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Experience Counts

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September 7, 2023

UK’s Consumer Duty Goes Live As FIs Reaffirm Integrity Of User Needs

The UK Financial Conduct Authority’s latest effort to ensure financial services providers are offering consumers the appropriate tools and services has just gone life.
READ TIME: 3 MINS

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May 23, 2023

Savings Providers Should Look To Play To Strengths

Brands must look to differentiate in face of competition
READ TIME: 3 MINS

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May 23, 2023

Providers Revamp In-App Internal Transfers

Allowing customers to transfer across accounts is a hygiene factor, but not all US retail checking are thinking creatively about the capability in-app, while others are making key journey adjustments regularly
READ TIME: 3 MINS

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December 19, 2022

Crisis Support: Providers Look To Mitigate Cost-Of-Living Pains

With inflation soaring and interest rates on the rise, many consumers face the prospect of their financial health deteriorating. In a bid to help them. consumer banking service providers are looking to offer support through information, product offerings and credit score tools
READ TIME: 3 MINS

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September 28, 2022

The Big Opportunities in Serving Small Business

Financial institutions are finally starting to take small-business customers seriously
READ TIME: 6 MINS

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September 21, 2022

Card Controls, Robo Advisors And 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.
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August 15, 2022

Wallets, Credit Card Integrations And Optimizing Small Business Banking

More providers that serve small business are ramping up their digital offerings and user experiences
READ TIME: 3 MINS
To start, banks are still well behind challengers when it comes to basic digital functions that customers want. (See Figure 1.) Data from Curinos Digital Banking Hub find that 91% of fintechs allow full mobile account opening, but only 50% of national banks do across product sets. And this comes as digital customer acquisition is up 26% since 2019 as the pandemic dramatically changed customer expectations on where and how to bank, according to data from Curinos SalesScape. (See Figure 2.) We have also found that neo and direct banks account for 37% of primary customer acquisition during this period. It all means that incumbents are losing ground in the new-to-banking market and are seeing their existing customers open additional accounts with the newer players. After interviewing hundreds of financial services executives from organizations of all sizes, Curinos has identified a common set of challenges in their digital transformation efforts. These range from technology being viewed as a silver bullet for success to lacking clear definition of digital transformation goals or how to measure success. (See Figure 3.) The result: branch-originated customers are fewer, but balances for branch-originated accounts are seven times greater than those of digitally acquired ones. Furthermore, 45% of digitally acquired accounts are closed within three months, compared with 4% of branch accounts, according to SalesScape data. Given long term digital trends, the challenge is not how to drive more customers into the branches, but rather how to get the same productivity in digital channels as in branches.

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July 1, 2022

Spend Categorization And Account Deletion Requirement

Following Wells Fargo’s app overhaul, USAA is rolling out its latest offering that promises much in terms of minimizing most user journeys to within two clicks.
READ TIME: 2 MINS

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May 13, 2022

Downturn Prompts Digital Investment Upgrades

The Curinos Digital Banking Hub has launched the Data Explorer, which provides a benchmark view of feature and functionality availability across a range of institutions tracked in the Digital Banking Hub's Feature Explorer
READ TIME: 2 MINS

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April 18, 2022

Bots Take Over And Commercial Banks Go Niche

Virtual assistants have become increasingly synonymous with the digital banking experience over the past few years in augmenting menu journeys, but what if they became the main point of engagement
READ TIME: 3 MINS

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