Digital Banking Hub Roundup

This month on the Digital Banking Hub

Contactless control implementation, some upheaval in French retail, account-opening forms streamlined

Towards the end of last year, UK rule makers increased the maximum contactless spend limit to £100 from £45. Some banks have looked to empower users by implementing innovative ways for them to select their own limit up to the new ceiling. Others have simply complied with the updated rules. We have assessed how each of the main providers has reacted to the mandate. With a significant proportion of UK consumers keen to set their own limits, this could be an important tool.

“Those institutions applying some design techniques to build a feature are more likely to succeed in having users come back to them on a regular basis,” we wrote.

In France, a number of providers last year signalled their intention to leave the market and those that remain are looking to capitalize on potential opportunities.

“In October, Societé Générale announced a target of 30% of product sales being fully digital by 2025 for eligible products, and ongoing enhancements of the bank’s mobile banking app,” we wrote this month. “That is part of the bank’s plan to target a 10 million French customer base.”

We’ve analysed what some of those providers’ digital footprints look like here  and assessed what the future could hold as more move into the market.

As ever, we’ve been keeping close track of onboarding and account-opening experiences, with most providers looking to remove friction of customer journeys.

“From our most recent analysis, only 2% of the 85 banks sampled require the user to go into branch to complete the application,” wrote Lisa Andersson. “Most applications are done through mobile web, and the number of providers now offering an in-app experience for account opening has increased from 25% in 2020 to 32% in 2021.”

Those institutions applying some design techniques to build a feature are more likely to succeed in having users come back to them on a regular basis...

The month ahead

Spanning retail, small business, mortgage and unsecured lending, robo-advisor investments and credit cards, Digital Banking Hub users can make more informed strategic decisions based on our ongoing analysis. We provide information and diagnostics on onboarding and servicing within each of these areas for leading banks, credit unions, fintechs and other lenders.

Over the coming weeks we’ll be publishing forecasts for the months ahead from each of our analysts. We also have rolled out our full Insights Explorer. Topics include deep dives into mortgage journeys, analysis of alerts and much more.

To gain access to our analysis and leading data insights into the digital banking industry, email: Suraya.randawa@curinos.com

Michael McCaw
Digital Content Editor
michael.mccaw@curinos.com
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