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Wallets, Credit Card Integrations And Optimizing Small Business Banking

This Month On The Digital Banking Analyzer

Revolut on small business banking | Lenders shape up to decrease risk | Google rolls out Wallet | Credit card providers amplify score facilities

More providers that serve small business are ramping up their digital offerings and user experiences.

“Businesses need optimized, transparent and real-time solutions, but especially when they’re both receiving and sending money,” said Matthew Acton Davis, Global Head of Sales at Revolut on our recent webinar on small business banking. “And the reality is that they’re significantly underserved in this respect and the legacy options that they’ve been having access to are very poor. There’s also a strong demand for improved digital solutions.”

Davis was joined by Rory Pennington, the Digital Banking Hub’s Principal Digital Analyst, and Olivia Lui, who is Director of OSX Marketing & Product at Curinos.

Elsewhere on the Digital Banking Hub this month, we’ve taken a look at how lenders have been providing better educational facilities across digital channels to ensure more responsible applications come their way.

“Chase isn’t alone in adding educational guidance to would-be customers,” we wrote. “Best Egg, Discover, Lending Club and Prosper have added or revised insight hubs directed at those considering taking a loan over the past few months. These providers join many others in providing educational content at pre-approval in-app, where most brands clearly lay out eligibility criteria. However, less than a quarter of the US-based lenders tracked by the Digital Banking Hub offer a pre-approval eligibility checker. SoFi leads the field here.”

Educating customers has also become a priority for credit card providers. Leading brands are integrating credit score assessment and simulation tools at the heart of their digital experiences. According to analyst George Slack: “Ultimately, credit dashboards are becoming a more integrated part of the banking experience for users who want to maintain and improve their financial health. We can expect more features and tools to be integrated to credit dashboards in the future.”

Read his full analysis here.

Change is happening among device providers and wallets. Earlier this month, Samsung released an update that allows users to translate apps into a variety of languages – an upgrade that comes as financial institutions are increasingly integrating language options. Around the same time, Google rolled out its new Wallet app that features a more simplistic design and a streamlined payments journey. Read about the tech giant’s optimized digitized card container here.

Featured best practice

Lloyds adds voice search. See it here.

Statistic of the month

81% of total US retail checking account providers tracked by the Digital Banking Hub offer searchable transaction capabilities on desktop channels (67% of national banks, 97% of regionals, and 91% of credit unions). Check out the Data Explorer to see more.

“Businesses need optimized, transparent and real-time solutions, but especially when they’re both receiving and sending money…”

The month ahead

Spanning retail, small business, mortgage and unsecured lending, investments and credit cards, Digital banking Hub users are able to 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.

On the Insight Explorer this month we’ll be looking at possible advances in customer experience in the metaverse and web3, how India’s UPI will impact payments and much more.

To gain access to our analysis and leading data insights into the digital banking industry, email:

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