking advantage of the drastic operating system redesign? Were any apps redesigned to reflect the more flattened look?

For answers to those and other questions, the App Details area of App Annie is a useful resource. (See a related April 11, 2013, post What Are The Most Downloaded Asset Manager iPad, Android Apps?)

After a review of the asset manager apps, it looks as if the short answer is No. While a few of the App Details for mutual fund and exchange-traded fund (ETF) firm apps include updates for iOS 7 compatibility and bug-fixing, none is flagged as having been “Redesigned for iOS 7.”

This doesn’t mean that they won’t be. The redesign was unveiled only in June and not all have the capabilities to work around the clock, as other app developers have, to deliver a refresh. My guess is that most of the leaders in the Finance category are preparing redesigns in the expectation that pre-iO7 apps will begin to look, and be, dated. (If you need background on iOS 7, by the way, the iTunes Store includes a Designed for iOS 7 section.)

A handful of asset managers, including a few surprising names, haven’t updated their apps since 2012. Let's not hold our breath looking for iOS 7 updates from them, unless... The optimist in me wonders if something big is in the works, the realist makes me wonder if they're rethinking iPad development as a worthwhile activity.

The absence of iOS 7 updates notwithstanding, App Annie's App Details provide updates on the evolving state of the art of asset manager app capabilities, a few of which are highlighted below.

J.P. Morgan Insights App Climbs The Finance Chart

First, how about some respect for J.P. Morgan Asset Management’s iPad app? If your job includes mobile app development for another investment firm, you’ve probably heard all you care to hear about this app, thank you very much.

But, for the rest of us, check out how this late-starter has made up for lost time. Version 1 of Insights by J.P. Morgan Asset Management was released in May of this year and it now ranks #50 on the iPad Top Charts-United States Finance category apps.

Judging from the description of the capabilities—most of the magic happens behind an Advisor/Advisory Firm or Institution/Consultant registration requirement—this app provides an experience that’s unique to the tablet form factor.

J.P. Morgan is building on its leadership of having provided useful charts and graphs for years offline via its Guide to the Markets. It now enables registered users to create custom versions of the Guide by selecting individual slides for presentation and/or packaging them up as PDFs for clients. Awesome.

The app’s overall popularity speaks to the treasure trove of content and its usefulness for non-registered users. The downloads have to be coming from than investment professionals alone.

The image above is just a screenshot of an (un-embeddable) video of how to use the app. Click on it to go there. 

Other App Enhancements

The following are selected highlights from other reported app enhancements:

Vanguard iPad app (current release: 3.2, September 30, 2013)

• Open an account from the app
• Stay logged on for up to 15 minutes when multitasking or navigating outside the app

Vanguard for Financial Advisors iPhone and iPad apps (current release: 5.3, September 20, 2013) 

• A Briefcase feature for content storage and retrieval  
• Briefcase content is now automatically synched to Apple devices using iCloud 

USAA (current release: 5.8, October 1, 2013) 

• USAA MemberShop, enabling users to take advantage of USAA exclusive savings from merchants 

Fidelity (current release of the iPhone app: 2.2.3, October 1, 2013)

• Instantly connect to customer support by tapping “Call a Rep” 
• Home screen updates, including a U.S. Markets day trend visual 
• Real-time, streaming quote details available to customers who are Active Traders

Schwab (current release of the iPhone app: 3.2.0.298, October 3, 2013)

• Listen to the Schwab Market Update through the new Media Center button on the main panel. It’s updated throughout the day with the latest news, including a performance summary and key market mover statistics.

What Are The Most Downloaded Asset Manager iPad, Android Apps?

Mostly, I just want to call your attention to App Annie, an app analytics site that I learned about last week. If you've ever been frustrated trying to get app download data, this site is a dream come true. There are other sites out there, but this one provided what I was looking for, at no charge.

App Annie aggregates data from the iTunes (reporting on iPhone and iPad apps) and Google Play (reporting on Android operating system apps) stores, and ranks apps. Data from the Amazon and Windows app stores is in beta but irrelevant to the asset management app space today anyway. 

USAA On Top Of The Charts

The USAA app (with investment content and functionality as well as banking, mortgage and insurance content) sits at the top of what I'd consider relevant investment apps in the Finance category. Note that App Annie publishes rankings, not numbers. According to the USAA app download screen in the Google Play store, USAA has more than 1 million downloads.

Here’s a screenshot of the rank history of USAA’s Android app. You can see that the app has consistently ranked in the top 10 of Finance apps and since mid-2012 has been in the top 500 Android apps overall. The bubbles on the x axis mark new releases. Similar graphs are available for iPad apps. Well done, USAA!

When I visited App Annie, I couldn’t resist using it to build a ranking of asset manager apps in the Finance category and thought I’d share the list with you. 

If you check out the table below and then proceed to the site (free registration required) and browse the individual app pages yourselves, you'll see added information that will be helpful when conducting your own research.

Relative Rankings May Matter More

Here are a few observations:

• The Finance category in both stores is big and broad, including media, banks, brokerages, online financial management sites, etc.
• Only USAA (#11 in iPad apps and #8 in Android apps), Fidelity (#13 in iPad apps and #24 in Android apps) and Vanguard (#23 in iPad apps and #62 in Android apps) are serious contenders in the Finance category. No matter, the rankings can provide insights on your competitive set or subset. While you wouldn't expect a financial advisor app to place high among all Finance apps, you'd be interested in how it does relative to other advisor apps, for example.  
• In the weeks leading up to the April 15 tax filing deadline, the rankings of the tax preparation and financial management apps were probably enjoying a boost.
• A spokeswoman told me that App Annie ranks only apps that are in the top 1,000 of their category. The apps with No data shown don't make the cut.
• I could find mention of only seven Android asset manager apps and only four with reported data. According to Comscore earlier this month, Android has 52% share of the smartphone platform. I fear that some of you are overlooking and underleveraging the platform.
• Almost all asset manager app rankings drop over time. I can think of at least two possible explanations for their declines: 1. More apps are being launched, and they are more compelling. 2. Most asset managers do a sorry job of consistently promoting the availability and value of their apps. 
• The higher ranking asset management apps tend to update more frequently. Chicken or egg? 

What are your reactions? Are there other asset manager apps that should be part of this list? (Seriously, is this all there is?) Your comments are welcome below.

Asset Manager iPad App Rankings

Asset Manager Android App Rankings