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Citi is unveiling an upgraded mobile banking app for Android – Business Insider

Citi is unveiling an upgraded version of its mobile banking app for Android in the US, with enhanced app navigation and feature accessibility, according to an email seen by Business Insider Intelligence.

Business Insider Intelligence

Citi’s iOS app already offers the features it’s rolling out to Android, and it likely received them first because iOS’ predominance in the US compared with Android.

Citi’s focus on navigation demonstrates the importance of improving user experience in order to help users avoid being overwhelmed by features. The upgrade centers around the app’s navigability, rather than the addition of new features: Citi added a menu with shortcuts to make popular existing features more accessible, like FICO scores, bill pay, mobile check deposit, for instance. It’s also enabling customers to more easily access their account balance, make payments, and get a holistic view of their money.

  • Citi’s mobile banking app is already highly rated among customers for offering in-demand features, and this upgrade will make those popular capabilities easier to use.Citi ranked first in Business Insider Intelligence’s Mobile Banking Competitive Edge Study(Enterprise only), particularly leading the account access section, for offering less common features like the ability to enter a four- to six-digit passcode to log into the app. Additionally, it ranked third in J.D. Power’s recent 2019 US Banking Mobile App Satisfaction Study, which measured customer satisfaction ratings of their bank’s mobile experience and highlightsease of use and navigation as the most important qualities among customers. By extending its app’s ease of use to Android users, Citi will likely boost overall customer satisfaction.
  • Adding conversational banking capabilities can further streamline Citi’s app navigation. Citi’s next step in streamlining the navigation of its app could be integrating a virtual voice assistant. Although rethinking menus can simplify things, saying a command aloud would likely require the fewest steps to locate certain capabilities, like changing an address or setting a fraud alert. Capital One offers an AI-powered chatbot, Eno, which has advanced capabilities: It can alert customers about suspected fraud, potential double charges at a merchant, or a suspected hike in the price of a service a user is subscribed to. And Bank of America offers a virtual voice assistant, Erica, which has capabilities like peer-to-peer (P2P) payments and bill payment and has grown rapidly: It surpassed 6 million users a year since launching and is adding an average of 500,000 new users monthly.

Other banks would be wise to follow Citi in prioritizing a simple user experience over packing in new features. Adding new features is important to attract customers: 64% of mobile banking users who responded to Business Insider Intelligence’s Mobile Banking Competitive Edge Study said they’d research a bank’s mobile features before opening an account.

But having too many features could cause a crowded app experience, which could make apps difficult to navigate. Banks should therefore devote more attention to the user experience and navigability of an app to boost engagement and customer satisfaction. For its part, we think Citi’s focus on user experience will further distinguish its mobile app and help it continue adding users at a rapid pace: Citi’s active mobile banking users grew 12% annually in Q2 2019.

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Find out why Online Peer to Peer Payments Market is Booming Worldwide, Competition, Trends and Key Companies | Tencent, Square, Inc., Circle Internet Financial Limited, TransferWise Ltd., PayPal Pte. Ltd., CurrencyFair LTD – Market Reports

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Warsaw-based Cogito Capital completes first closing of its Cogito Fund I at €55 million to invest in late stage rounds in the CEE – EU-Startups

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Global Electrochemical Titrators Market 2019: Technological Advancement with Leading Vendors like Mobetize, Remitly, Arcus, peerTransfer, Currency Cloud and More – A Technology Market

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Bank offers mortgage advice through app – FT Adviser

Online mortgage broker Mojo Mortgages has paired with Monzo Bank to trial a feature which allows consumers to access mortgage advice through its banking app.

Throughout the trial, 2,000 Monzo customers can browse personalised mortgage options on their Monzo banking app and book an advice call with a broker from Mojo.

When the consumer first opens the mortgage section of the app, they will answer about 12 questions to ensure only suitable mortgage options are displayed, before making their free advice appointment.

The suitability of the mortgage deals is decided by using data Monzo already has on the customer — such as age and location — as well as official data from the ONS, the bank stated.

If successful, Monzo plans to roll out the option fully in the next year and FTAdviser understands the challenger bank will look to expand the offering to house purchase mortgages as well as remortgaging in the future.

The trial comes after earlier this month (July 17) Lloyds Bank revealed it was working on enhancing its mobile app and was looking to offer guidance and advice solutions through the service.

A pilot launched last year allows clients to see the value of their pot when they log into their bank account online, and has now reached more than 3m customers.

Mojo provides free online mortgage advice for consumers but makes money through commission from lenders. When mortgages are arranged through the Monzo app, Mojo will also pay Monzo a commission. 

Richard Hayes, chief executive of Mojo, said: “We’re delighted to announce our partnership with Monzo. It moves us a step closer in our mission to create a better mortgage experience for everyone.

“The way people get mortgages is changing and customers expect more than a basic best buy comparison experience. 

“We believe advice is a key part of the process and our hybrid broker-technology proposition means businesses like Monzo can offer their customers a truly end-to-end mortgage journey.”

Mojo’s chief product officer, Eddie Ross, said through the partnership Monzo could offer its customers an extensive range of personalised deals and access to free real-time mortgage advice — all from the app.

He added: “There’s nothing else like it in the market and we expect to set a new benchmark in terms of what customers expect from a mortgage experience.”

Dan White, director of Champion Hall & White Mortgage Finance, said creating access to independent advice via digital platforms — such as banking apps — was a great idea but stressed there could be issues with the end-to-end process.

He said: “I would be a little cynical as to the finer details of the options available and whether or not this would actually be an option to the client, based on their true circumstances. 

“The system would no doubt will pick up the income and expenditure of the client to check affordability, but what if the income is from a fixed term contract, agency work or even private drawings from a new ltd company? 

P2P Payment Market See +9% CAGR and USD 3217 Million Growth by 2019-2025 Focusing on Key Players PayPal Pte. Ltd., Tencent, Square Inc., Circle Internet Financial Limited, clearXchange, SnapCash – Market Expert

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Fintech Technologies Market by New Market Opportunities, Production Cost Analysis, Market Development and Market Dynamics Forces – Ketchum Keystone — An e-newspaper for the greater Ketchum Idaho community

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Monzo takes the top spot in a ranking of bank apps – Business Insider – Business Insider

UK-based Monzo has taken the top spot in a ranking of bank apps by MoneySavingExpert.com, beating out both peers and incumbents, The Irish News reports. Seventy-eight percent of the consumers surveyed said the neobank’s app had plenty of features and strong usability.

Business Insider Intelligence

Competing neobank Starling picked up second place, with 70% of consumers approving of its app’s features and usability. The rest of the top five was rounded out by Barclays (57%), Lloyds Bank (49%), and NatWest (47%).

Neobanks outdid incumbents by a solid margin, which could be an issue as these challengers gain scale. Monzo outperformed the nearest legacy bank — No. 3 Barclays — by a resounding 21 percentage points, and Starling also stood well above the pack of incumbents below it, beating Barclays by 13 percentage points.

Such serious discrepancy in customer acclaim for banking apps between neobanks and legacy banks is concerning, as challenger banks are only getting bigger: Monzo hit the 2 million customer milestone in May, per Finextra, and Starling — which had 460,000 personal accounts in February, according toTechCrunch — says it intends to reach 1 million customers by the end of the year.

As these neobanks continue to add customers — who are likely to be satisfied and may ramp up usage thanks to a strong app and robust money management offerings — word of mouth could increase, in turn further accelerating growth.

But while challenger banks won the day, a look at last year’s performance suggests incumbents are closing the gap. Neobanks claimed the top two spots in the rankings, but only saw modest gains compared to last year’s rankings: 3 percentage points for Monzo and zero for Starling.

Incumbent banks, on the other hand, made much more progress: Both Barclays and Lloyds gained ten percentage points between 2018 and 2019, vaulting themselves into third and fourth place over NatWest (one of the few incumbent banks to see a decline from last year).

This suggests that banks may be doubling down on digital features — such as their apps — in an attempt to quell the threat from challenger banks before it can be serious enough to pose a long-term risk. Therefore, it would behoove challenger banks to double down on their marketing and acquisition efforts before incumbents can take advantage of their colossal IT budgets to level the playing field through new tools and improvements to their user experiences.

Interested in getting the full story? Here are two ways to get access:

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  2. Current subscribers can read the full briefing here.

Monzo and Starling sail ahead in banking apps poll – Finextra

Challenger banks Monzo and Starling have scooped the top spots in the latest bank apps poll from MoneySavingExpert, with traditional banks left playing catch-up.

More than 5,000 consumers took part in the poll, which asked respondents to rate their bank’s app by the quality of its features and how easy it is to use.

Monzo and Starling sailed ahead of the rest of the pack, with 78% and 70% of users respectively saying their apps had lots of features and great usability.

Of the traditional banks, Barclays came top with 57%, while M&S Bank took the wooden spoon with just four percent saying it had lots of features and great usability.

Johanna Noble, money editor at MoneySavingExpert.com, says: “It’s no surprise that two app-based banks came out top for their mobile offerings, as they rely on their apps for their customers to use. With more and more of us banking on our phones, it’s good to see that some of the big players are catching up, though some clearly have a way to go before theirs are as good as their rivals’ apps.

“If you want a decent app and good service, it’s worth checking out one of the newer banks, but if you want perks like cash switching offers then it’s still worth looking at the traditional ones too.”

Ramki Sankaranarayan, head of digital and open banking at Barclays, says: “Over six million of our customers use the Barclays mobile app and we want to keep evolving the functionality they have at their fingertips to help them manage their money easily and stay in control of their finances. It’s great to hear positive feedback from our customers, and we’ll keep listening to them to continually improve the app and build it around their needs.”

An M&S Bank spokesperson says: “We’re working on updates to our mobile app and look forward to sharing these with our customers very soon.”

Editorial | what does this mean?

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

Global P2P Payment Market 2019 Business Opportunities – PayPal Pte. Ltd., Tencent., Square, Inc., Circle Internet Financial Limited, clearXchange., SnapCash, Dwolla, Inc. – Market Reports

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Camley’s Cartoon on Saturday, July 20: Pensioners’ fear of banking app – HeraldScotland

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Monzo comes out on top in battle of banking apps – The Irish News

CHALLENGER banks Monzo and Starling have come top in a consumer survey of banking apps – leaving the more established brands lagging behind.

MoneySavingExpert.com, which surveyed more than 5,000 people, said Monzo and Starling sailed ahead, with 78 per cent and 70 per cent of users respectively saying their apps had lots of features and great usability.

Barclays was placed third, followed by Lloyds Bank, with NatWest in fifth place.

M&S Bank took the wooden spoon in the survey, with just 4 per cent saying it had lots of features and great usability.

TSB, which suffered from high-profile IT problems in 2018, sat just above M&S Bank in the ranking with a score of 12 per cent.

Johanna Noble, money editor at MoneySavingExpert.com, said: “It’s no surprise that two app-based banks came out top for their mobile offerings, as they rely on their apps for their customers to use.

“With more and more of us banking on our phones, it’s good to see that some of the big players are catching up, though some clearly have a way to go before theirs are as good as their rivals’ apps.

“If you want a decent app and good service, it’s worth checking out one of the newer banks, but if you want perks like cash switching offers then it’s still worth looking at the traditional ones too.”

M&S Bank told MoneySavingExpert.com: “We’re working on updates to our mobile app and look forward to sharing these with our customers very soon.”

Only banks with 100 votes or more were included.

Here are the percentages of users who said apps had lots of features and great usability, according to MoneySavingExpert.com, with last year’s percentages in brackets:

1. Monzo, 78 per cent (75 per cent)

2. Starling, 70 per cent (70 per cent)

3. Barclays, 57 per cent (47 per cent)

4. Lloyds, 49 per cent (39 per cent)

5. NatWest, 47 per cent (48 per cent)

6. Bank of Scotland, 43 per cent (36 per cent)

7. RBS, 43 per cent (42 per cent)

8. Nationwide , 40 per cent (37 per cent)

9. Halifax, 39 per cent (33 per cent)

10. First Direct, 28 per cent (27 per cent)

11. Santander, 27 per cent (28 per cent)

12. HSBC, 18 per cent (12 per cent)

13. Tesco Bank, 13 per cent (17 per cent)

14. Co-op Bank, 13 per cent (11 per cent)

15. TSB, 12 per cent (11 per cent)

16. M&S Bank, 4 per cent(7 per cent)

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TSB launch banking ‘selfie’ app as over-55s say ‘no’ to mobiles – HeraldScotland

PENSIONERS say that fear of fraud is the main reason they will not bank online as TSB launches facial recognition app.

New research from TSB reveals that more than half (57%) of over 55s say they never use mobile banking, despite being smartphone users. This is in contrast to 82% of 18-34-year olds who say they use mobile banking.

The findings come as TSB is rolling out new functionality which allows customers to open a current account using a selfie, without the need to visit a branch. The move is designed to speed up even further the time needed to open a new account remotely – while providing the latest cutting-edge technology to combat fraud.

READ MORE: Banking complaints at highest for five years as online scams soar 

It comes a month after Scots were urged not to suffer in silence after being hit with a shocking rise in scams over just two years with the vulnerable being increasingly targeted.

HeraldScotland:

Police Scotland have been dealing with increasing numbers of incidents where pensioners are being conned out of thousands of pounds.

New figures reveal that in the last two years the number of Scots who have reported being scammed has risen by 35% in just two years from 1279 to 1722.

And the number of over 75s that have reported being subject of fraud has risen by 62% according to the data provided by Action Fraud, the UK’s police reporting centre. In the first six months of the 2016/17 financial year there were 270 worried calls from the elderly, but over the same period in 2018 that had risen to 438.

READ MORE: TSB says cutting hours will prevent more branch closures 

The analysis revealed that over one in three of the 1722 scams reported by over 55s between April and September, 2018, were advance fee frauds. The scams involve fraudsters targeting victims to make advance or upfront payments for goods, services and or financial gains that do not materialise.

The TSB analysis found that nearly three in four people over 55 say they would benefit from being able to do their banking remotely, citing ‘speed’ and ‘convenience’ and ‘24/7 access’ as top reasons. However, the findings reveal that only one in four of over 50s would open a bank account using their smartphone compared with 72% of 18-34-year olds.

The main reason for not opening a bank account using their mobile was fear of fraud (58%).

But TSB’s research identified a cohort of over 55s dubbed Silver Selfies who use their smartphones daily.

Some 91% in the age group use them and the top reasons include keeping in touch with friends and family (61%), for emails (41%) and taking photos, such as selfies and pictures of loved ones (32%).

But only one in 10 use their phones for financial activity. Of those who do use their phones for financial activity, 36% use it to look at their balance and 23% to transfer money.

Pol Navarro, TSB’s digital director commented: “Opening a new account can sometimes feel like an arduous task, but adding this new feature means we take the hassle out of completing the process.

“We know that life can take over and that quick lunch time visit to a branch might not happen. With this new experience, we are making banking better and enabling customers to fully complete their application in a way that fully suits their busy lifestyles: just with a simple selfie.”

The move comes after TSB customers were hit by a series of glitches in the past year which affected banking services.

In December, just under two million TSB customers were unable to carry out online banking transactions after maintenance work overran.

It was the third time in 2018 that account-holders had been hit by technical problems.

An IT fiasco in April saw 1.9 million customers were unable to use their accounts for several weeks.

TSB reported further issues in September, again after maintenance work was carried out.

Paul Pester, TSB’s former chief executive, was forced to step down because of the systems failure, and after he was accused of misleading MPs on the Treasury Committee.

HeraldScotland:

TSB lost a net 16,000 customers in the three months following the IT debacle, out of a total of around five million.

Five months ago a glitch meant TSB and Barclays mobile banking apps were down, leaving customers unable to access their accounts on their phones.

The crash came on a day that many people received their salaries.

But in April, when TSB registered a small first quarter profit it claimed to have resolved all complaints linked to last year’s costly IT meltdown.

In the three months to March, TSB scraped to a £6.3 million profit, up from a £37.8 million loss during the same period last year.

The figures come after the bank swung to a mammoth loss last year after a disastrous migration of its IT system cost it £330 million.

Tally launches banking app tied to gold ownership – Finextra

UK startup Tally has launched an app offering individual banking accounts delivering saving and spending in physical gold.

When customers make a deposit through the app, they are buying Tally gold at the global wholesale price, which is kept in a secure vault in Switzerland. One Tally is one milligram of physical gold.

The value of customers’ holdings is accessed through individual Tally banking accounts linked to a contactless Mastercard debit card. Customers can spend anywhere that accepts Mastercard, with no fees, and holdings are 100% insured.

Customers can use Tally abroad, with no international transaction or foreign exchange fees, no mark-ups on the FX rate and no charge for ATM withdrawals.

Citing the pound’s Brexit-induced volatility, Tally says that using gold ensures customers’ money is protected from inflation and bank risk, and political and economic uncertainty.

Cameron Parry, CEO, Tally, says: “We wanted to offer consumers a stronger form of money, protected from systemic bank risk, 100% insured and designed to hold its value. The solution was a standalone full-reserve monetary platform where the customer’s asset is kept outside of the banking system while seamlessly operating with it.

“And as full-reserve, the customer’s savings are not lent out, moved or invested. Full control of their money stays with the customer. This is what Tally delivers.”

Editorial | what does this mean?

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.