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Card Controls, Robo Advisors And Carbon Trackers

This Month On The Digital Banking Analyzer

Card controls | Truist’s robo advisor | Carbon trackers

In-app card management tools are becoming much more prominent among US retail checking providers, but notable gaps exist in the quality and effectiveness of the functions.

One notable emerging feature is the ability for customers to change and reset their PIN numbers in-app. Currently, only 25% of all major financial institutions reviewed by the Digital Banking Hub offer this feature, with 58% of fintechs leading the charge. National banks such as Citibank and Capital One are following closely, with 53% of their apps carrying the feature. Of all the other financial institutions, such as superregional banks, regional banks and credit unions, less than 30% have this feature despite other new updates and advancements. Other notable institutions with this feature include Chime, Dave, BMO Harris and Discover.

Click here to read more about card-management capabilities hitting the market and where competitive gaps sit.

Elsewhere this month, we analyzed Truist’s launch into the robo advisory market. Although there is plenty of opportunity for this product, we note that this a highly sophisticated corner of the digital banking market: SoFi’s auto investment platform allows users to build investments around goals and timeframes in a highly personalized environment. Similarly WealthFront presents itself as clearly attuned to each individual’s risk stipulations and goals built around curated portfolios.

We’ve also analyzed our carbon tracker data, with more providers announcing initial steps and upgrades to tools. Mastercard, RBS, NatWest and Klarna are among those making headlines in terms of encouraging customers to consider their green capabilities. Read our analysis, here.

The team has also explored the possibilities of India’s Aadhaar and UPI rollout, security issues facing early metaverse builds and much more.

Featured best practice

Betterment’s flexible portfolio selection. See it here.

Statistic of the month

31% of total US retail checking account providers tracked by the Digital Banking Hub offer live chat functionalities in app (40% of national banks, 28% of regionals, 23% of credit unions and 83% of fintechs). Check out the Data Explorer to see more.

“In-app card management tools are becoming much more prominent among US retail checking providers, but notable gaps exist in the quality and effectiveness of the functions...”

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 what happens when a provider launches a new app, how banks can make more of mobile technology and much more.

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

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