Security, sales and communications updates in mobile banking
The first Mobile Banking Dashboard update of 2015 saw a raft of updates relating to login methods, sales and enhanced communication tactics. The implementation of Touch ID, which was initially largely confined to the US, has been introduced by banks in the UK, Netherlands, Spain and Australia. We believe other banks will follow suit quickly, and by the end of this year Touch ID will be the norm as a login method. By contrast, Skandiabanken in Sweden have reduced their login options, customers can no longer log in with a 4 digit passcode. Instead, they can only log into the app via Mobile Bank ID.
Banks are continuing to add sales functionality to the mobile channel, with a number of application forms now available from the secure site in the UK and Sweden. Lloyds Bank has become the first UK high street bank to allow existing customers to apply for a credit card within the app, while Nationwide in the UK has extended the types of savings accounts customers can apply for. Handelsbanken has become one of the few banks to allow existing customers to apply for a mortgage decision in principle.
The last area where we have seen significant changes is in the communication space, with banks updating and refreshing their approaches. ING has extended the content of secure messaging, now sending “personal messages” that inform customers of new products and account management features. Lloyds Bank and Banco Sabadell have introduced push notifications, with the former announcing these will be sent to customer’s smart watches. In addition, Banco Sabadell has updated their standalone chat app; this now allows customers to send instant messages to their contacts and the bank. The app is an example of a great sales tool, as it’s available to new to bank customers and allows them to get in touch with the bank to open an account
In line with previous updates we have also seen enhanced account management, particularly in the cards and mortgage spaces and innovations within payments journeys (Barclays Pingit). This update has certainly been an exciting one, and we look forward to seeing what banks add in Q2.