A mobile assistant puts investing help in the palm of your hand

How Schwab is earning a place in your smart phone with Schwab Assistant


By Zack Gipson, Senior Vice President, Schwab Digital Services

Your phone is likely full of apps you never use: an old game you didn’t finish, a workout app you used once, maybe a “productivity” app left unproductive. But the app you use to manage something as important as your wealth shouldn’t be relegated to a graveyard of forgotten apps. And if it’s going to be a go-to app, it should be intuitive, easy to engage with, and continually updated to meet your individual financial needs.

More than ever, people use their phones as their primary investing channel – at Schwab, roughly 40 percent of clients are now mobile-only. Schwab set out to earn a place on the home screens of our clients’ phones by making the mobile investing process as easy as possible. Another step in that mission is the launch of Schwab Assistant – an artificial intelligence-powered assistant enabling clients to use their own voice or text to easily find information and complete tasks through the mobile app.

At Schwab, we see investors increasingly using their phones to interact with us. In fact, in just the past year we saw a 25-percent increase in mobile users, and now more than a million customers are active monthly users.

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With the new Schwab Assistant clients can:

  • Keep a pulse on the stock market – Users can view real-time price information, current news, and market update commentary

  • View account information and portfolio performance – Providing dynamic, interactive charts and datainsights on top portfolio moves, gains, and declines

  • Get everyday tasks done faster – Easier navigation enables users to quickly locate tax documents, get instructions for setting up a travel notice and other tasks

  • Find answers to common financial questions – Find educational content on popular financial topics, such as ETFs, or help calculating IRA distributions

  • Access support 24/7 – And of course, a customer service rep is always nearby, and users can get help through the app via chat or by simply saying, “I need to speak with a live representative,” and Schwab Assistant will connect them to the right person
          Keep a pulse on the stock markets                View account information
                and portfolio performance
Markets screenshot from Schwab Assistant
Welcome screenshot from Schwab Assistant

Because Schwab Assistant uses machine learning, it will continue to improve, adapting and getting smarter the more clients interact with it.

Moving toward mobile-first

Six in 10 Americans say they would spend more time investing if smaller tasks were automated and they had smarter online tools to help them. At Schwab, we see investors increasingly using their phones to interact with us. In fact, in just the past year we saw a 25-percent increase in mobile users, and now more than a million customers are active monthly users.

To meet that demand, our team has added more than 100 new mobile app features, each designed to make the investing process easier and more accessible. Some of these enhancements are big, like the launch of Schwab Assistant, and some are small – minor tweaks to improve the overall experience.

All of the features in our mobile app are driven by what we know investors want from an app. We think of them in three main categories:

  • Delivering educational content that makes investing more strategic for advanced investors and more accessible to novices. We make sophisticated research and market insights available at no cost to all clients through the Schwab mobile app.

  • Providing content, tools and resources in a quick and easy, mobile-friendly format. The mobile experience should offer shorter, bite-sized information with lots of visuals and short videos.

  • Making daily or common investing activities easier. For example, we recently introduced a document uploader to securely send documents to Schwab via the app, and a new tax dashboard that shows the expected delivery of 1099 forms at tax time.

We’re pleased with the momentum and excited by the recognition we’ve been given through our mobile developments: Schwab received the Highest in Customer Satisfaction with Wealth Management Mobile Apps in the J.D. Power 2019 Wealth Management Mobile App Satisfaction Study*, and we currently have 4.8 stars in the Apple app store.

Client feedback fuels our mission to innovate on behalf of investors. Schwab Assistant is an exciting part of the evolution of how we serve clients in their channel of choice – managing their life and wealth on their mobile device.


* Charles Schwab received the highest numerical score in a tie in the J.D. Power 2019 US Wealth Management Mobile App Satisfaction Study of customers’ satisfaction with their wealth management mobile app. Visit jdpower.com/awards