Mobile banking trends: Detailed transaction information
This week we’ve published our latest Mobile Banking Monitor, complete with comparison matrix and trends report. We cover more than 50 banking brands around the world, tracking innovations and comparing functionality, features and customer experience; plenty of data and insights to share with our clients.
For now, let’s focus on one of the trends that has prevailed for quite some time: adding details to transaction information. Viewing balances and transactions marks the beginning of any mobile banking journey; this is the main reason customers engage with mobile services and it is essential to helping customers feel in control of their money. To enhance offerings, banks are increasing the depth of information available and making it easier to search and review transaction histories.
Several banks chose to update their apps with yet more functionality around transaction data. Often, this involved giving customers more scope to add information to line items in their accounts – photos of purchases and receipts. Occassionally, it involved using proprietary or third-party data to ‘flesh out’ the metadata around each transaction – company logos, location and (our PFM favourite) putting it in a spending category.
Two brands to make changes were Revolut and Simple. Both have followed one of our other major trends (making use of native features within mobile devices) to allow logged-in customers to add or take a photo that relates to the transaction.
When users of the Simple app add a photo to a transaction, it will also appear in their transaction feed, allowing greater visibility over their finances.
Revolut customers can now also click on a transaction to see the time and date, the category and the location of the purchase. They also have options to ‘Split bill’, view ‘Statement’, or ‘Hide’ the transaction. Clicking on the category, as ever, allows the customer to change the category if it has been attributed incorrectly.
This follows other banks in previous quarters, a notable example being BBVA who introduced the ability for customers to add photos, files and PDFs to individual transactions, as well as notes of up to 60 characters. Watch a video of the user journey here.
The incumbents have made some strides in this area too, with some adding better search functionality to let customers filter through past transactions, and some adding the ability to download a PDF regarding a transaction. However, the challengers are doing more to make the app engaging and flexible: allowing customers to make their own choices about how they categorise and define transactions, and what type (and format) of additional detail is required.
While there is something very user-friendly about opening up the banking app to some customisation, and letting customers manage their finances more productively, these updates are particularly useful from a security angle. Revolut and Monzo, for example, already ping customers a notification whenever a payment is made. Being able to find out more about a particular transaction, and being able to look back through old ones and identify them easily, lends a sense of control that customers appreciate. Indeed, as card/contactless transactions overtake cash in popularity, using ubiquitous mobile technology to stay on top of what money is going to whom and when will be increasinly important.