at Financial Technnology Year
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Features in Secure Mobile Devices
for Wealth Management
Tablets and smartphones with enhanced security features allowing advisors to access client information and financial planning tools while meeting with clients outside the office.
We ask vendors to mark their product against our feature list. It is not available for all products and in some cases we have derived data from publicly available sources. The list of features follows. Vendors can add a further 10 key features of their own.
Audit, Reporting & Compliance
Ensures adherence to financial regulations and facilitates internal and external audits.
- Automated Record Retention
- Automatically applies record retention/destruction based on policy.
- Conflict of Interest Monitoring
- Detects and reports potential advisor conflicts.
- Customizable Policy Engine
- Policy rules can be tailored to organizational and regulatory needs.
- Data Residency Awareness
- Ensures data is stored in approved jurisdictions.
- Real-Time Compliance Alerts
- Instantly flags actions or transactions that may breach compliance rules.
- Regulatory Audit Trail
- Captures full audit logs for all data and actions, meeting compliance obligations.
- Role-Based Compliance Controls
- Compliance checks vary based on user roles and access.
- Scheduled Compliance Reporting
- Automatically generates and distributes compliance reports.
- Transaction Reporting Standards
- Supports formats (e.g., SWIFT, FIX) required for external reporting.
- e-Discovery Support
- Facilitates discovery of electronic records for legal/audit review.
Authentication & Access Control
Features related to verifying user identities and controlling access to sensitive financial data and tools.
- Access Approval Workflow
- Requires admin approval before granting user or device access.
- Biometric Authentication
- Supports authentication via fingerprint, facial recognition, or iris scanning.
- Customizable Password Policies
- Enforces complexity and frequency rules for password creation and updates.
- Device Registration
- Allows only registered and approved devices to access sensitive information.
- Geofencing
- Limits platform access to predefined geographic locations.
- Jailbreak/Root Detection
- Detects devices with compromised operating systems and restricts access.
- Multi-Factor Authentication (MFA)
- Requires users to provide multiple forms of identification before granting access.
- Remote Lock/Wipe
- Ability to lock or erase device data remotely if lost or stolen.
- Role-Based Access Control (RBAC)
- Grants access based on user roles, limiting exposure to sensitive features and data.
- Session Timeout
- Automatically logs out users after a period of inactivity.
- Single Sign-On (SSO)
- Allows users to use one set of login credentials across multiple related systems.
- Time-based Access Restrictions
- Restricts platform access to set periods for added security and oversight.
- User Activity Logging
- Tracks user actions on the platform for accountability and investigation.
Collaboration & Communication
Features supporting compliant, seamless and secure communication between clients and advisors.
- Audit Logging of Communications
- Maintains logs for all advisor-client communications for compliance.
- Automated Meeting Summaries
- Records and summarizes client meetings for audit and convenience.
- Client Scheduling Tools
- Integrates calendars and scheduling for advisor-client meetings.
- Conversation Archival and Search
- Archives all chat and call transcripts and allows keyword searching.
- Document Sharing and Signatures
- Securely share, collaborate and sign important documents.
- Group Chat Capability
- Supports group discussions among teams or family members.
- Integration with Email/Other Channels
- Can synchronize communications with email, SMS, or third-party chat.
- Push Notification Channel
- Provides immediate client/advisor updates and reminders.
- Secure In-App Messaging
- Enables end-to-end encrypted communication between users.
- Voice and Video Communication
- Enables secure audio and video calls through the app.
Data Encryption & Privacy
Measures to ensure all sensitive client and advisor data remains confidential, secure, and in compliance with regulations.
- Audit Logging
- Maintains logs of all access and changes to client data for auditing.
- Compliance with GDPR/CCPA
- Adheres to data privacy regulations such as GDPR or CCPA.
- Data Masking
- Masks sensitive financial data displayed on screens to prevent exposure.
- Encrypted Communications
- Ensures all messaging, calls, and file transfers are encrypted.
- End-to-End Encryption
- Encrypts data at rest and in transit between devices and servers.
- Granular Encryption Levels
- Allows different levels of encryption for different data types.
- On-Device Data Encryption
- Secures stored data locally on the mobile device using encryption.
- Privacy Policy Transparency
- Displays clear information about data collection, use, and sharing.
- Secure Backup
- Backs up data securely in compliance with privacy standards.
- Secure Cache Management
- Automatically clears or encrypts application cache to prevent data leaks.
- Secure Key Management
- Safeguards encryption keys with restricted access and best practices.
Deployment, Support, and Training
Capabilities supporting smooth rollout, user training, and ongoing technical support for wealth management mobile platforms.
- 24/7 Help Desk Support
- Continuous support by phone, chat, or web.
- API Documentation
- Complete documentation for developers integrating the platform.
- Dedicated Account Manager
- Assigned specialist for organizational needs and issue escalation.
- Feedback & Feature Request System
- Enables users to submit suggestions and requests for enhancements.
- Flexible Deployment Options
- Supports cloud, on-premises, or hybrid deployment models.
- Guided Onboarding
- Step-by-step instructions for initial setup for users and administrators.
- In-App Tutorials & Help
- Embedded resources to assist new or returning users.
- Knowledge Base
- Online repository of FAQs, guides and troubleshooting tips.
- Test/Sandbox Environment
- Safe environment for testing new features/configurations.
- User Role Training Programs
- Custom training by user function (advisor, admin, client).
Integration & Interoperability
Capabilities allowing secure connection and data exchange with external systems and providers.
- API Access
- Robust, secure API for integrating with other platforms and services.
- Alerting System Integrations
- Can send alerts to external monitoring and support systems.
- App Marketplace Compatibility
- Supports plug-ins and third-party apps from curated marketplaces.
- Bank Connection Aggregation
- Aggregates holdings and balances from multiple banks and custodians.
- CRM Integration
- Integrates with Client Relationship Management software.
- Data Import/Export
- Allows seamless transfer of financial information to and from other systems.
- Document Management Integration
- Connects with document storage and e-signature platforms.
- Portfolio Management Integration
- Works with third-party portfolio management and analytics tools.
- Secure Open Banking Support
- Supports open banking APIs with OAuth2 and PSD2 compliance.
- Single Data Format Standardization
- Uses open standards for financial data for easier interoperability.
Mobile Device Management (MDM) & Security Monitoring
Features that empower organizations to monitor, secure and control devices used for wealth management.
- App Whitelisting/Blacklisting
- Prevents installation or use of non-approved applications.
- Compliance Reporting
- Generates reports on device compliance with security policies.
- Device Inventory Tracking
- Tracks all approved devices accessing financial systems.
- Lost Device Tracking
- Allows real-time location and status tracking of lost devices.
- MDM Integration
- Offers compatibility with leading MDM solutions for device oversight.
- Mobile Threat Detection
- Continuously monitors for malware, phishing, or other threats.
- Patch & Update Management
- Ensures devices and apps are running the latest secure versions.
- Remote Configuration
- Centrally manages security settings and configurations across devices.
- Security Incident Alerts
- Automatically notifies administrators of security breaches or risks.
- Usage Analytics
- Provides analytics on device engagement and usage by advisors.
- VPN Enforcement
- Requires VPN connections for external or remote access.
Platform Reliability & Performance
Attributes that ensure the mobile solution is stable, available, and performs well under varying loads.
- 99.99% Uptime SLA
- Guaranteed uptime or availability level for the application.
- Auto Failover
- Seamlessly switches users to backup systems in case of primary failure.
- Bug Reporting & Resolution SLA
- Defined timelines for responding to and fixing reported bugs.
- Disaster Recovery Plan
- Comprehensive plan and backup for service continuity after outage.
- Load Balancing
- Balances traffic across servers for optimal responsiveness.
- Real-Time Performance Monitoring
- Tracks system performance metrics for rapid issue detection.
- Regular Maintenance Scheduling
- Planned maintenance that does not interrupt critical user activity.
- Response Time
- Average time for screen or transaction to load/process.
- Scalability
- Supports growing users or device numbers without service degradation.
- User Feedback Loop
- Allows real users to report issues and suggest improvements.
Transaction Security & Control
Controls and safeguards for executing, verifying, and monitoring financial transactions using mobile devices.
- Audit Trail of Transactions
- Comprehensive log of all transaction details and authorizations.
- Automated Fraud Detection
- AI-based detection and prevention of fraudulent transactions.
- Dual Authorization
- Two users must independently authorize critical transactions.
- Limits on Transaction Amounts
- Configurable maximums for transactions approved via mobile.
- Real-Time Transaction Monitoring
- Monitors and flags potentially suspicious activity as it happens.
- Regulatory Compliance Checks
- Automated screening of transactions for regulatory compliance.
- Transaction Approvals
- Requires one or more approvals before large or sensitive transactions proceed.
- Transaction Notifications
- Instant alerts for every transaction initiated or completed.
- Transaction Reversal Tools
- Ability to reverse incorrect or fraudulent transactions swiftly.
- User Permissions for Transaction Types
- Administrator control to restrict types of transactions by user.
User Experience & Interface
Design and functionality elements supporting ease of use for clients and advisors.
- Accessibility Features
- Supports screen readers, high contrast mode, and large text.
- Customizable Dashboard
- Allows users to personalize information and shortcuts.
- Dedicated Client/Advisor Portal
- Separate portal areas for advisors and clients with tailored functions.
- In-App Notifications
- Provides timely alerts and updates to users inside the app.
- Intuitive Navigation
- Easy-to-use interface for advisors and clients.
- Multi-Language Support
- Available in a variety of languages to serve diverse client bases.
- Offline Mode
- Limited functionality without network connection for emergencies.
- Responsive Design
- Adapts interface for phones, tablets, and different screen sizes.
- Seamless Document Upload/Download
- Secure and easy handling of financial documents.
- Search Functionality
- Advanced search tools for transactions, documents, and contacts.
- Voice Assistant Integration
- Integrates with voice assistants for hands-free operation.