New Morgan Stanley Investor Pulse Poll Finds Clients See the Benefits of Digital Technology as Cyber Concerns Persist
August 07 2019 - 10:00AM
Business Wire
The latest Morgan Stanley Investor Pulse Poll finds that high
net worth (HNW) investors are increasingly attracted to digital
technology while at the same time concerned about
cybersecurity.
The poll results illustrate the communications challenge for
financial institutions to convey the message that, despite the
fears of cyber threats, advanced computer-based platforms can
provide heightened security for financial information.
“There remains mistrust and concern regarding banking and
investing online,” said Rachel Wilson, Head of Wealth Management
Cybersecurity at Morgan Stanley. “However, with the proper controls
in place, digital wealth management and banking can actually help
reduce our clients’ risk of fraud. Clients underestimate the
serious risks around physical paper. Tax returns, financial
statements and personal checks can be a goldmine for fraudsters.
When clients use digital offerings to access tax forms and
statements, and to move money and pay bills, they can benefit from
our strong authentication, encryption and fraud prevention
technology.”
Morgan Stanley’s team of cybersecurity professionals work around
the clock defending the Firm against cyber events, which can
include a loss of critical assets, client data, or personally
identifiable information, or destructive cyberattacks that attempt
to make an online service or targeted system unavailable. Morgan
Stanley also leverages its technology partners to create a more
secure, efficient and collaborative environment for conducting
business. Protecting our client’s assets and personal information
is among our top concerns.
While HNW investors expect their investment firm to provide
online access to account information (82%) and convenient and
secure online account management (78%), some investors expressed
concern about mobile banking cybersecurity, with 43% of HNW
investors expressing a lack of confidence in the safety of their
personal financial information online.
The Investor Pulse Poll surveyed approximately 1,100 U.S.
households with at least $100,000 in investible assets, in late
December 2018 and early January 2019. A third of respondents had
investible assets of $1 million or more.
As the threat of cybercrime intensifies, Morgan Stanley
encourages clients to know the basic steps to safeguard their data
and assets. Read 16 Ways to Improve Your Cybersecurity at the
following link:
https://www.morganstanley.com/articles/improve-your-cybersecurity.
Key additional findings of the poll include:
- HNW Investors feel that mobile technology gives them
convenience, control and better organization of their finances. In
fact, 82% consider online access to account information important,
if not essential.
- HNW investors express a lack of confidence in the safety of
their personal financial information online. Millennial HNW
investors, though, are roughly twice as likely as other HNW
investors to feel very confident that their financial information
is secure online and in their ability to protect this
information.
Mobile tools and technology
HNW investors are taking advantage of the latest tools Morgan
Stanley and other wealth management firms have developed to help
them manage their investments. The survey found that large
majorities of HNW investors believe mobile technology has
positively impacted them personally (86%) and credit today’s mobile
technology with helping them manage their money independently and
conveniently (61%). Along these lines, the amount of time they
spend using mobile technology over the past year has increased as
well (59%).
Morgan Stanley’s asset aggregation tool, for example, gives
clients the ability to view all their assets, including those held
outside the Firm, in one place. This capability, along with the
Firm’s Portfolio Risk Platform, makes it easier for them and their
Financial Advisor to identify potential risks to their holdings.
This is one of a number of investments Morgan Stanley has made in
technology platforms, artificial intelligence, and new digital
tools for clients to help them meet their financial goals,
including online digital mortgage applications, digital vault and
e-Authorization.
Please click here for a full copy of the report:
https://www.morganstanley.com/assets/pdfs/National-Investor-Pulse-Poll-February-2019.pdf.
Please click here to see a video of Rachel Wilson discussing
Cyber Resiliency:
https://www.morganstanley.com/morgan-stanley-minute/cyber-hygiene/.
Morgan Stanley Wealth Management, a global leader, provides
access to a wide range of products and services to individuals,
businesses and institutions, including brokerage and investment
advisory services, financial and wealth planning, cash management
and lending products and services, annuities and insurance,
retirement and trust services.
Morgan Stanley (NYSE: MS) is a leading global financial services
firm providing investment banking, securities, wealth management
and investment management services. With offices in more than 41
countries, the Firm's employees serve clients worldwide including
corporations, governments, institutions and individuals. For more
information about Morgan Stanley, please visit
www.morganstanley.com.
© 2019 Morgan Stanley Smith Barney LLC. Member SIPC.
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Media Relations: Christine Jockle, 914.225.6827
Christine.Jockle@morganstanley.com
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