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1、1FULL RADARINTROFEATURESRECOM-MENDAT-IONSCONTACTDigital Banking FeaturesRADAR Q3 20222FULL RADARINTROFEATURESRECOM-MENDAT-IONSCONTACTIntroduction23FULL RADARINTROFEATURESRECOM-MENDAT-IONSCONTACTINTRODUCTIONForewordInspiration for banking featuresCustomer expectations for digital banking services con
2、tinue to grow at an exponential rate,due to technological advancements and consumers increased experience using big tech in their daily lives.As banks work on improving their cost-income ratios and with growing economic uncertainty,there is increased pressure on IT budgets.As a result,banks must car
3、efully consider how to spend their digital transformation budgets in the most effective way and place their focus on implementing features that can both improve the consumer banking experience,and ensure they remain competitive in a crowded marketplace.From our analyses we identified that almost 80%
4、of the daily banking functionalities retail banks provide to customers are similar.Leaving just 20%functionality where banks can really differentiate and get innovative.When considering where and how the budget should be spent,its critical to first ensure that the foundational 80%of banking function
5、ality is created in the most efficient way possible.Once this solid foundation is in place,the majority of the digital transformation budget can be spent on the differentiating 20%functionality.How can banks maximise return on investment?The first step is to define the must-have functionalities and
6、start by creating a minimum viable product(MVP),using the out-of-the box functionalities from your digital banking vendors as much as possible.This approach allows banks to run the initial release with a limited budget and will also de-risk implementation.As the foundation is being built,in parallel
7、 a differentiating features roadmap can be put in place ready to be implemented immediately after the initial MVP launch in innovation releases.Not sure where to begin?This second iteration of our Digital Banking Features Radar is the perfect tool for gaining an overview of the various banking featu
8、res and functionalities currently offered worldwide.You dont have to be at the forefront of innovative features to make an impact.Neither do you need to implement advanced innovative features.Why not start by assessing your competition and seeing what works for them?From there you can start to devel
9、op your own must-have functionalities roadmap,along with defining what differentiating features can work well for your customers.However,its important that you first have a clear understanding of your target group,stakeholders and brand promise,to make sure the features selected will resonate with y
10、our customers.Using our interactive radar,you can gain a better insight into what features banks commonly use and are considered a hygiene factor for your MVP,what features are used to delight clients,and what features truly set banks apart from the competition.Interested to learn more?Just reach ou
11、t and connect,our consultants and creatives would be happy to guide you in this process.PETER-JAN VAN DE VENN,VP Global Digital Banking,Mobiquity4FULL RADARINTROFEATURESRECOM-MENDAT-IONSCONTACTINTRODUCTIONWhat is happening with banks and their brands Digital is destroying Bank BrandsFINANCIAL PRODUC
12、TS ARE MOVING FROM PLACE TO SPACEBanking products must be able to live in digital ecosystems.Either by adding a digital interface or creating fully integrated digital products and services.A competitive,multilayered environment demands new ways of marketing to constantly maximise the engagement they
13、 have with the captive audience of customers using their products.BANKS ARE FACED WITH AN EXPLOSION OF DIGITAL TOUCH POINTSHundreds of interactions make up the customers experience and real perception of a banks brand,instead of whats promised in marketing campaigns.Touch points are not all taking p
14、lace in a linear journey,turning every single interaction into a make-or-break moment.With some of them even disintermediated from the direct control of a bank,making a neutral rating the highest attainable.DIGITAL IS DRIVING BANKING EXPERIENCE RELATIVITY AT AN ENORMOUS RATEBorders between brands an
15、d brand categories are evaporating.Customers easily switch from streaming content to ordering food,changing their utility provider to buying new products.The same happens with banks,creating an open and level playing field where a brand might have the upper hand one moment,but in the next sees their
16、 experience being surpassed by competition they didnt even consider before,like weve been seeing recently with Fintechs,Insurtechs,DeFi,etc.5FULL RADARINTROFEATURESRECOM-MENDAT-IONSCONTACTINTRODUCTIONReport lenses1.FEATURESHere we are discussing features:functionality provided to customers.They are
17、a crucial part of customer experience.To fully understand competitive position,analysis of the full product and branding is required.This report offers an overview of the global financial services application market.To keep the report focused,weve used the five lenses below.2.RETAIL BANKINGThe repor
18、t focuses on retail banking servicing private individuals.Features targeting business customers only,are not included in the report.3.MOBILE APPLICATIONSFeatures represented here come from mobile applications.Therefore,our assessment of the feature frequency covers only its availability through mobi
19、le.4.GLOBAL VIEWWeve included features from all over the world to provide a holistic overview and showcase items that are not widespread.The frequency assessment in the report is also done from a global point of view,so availability of a feature on a specific geographical market may differ.5.CUSTOME
20、R ANGLEWe chose to stay in the customers shoes and focus on functionality visible to them.Some of the features may require complex algorithms and solutions run in the background,still for the customer it is available with a tap on a button.6FULL RADARINTROFEATURESRECOM-MENDAT-IONSCONTACTFull Radar67
21、FULL RADARINTROFEATURESRECOM-MENDAT-IONSCONTACTFULL RADARRadar dimensionsRINGS:FREQUENCYThe rings represent how frequent the functionality is on the global market.The closer the ring is to the center-the more frequent the features are on the market.SECTORS:AREA OF CUSTOMER EXPERIENCEAreas of custome
22、r experience,covering the typical needs of banking users.In features that have more than one use,we tend to opt for the most relevant experience area.For a better understanding of these features,we categorised them in three different types based on how frequent they are.The“MUSTS”are the most observ
23、ed on the market and the“DIFFERENTIATORS”are the least common.MUSTSThe MUSTS features are easily observed in the majority of banks,and often work as enablers for DELIGHTERS and DIFFERENTIATORS.This is what a customer expects to see while installing a retail banking app.They are readily available on
24、the market.Not having these features in an app may lead to losing clients to competition,unless the app is highly specialised.DELIGHTERSDELIGHTERS are features that are not resoundingly common on the market.They are not necessarily a must have and if a customer wants to have this feature,they still
25、have a good choice between several providers.These features are also seen as cool ideas that help customers to improve their banking use beyond basics.DIFFERENTIATORSDIFFERENTIATORS are the least common on the market and are often exclusive to particular financial service providers.If a customer wan
26、ts to have this feature,they cant just go to competition.All features collected for this report are distributed by dimensions:8FULL RADARINTROFEATURESRECOM-MENDAT-IONSCONTACTFULL RADARRadar sectors:areas of customer experienceOPEN ACCOUNTFeatures related to becoming the companys customer and opening
27、 an account.MANAGE ACCOUNTFeatures related to managing and updating the account.MANAGE FINANCESCapabilities helping customers to understand and manage their finances better,preventing unnecessary losses.SAVE MONEYFunctionality helping people to save money and manage their savings.INVEST MONEYFeature
28、s enabling users to invest their money or analyse their investments.CONNECT AND IMPACTFunctionality allowing customers to find help,connect or engage in charitable activities.LOAN MONEYFunctionality supporting credit products and credit processes.GET PAIDFunctionality covering receiving money and re
29、trieving cash.PAY OTHER PEOPLEFeatures covering money transfers to other private individuals.BUY THINGS AND PAY BILLSEnablers for purchasing products and services from different vendors.Radar sectors indicate what areas of customer experience the features address.9FULL RADARINTROFEATURESRECOM-MENDAT
30、-IONSCONTACTCurrent accountsOPEN ACCOUNTIn-app onboardingShared/joint accountsJunior accountsChat accountMANAGE ACCOUNTMANAGE FINANCESSAVE MONEYINVEST MONEYFreezing and blockingManage notificationsChange contact dataApp/card look personalisationChange PINLogin with bank dataView card in ARFunction s
31、electionData walletAdd-onsBasic reportingActivity alertsView all your accountsInsuranceSpend analysisBudgetingTravel modeDual PINTrack earned wagesSaving account in appTransfer between own accountsSaving goalsShared savingsAutomated transfersRoundingConditional rules/If This Then That(IFTT)Gamified
32、savingsSocial mechanismsPortfolio view and managementCryptocurrencyAuto-pilot for investmentsPortfolio rebalancingInvestment performance analysisInvest your changeFULL RADAROverviewCONNECT&IMPACTChatbotVirtual assistantDonationsChat with friendsGiftsSustainability insightsHealth managementLOAN MONEY
33、Pre-approved creditDigital mortgage or remortgageJeonse loansPeer-to-peer lendingCredit boostsTip your bankerOverdraftCredit score analysisCredit building servicesGET PAIDCheck depositEarly salaryCashbackFind ATM/branchATM in an AppGenerate a PINSide hustlePAY OTHER PEOPLECross-bank transfersPay by
34、a keyIBAN checkerPay with a link/request paymentIn-chat paymentsPay kids for choresNear meBUY THINGS&PAY BILLSThird-party paymentBill scanningBets and lotteriesDirect debitAnti-embarrassmentGo back in timeBill paymentPayment cardsSplit billsDealsPay by QRBuy with QRHow to use:click on one of the dot
35、s to view the information directly.MUSTSDELIGHTERSDIFFERENTIATORSIn-app searchSecurity meterManage availability abroadLong-term planningPeople like youFinancial health scoreMaybuyCredit back in timeCancel payment orderPayment type selectionAuto acceptAccommodation bookingUpdated in this editionNew i
36、n this edition10FULL RADARINTROFEATURESRECOM-MENDAT-IONSCONTACTOPEN ACCOUNT MANAGE ACCOUNT MANAGE FINANCES SAVE MONEY INVEST MONEY PAY OTHER PEOPLE GET PAID LOAN MONEY CONNECT&IMPACT BUY THINGS&PAY BILLSDIFFERENTIATORSDELIGHTERSMUSTSFEATURESFull RadarMUSTSDELIGHTERSDIFFERENTIATORSClick on one of the
37、 dots in the radar to view directly.11BACK TORADARFULL RADARINTROFEATURESRECOM-MENDAT-IONSCONTACTFEATURESOpen an accountCurrent accountsAbility to see and manage current accounts is perceived as the core functionality of retail banking apps.Depending on the market,users might also expect foreign cur
38、rency accounts functionalities and respective features allowing currency exchange.While in many cases accounts get numbers or generic names,some banks,like BPI or ANZ,allow customers to rename/nickname accounts.MUSTSBank of America12BACK TORADARFULL RADARINTROFEATURESRECOM-MENDAT-IONSCONTACTIn-app o
39、nboardingWhile some banks still require people to go to a branch to become a customer,digital onboarding becomes more and more widespread.An onboarding process typically involves filling in personal and contact information,submitting an ID document and taking a selfie for a liveness check.The proces
40、s from clicking the register button to being actually able to use the account can take from under 10 minutes to several days.The number of clicks required to complete the registration varies as well.Shared/joint accountsIn addition to a personal account,viewed and managed by a single person,users ca
41、n also get a current account shared with other people.Organisations like 86400,ING and Virgin Money allow customers to have a joint account and issue an additional card.Users can use it for day-to-day expenses,savings or to manage money for specific events-just as a usual account.Junior accountsThis
42、 is a specific case of a shared account,suitable for use by children.Often remaining a part of a parents package,these accounts and cards provide core banking functionality-payments&savings-to teenagers and kids.In most cases the parent still retains control over the account,set spending limits and
43、can freeze and unfreeze cards.Sometimes,as in case of Revolut,the account and card cannot be used to pay certain merchants,eg.gambling companies.Tinkoff Junior allows kids to request money from parents,adding explanation of how this money is going to be used.FEATURESOpen an accountDELIGHTERSN2686 40
44、0Revolut13BACK TORADARFULL RADARINTROFEATURESRECOM-MENDAT-IONSCONTACTChat accountKakaoBank takes joint accounts a step further.A customer can create an account out of KakaoTalk chat room and share it with up to 100 friends.All participants can see balances and payments from the account or transfer m
45、oney there,while the account owner retains control over the account.FEATURESOpen an accountDIFFERENTIATORSKakaoBank14BACK TORADARFULL RADARINTROFEATURESRECOM-MENDAT-IONSCONTACTFEATURESManage accountFreezing and blockingBeing able to freeze or block a card or account is viewed as a major security fea
46、ture by customers.Applications allow this functionality on the go,whenever users feel their assets are compromised.Typically banks offer functionality to block the card,followed by a card re-issue if the customer wants to continue using the account.Other banks allow the customer to temporarily freez
47、e the account and unfreeze it later.A small number of banks allow customers to lock access to on-line banking.MUSTSManage notificationsIn times when customers feel overwhelmed by the amount of push notifications they are receiving,having an opportunity to decide in what cases your financial service
48、provider can contact you is crucial.Therefore,this functionality is deemed essential.Sometimes it is represented by a single button turning off all possible notifications,in other cases the user is presented with a wider option selection.Some banks even allow customers to manage all their touchpoint
49、s with the organisation in the app,selecting what letters,e-mails,SMS etc.They wish to receive.Royal Bank of ScotlandBarclays15BACK TORADARFULL RADARINTROFEATURESRECOM-MENDAT-IONSCONTACTFEATURESManage accountChange contact dataThe process of changing an address or phone number as well as other perso
50、nal data can also be transferred to the mobile app.This is not a universally digital offering,as many banks are asking their customers to contact them by phone,not relying only on the app.DELIGHTERSApp/card look personalisationSome banks allow customers to adjust their apps look or order customised
51、cards,ranging from just changing a color to creating unique images.Bunq even allows customers to pick a preferred name to be shown on the card,while ZA bank allows customers to choose a card number.It is also not uncommon to offer two themes-dark and light,allowing customers to choose whichever one
52、is most convenient to them.Change PINChanging PIN code on a credit card no longer implies going to a branch or finding an ATM.Some apps allow users to change their PIN code wherever they are.Login with bank dataSome banks offer an opportunity to login to other organisations apps or websites using ba
53、nk data.With this method a client buying,for example,insurance,will be forwarded to the specific screen in their banking app to login.This is a partnership on Dutch market with the login method available on more than 200 websites.National Australia BankKakaoBankRaiffeisen BankINGIn-app searchIn-app
54、search helps users to quickly find right information,contacts or even other features.In feature-heavy apps this can significantly improve user experience.Revolut16BACK TORADARFULL RADARINTROFEATURESRECOM-MENDAT-IONSCONTACTFEATURESManage accountView card in ARN26 customers can have a sneak peak of th
55、eir card even before it arrives.The app uses augmented reality to show what your new card will look like.DIFFERENTIATORSFunction selectionStarling allows its customers to select the functions that are available in the app.Users can turn off options such as cash withdrawal,contactless payments,online
56、 payments,use of mobile wallet and gambling transactions.Data walletRabobanks spin-out Datakeeper enables controlled personal data sharing between customers and organisations.Datakeeper helps users control what data they share and when they share it with organisations,enabling users to keep all thei
57、r personal data in one place and update it hassle-free if needed.Add-onsBunq allows users to build their own applications and feature add-ons for the app.It builds a customer-centered community where people can request,build and integrate functions,making banking more convenient.N26StarlingRabobank/
58、DatakeeperBunqSecurity meterBank of America introduced a features allowing its customers to assess how secure their banking experience is.This delicately nudges clients to adopt safer app usage habits and improve their privacy and security.Bank of America17BACK TORADARFULL RADARINTROFEATURESRECOM-ME
59、NDAT-IONSCONTACTFEATURESManage financesMUSTSBasic reportingOne of the core features related to accounts and cards is reporting.Customers expect access to the basic information like balance and latest transactions cumulatively and for separate accounts/cards they own.Customers may want to not only to
60、 view the reports,but also to export them,as these kind of documents can be required for certain purposes.Manage availability abroad(if required by the bank)Many banks used to require customers to inform the organisation about trips abroad.This security measure required the customer to call or messa
61、ge the bank about their trip destination and travel dates.Current security algorithms allow users to verify transactions without this measure,but some banks still request notification.In this case organisations offer an in-app feature allowing customers to do so.CitibankRoyal Bank of ScotlandActivit
62、y alertsThis feature allows customers to be informed as soon as something happens.Typically,event-based notifications just inform the customer of what happens,e.g.there was a login from a different device,transaction,password change or change in balance that brought it to a previously identified lim
63、it.If the activity is deemed as suspicious by the bank,the notification can also prompt the customer to confirm the action.Some banks like Watertown allow users to indicate additional contacts for notifications,so more people than just the customer are informed about activities.Bank of America18BACK
64、 TORADARFULL RADARINTROFEATURESRECOM-MENDAT-IONSCONTACTFEATURESManage financesDELIGHTERSView all your accountsMore and more organisations allow customers to see not only accounts in a particular bank,but all their accounts.Although this feature is often available as view only,it significantly adds t
65、o transparency and helps customers to manage their funds more efficiently.InsuranceAlthough insurance is a different business,many organisations offer it within banking apps.The offerings can include familiar products such as life,travel,responsibility,home and car insurance,or offerings closer to t
66、he initial digital banking like mobile device insurance(e.g.Revolut,N26,Monzo).Sometimes insurance is included in banking plans.The process of signing up for insurance varies,but often can be fully digital.Spend analysisBanking apps go beyond just showing customers their transactions,but also analys
67、e and provide insights about their spending habits.Spend analysis can split all transactions into categories,highlight merchants getting top spending and even,in the Hay or Monese app,create a map of spending locations.Organisations also try to make it easier for people to see the full picture of th
68、eir spending habits,so some players like Bunq allow customers to scan receipts not covered by in-app payments and include those in the analysis as well.BudgetingThis feature takes spend analysis even further,helping users to predict how much they are going to spend in the next period,set spending li
69、mits per category or even pre-book expected expenses already on the day of when the user is getting paid.In Australian Up users can also see spendable balance instead of usual balance.Spendable balance takes into account regular payments and time to the next pay check.N26 helps its clients to plan t
70、heir budget according to the 50/30/20 rule,offering to split the earnings into needs,wants and savings.DigibankNubank,life insuranceMoneseRevolutLong-term planningING,Rabobank and Up go beyond open banking and short-term budgeting aiming to help their private banking customers with long-term financi
71、al planning which may include value of their housing,investment and other property.This helps to build a holistic long-term picture of customers financial future.Rabobank19BACK TORADARFULL RADARINTROFEATURESRECOM-MENDAT-IONSCONTACTFEATURESManage financesDIFFERENTIATORSTravel modeAustralian app Hay o
72、ffers a special travel mode to its users.As they travel to another country,the app starts to show balance and transactions both in their home and local country,based on geolocation.Dual PINBunq allows its customers not only to split their accounts into sub-accounts for budgeting purposes,but also to
73、 spend directly from these sub-accounts via use of different PINs.For example,a user can set separate sub-accounts for family and business expenses using 1234 as PIN code for one,and 4321 for another.Then groceries bought with PIN code 1234 would automatically be assigned to the family sub-account,w
74、hile stationary bought with PIN code 4321 would be assigned to the business sub-account.Disclaimer:we do not recommend using 1234 and 4321 as PIN codes.HayBunqPeople like youHong Kong WeLab Bank introduced a feature People like you allowing users to compare their own spending habits to other similar
75、 peoples habits.It does not provide exact numbers,however,still gives users data to reassess their spending habits.WeLab BankTrack earned wagesThis feature allows people to track how much theyve earned throughout the month or after each shift.This feature compliments early salary withdrawal,offering
76、 clients the ability to withdraw up to 50%of their salary that has yet to be paid but has already been earned.RevolutFinancial health scoreMoneyLion calculates their users financial health score based on how they spend,save,use insurance and manage credits(credit score).This allows the app to provid
77、e personalised budgeting and planning advice and helps customers to increase their cash flow,budgets,credit and savings.MoneyLion20BACK TORADARFULL RADARINTROFEATURESRECOM-MENDAT-IONSCONTACTFEATURESSave moneyMUSTSSaving account in the appIn addition to current accounts,customers expect some form of
78、a savings account,whether it is a traditional one,term deposit or reimagined account in a form of a vault,jars,pots etc.To illustrate the benefits of savings,companies often provide savings calculators,where users can calculate the growth of their savings.Transfer between own accountsAnother basic f
79、unction enabling savings.A convenient way to reshuffle money between users own accounts is essential to start savings or retrieve funds in case of unexpected expenses.TimoSantander21BACK TORADARFULL RADARINTROFEATURESRECOM-MENDAT-IONSCONTACTFEATURESSave moneyDELIGHTERSSaving goalsTo make savings mor
80、e concrete and increase customers motivation to save,companies allow users to set a time-bound goal for savings.Reimagined savings accounts like jars,vaults,boxes,staches,spaces etc.often allow customers to split savings according to goals(e.g.holidays,house,rainy day),name them respectively and eve
81、n,as Monzo does,attach a picture visualising the desired objective.This allows people to be more precise when planning their savings and spending,while also helping users to stay dedicated to the goal they pursue.Shared savingsSimilar to shared current accounts,banking customers can now enjoy shared
82、 savings account.While mechanics-wise these two offerings are similar,their set up might encourage different behaviour.Automated transfersSetting automated transfers from current to savings accounts helps make saving more hassle-free.This feature used by many banks(including ABN AMRO,Wells Fargo,Mon
83、zo)saves users extra clicks and helps to turn saving into a habit.Transfers can be regular,tied to a particular period,as on the illustration from Chase or triggered by events,e.g.salary payments,as Save when I get paid function from Chime.RoundingThis feature takes automated transfers one step furt
84、her.It allows you to round up any purchase to the next 1/10/100 units of currency,sending the difference to savings.Some Banks allow a multiplier to the rounded amount.Rounding functionality provides users another opportunity to contribute to their savings.DigitRevolutJPMorgan Chase BankChime22BACK
85、TORADARFULL RADARINTROFEATURESRECOM-MENDAT-IONSCONTACTFEATURESSave moneyDIFFERENTIATORSConditional rules/If This Then That(IFTT)This feature allows users to set conditional rules in order to boost their savings.For example,the app can transfer a set amount to savings if the user eats in a fast-food
86、restaurant,or for instance moves money to a holiday savings account every time it is raining.Gamified savingsSome companies are trying to make savings more fun.For example,TMRW allows users to build a city with their savings.The more you save,the bigger users can make their castle.Volt challenges it
87、s customers to save money six times in a row.The app helps the user to track their habits,building with visual aid:circles,illustrating customers progress.KakaoBank engages its customers with a 26 weeks saving challenge.Every week they are prompted to save more money than the week before.If successf
88、ul,the user gets an increased interest rate on savings and bonuses from different partners.The app adds social mechanisms as well:the challenge allows you to compete with your friends.Social mechanismsEngaging with friends and fostering competition helps people to save money.While KakaoBank allows c
89、ustomers to compete with friends,WeLab Bank offers Social deposit:the more people join the group of friends saving money in the bank,the higher the interest rate on savings is going to be.Users retain their separate savings accounts and are just considered together as a group for the purpose of this
90、 feature.Ila Bank makes use of a local Bahrain tradition,Jamiyah.It provides a joint savings account with an administrator and participants.Every month users deposit money as community savings and somebody receives the payout of the months savings to their account.The beneficiary changes each month,
91、so everyone participating gets their turn.MonzoTMRWIla BankMaybuyWhen a customer sees something they would like to purchase or order online,they can share it to Up and turn it into a Maybuy.This will work as a saving goal and helps to save money to eventually buy the desired item.Up23BACK TORADARFUL
92、L RADARINTROFEATURESRECOM-MENDAT-IONSCONTACTFEATURESInvest moneyMUSTSNo feature was deemed as a MUST for this area of customer experience at the moment of the research.You can refer to DELIGHTERS and DIFFERENTIATORS to see what features can bring value to your customers and help your solution stand
93、out.24BACK TORADARFULL RADARINTROFEATURESRECOM-MENDAT-IONSCONTACTFEATURESInvest moneyDELIGHTERSPortfolio view and managementIn addition to saving money,many financial service providers offer their customers an opportunity to invest.Applications provide access to various investment options:bonds,stoc
94、ks,IPO investments,commodities,different types of funds.Functionality typically includes opportunity to buy and sell,portfolio overview and a tool to see investment options performance over time.Some companies like MoneyLion or more specialised Aspiration also highlight specialised options for inves
95、tments like investing in technology or sustainability,tying investments to the clients interests.CryptocurrencyMore and more players offer customers an opportunity to invest in cryptocurrency.While regulation in this field is still not fully determined,and although this is not a very common feature,
96、many companies seem ready to invest in this functionality.Auto-pilot for investmentsSome apps aim to take hassle away from investments and offer automated investment options.Often a customer can select the amount they would like to invest regularly and the level of risk they are willing to accept.So
97、me players offer more specialised services,for example ZA Bank is specifically looking at new IPOs.C6 BankWirexMoneyLion25BACK TORADARFULL RADARINTROFEATURESRECOM-MENDAT-IONSCONTACTFEATURESInvest moneyDIFFERENTIATORSPortfolio rebalancingWith a similar,not identical feature,Niyo took investment autom
98、ation in a slightly different direction.The Rebalance portfolio button allows customers to adjust their portfolio in accordance with market trends,but only when they choose to do so.Investment performance analysisTo give the customers a sense of how well their mutual fund is performing and to recomm
99、end other options,Jupiter offers its users a portfolio analyser feature.Users can share a report from their mutual fund and receive analysis with recommendations.This tool allows customers to uncover hidden fees,notices if the fund is underperforming and detects exposure to high risk.Invest your cha
100、ngeSimilarly to the Rounding feature described in the Savings section,this function allows customers to use their spare change for future benefits.MoneyLion rounds every purchase up to a dollar and transfers the change to the customers investment account.Niyo MoneyJupiterMoneyLion26BACK TORADARFULL
101、RADARINTROFEATURESRECOM-MENDAT-IONSCONTACTFEATURESConnect and impactMUSTSNo feature was deemed as a MUST for this area of customer experience at the moment of the research.You can refer to DELIGHTERS and DIFFERENTIATORS to see what features can bring value to your customers and help your solution st
102、and out.27BACK TORADARFULL RADARINTROFEATURESRECOM-MENDAT-IONSCONTACTFEATURESConnect and impactDELIGHTERSChatbotChatbots are often used as a form of customer support.They can handle several languages,answer questions about function and services,resolve simple requests and route unresolved questions.
103、Virtual assistantSome organisations go beyond chatbots.For example,Ila Bank created“Fatema”,a virtual assistant you can chat or have a call with.It recognises both oral and written speech.Donations&supporting causesFinancial service providers aim to make the process of donations easier.It can includ
104、e simplified payment flows for charitable organisations,recurrent payment functionality or even an opportunity to round up every purchase and send the change to the selected organisation,e.g.in Revolut and Aspiration apps.Bunq also offers an account with a different approach:per every$100 spent a tr
105、ee gets planted by Eden Reforestation Projects.Aspiration also allows an option to offset carbon impact that is tied to the amount of funds transferred to the Aspiration account.GiftsThese features help customers to send gifts to their loved ones.Typically the customers pick among the gift options r
106、epresented in the app,add a picture or personalised message and send it over.Sustainability insightsSome financial service providers use information about customer transactions to categorise them and calculate the users carbon footprint.This can be followed up with advice on how to reduce the footpr
107、int.Insights can take different aspects into account:while Islandbanki focuses on CO2,Aspiration calculates its own Impact score based on people and planet impact.N26Ila BankAspirationRabobankIslandsbanki28BACK TORADARFULL RADARINTROFEATURESRECOM-MENDAT-IONSCONTACTFEATURESConnect and impactDIFFERENT
108、IATORSChat with friendsTNEX has a chat function that allows people to connect with each other,create contacts with nicknames,establish group chats and share different media.Health managementTNEX also provides step and emotional trackers,helping its customers to monitor their physical and mental heal
109、th.TNEXTNEX29BACK TORADARFULL RADARINTROFEATURESRECOM-MENDAT-IONSCONTACTFEATURESLoan moneyMUSTSNo feature was deemed as a MUST for this area of customer experience at the moment of the research.You can refer to DELIGHTERS and DIFFERENTIATORS to see what features can bring value to your customers and
110、 help your solution stand out.30BACK TORADARFULL RADARINTROFEATURESRECOM-MENDAT-IONSCONTACTFEATURESLoan moneyDELIGHTERSPre-approved/Fast-track creditThis feature allows customers to get a through-the-app credit product with minimal hassle,sometimes with near instant approval.This might involve the c
111、ustomer selecting a credit limit and/or credit conditions,the bank analysing the customers cash flow and other available data in advance,streamlining the approval process with on-line document exchange.OverdraftThis is one of the most popular credit products to offer through apps.Some companies turn
112、 on overdraft automatically when a customer doesnt have enough money in their account to cover a purchase.In this case the customer typically receives a message informing them the product is in use.Digital mortgage or remortgageIn addition to financing immediate needs and purchases,financial service
113、 providers also work on offering digital mortgages,transferring this multi-step process to online.Functionalities that often include opportunity to browse through different options/brokers,calculators,online document submission,and an opportunity to schedule online meetings with advisors.Jeonse loan
114、sThis is a product available in South Korea.It is an enabler for Jeonse-a special agreement between tenant and landlord.The tenant provides a certain share of the propertys market price(usually 50-80%),from which the landlord can invest over the course of the renting agreement.The tenant can use the
115、 property rent-free,and in the end the landlord returns the money while retaining all profits from investments.In this case the bank provides a loan for the tenant to cover its costs.Credit score analysisThis feature analyses customers credit reports.It provides a summary of the report,insights into
116、 what influences the score and tips on improving it.Some solutions also allow users to model how certain financial decisions are going to influence the credit score.Credit building servicesSome financial service providers offer services to improve users credit score.Often it involves a loan for mund
117、ane expenses that do not exceed the amount in the customers deposit.The deposit provides a guarantee that the credit will be paid back.The customer uses and returns the credit,creating a history of successful credit repayment,increasing the clients credit score.CitibankChimeAtomKakaoBank,Jeonse loan
118、UpgradeVaroCredit back in timeCurve,Monzo,Tinkoff Bank offers a feature that allows customers to transform any purchase over the last 12 months into a Buy Now Pay Later product.This allows clients to reshuffle their budget when needed.Curve31BACK TORADARFULL RADARINTROFEATURESRECOM-MENDAT-IONSCONTAC
119、TFEATURESLoan moneyDIFFERENTIATORSPeer-to-peer lendingSaveIn allows customers to borrow and lend money to each other.It leverages personal networks-family,friends and acquaintances,offering functionality to send and accept requests for money.Credit boostsChimes customers can send each other credit b
120、oosts every month.This temporarily increases the receivers overdraft limit for that given month.Tip your bankerChime provides a no-fee overdraft.When the overdraft is successfully repaid,clients are prompted to leave an optional tip to keep the service running without fees.SaveInChimeChime32BACK TOR
121、ADARFULL RADARINTROFEATURESRECOM-MENDAT-IONSCONTACTFEATURESGet paidCheck depositIn countries where checks are still widely used,customers expect to be able to deposit them in their banking account in a more seamless way.For that,banks provide this feature enabling customers to digitally deposit this
122、 traditional method of payment.The way it typically works is the app asks the user to select a destination account,enter the value and take a photo of the check.MUSTSWells Fargo33BACK TORADARFULL RADARINTROFEATURESRECOM-MENDAT-IONSCONTACTFEATURESGet paidEarly salaryMentioned as a regional(US)feature
123、 in the previous edition of the report,this feature has since been noticed in Europe,adopted by Revolut.It allows the user to receive their salary a day/several days in advance if the processing bank is in fact the salary bank recognised by the employer.In this case the bank receives the information
124、 about the salary before the money is actually processed in the system.Then the bank can make money available to the customer earlier and compensate it once the actual salary payment comes.Some financial service providers like Chime even offer standardised forms customers can fill in and mail to the
125、ir HR department.DELIGHTERSCashbackSome banks reward their customers by paying them a percentage of money spent on certain products and services.Cashback can be paid for all purchases via certain products(eg.cards),certain categories of goods or services(eg.all groceries or cinemas),or just for part
126、ner offerings.Sometimes banks also allow their customers to choose categories they will be receiving cashback or increased cashback from.For example,every month Tinkoff Black allows its users to choose three categories for increased cashback.Find ATM/branchThis feature connects the digital and physi
127、cal world,allowing clients to find the closest outlet where they can receive support or services not available in the app.Often the feature also shows additional information about ATMs and branches,for example their working hours and available services.ATM in an AppThis feature allows people to with
128、draw money from ATMs even if the person does not have a payment card.It generates a QR code read by the machine that then provides the cash.The feature was spotted in Japanese and Hong Kong markets.ChimeLiviRevolutLivi34BACK TORADARFULL RADARINTROFEATURESRECOM-MENDAT-IONSCONTACTFEATURESGet paidGener
129、ate a PINUala asks its customers to generate a unique PIN number in the app to authorise cash withdrawals.This feature potentially increases security of ATM use.DIFFERENTIATORSSide hustleDave allows its customers to find a side gig in their app.Often they have flexible one-time jobs available so the
130、 customer can easily fit in with their schedule.Users can check the job board and select a hustle that seems most attractive to them.UalaDave35BACK TORADARFULL RADARINTROFEATURESRECOM-MENDAT-IONSCONTACTFEATURESPay other peopleCross-bank transfersOne of the most basic functionalities,whether this is
131、a traditional or neobank app,is the need for customers to be able to transfer money not only intrabank,but to anyone with a bank account.MUSTSCredit Agricole36BACK TORADARFULL RADARINTROFEATURESRECOM-MENDAT-IONSCONTACTFEATURESPay other peoplePay by a keyThis feature simplifies transferring money to
132、other people even further:the user does not need to know the other persons or organisations banking data,just a key is enough.Phone numbers,e-mails,credit card numbers or even a random unique indicator can work as a key.This feature requires inter-bank cooperation to support the system.In case of Ru
133、ssia and Brazil these transfer systems are supported by Central banks,that provide a platform.DELIGHTERSIBAN checkerThis feature allows customers to check whether account data and the funds receivers name belong together before the transfer happens.This simple check prevents fraud and mistakes in tr
134、ansfers.As use of IBAN is itself limited to a list of countries-participants,the feature is labelled as regional.Pay with a link/request paymentThese features go together,serving both the funds sender and funds receiver.They allow the sender to send a request for payment indicating the sum and reaso
135、n for payment,usually in a form of link.The receiver can open the link and pay the outstanding amount.Some companies offer it as a function like Monese,and others as a separate app available outside the bank,for example,ABN AMROs Tikkie.Nubank,Pix transfersRabobankABN AmroCancel payment order This f
136、eature allows users to cancel unprocessed payment orders,e.g.for recurrent payments or checks.It is often possible to stop a payment if there is a sufficient time period between an order and its implementation.While some banks still ask customers to do this through on-line banking or calling a hotli
137、ne,in many it is possible to do so via the app.Bank of Ireland37BACK TORADARFULL RADARINTROFEATURESRECOM-MENDAT-IONSCONTACTFEATURESPay other peopleAuto acceptBunq users can automatically pay incoming requests from trusted contacts,without spending time on review.To do this the customer authorises au
138、to-accept for the selected contacts and sets the payment threshold.Then all payment requests below the threshold from the contact are automatically approved.The user can also exclude a contact from the auto-accept list later.A similar approach is used for direct debits and on-line shops.DIFFERENTIAT
139、ORSIn-chat paymentsClose integration with KakaoTalk allows users of Kakao Bank to send money right in the chat by clicking on the persons name.Pay kids for choresRevolut allows users to set small tasks for their kids with Junior accounts and pay as these tasks are done.Similar features were spotted
140、in Current and Tinkoff bank,but remain relatively rare at the moment of this report preparation.BunqKakaoBankCurrentNear meRevolut allows its customers to easily pay other Revolut users nearby.When activated,this feature shows people nearby that are able to receive funds.Raiffeisen Bank offers a sim
141、ilar function called Money Drop,operated via Bluetooth.RevolutPayment type selectionIndian money management app Fi automatically advises its users on what would be the cheapest and most secure method of payments to a particular receiver.With many payment options available-QR,bank transfer,payment sy
142、stems,debit card,etc.-this helps customers to decide on method in moments.Fi38BACK TORADARFULL RADARINTROFEATURESRECOM-MENDAT-IONSCONTACTFEATURESBuy things and pay billsBill Payment Customers expect to be able to pay bills from their account.Often financial service providers allow customers to searc
143、h for frequently used local service providers in the app or enter payment details manually.Contact book built from previous payments is also a common feature.MUSTSPayment cardsCards are seen as an essential banking offering by many customers.They enable cash withdrawal,POS and internet payments and
144、work as an irreplaceable financial tool for the users.Often cards are a part of the initial product package offered by the bank,whether it is a traditional player or a neobank.BNP ParibasVaro39BACK TORADARFULL RADARINTROFEATURESRECOM-MENDAT-IONSCONTACTFEATURESBuy things and pay billsThird-party paym
145、entAccess to Google and Apple Pay,as well as other payment options,depending on the region,is an attractive option for customers.DELIGHTERSBill scanningTo simplify bill payment,some apps allow users to scan paper bills,capture data and auto-fill it into the payment form.Bets and lotteriesSome banks
146、also have betting and lottery services available in the app for easier purchase.This appeared to be a popular feature in Japan.Direct debitThis feature allows customers to pre-authorise certain entities to withdraw money from their account.It is typically used for recurring payments like utilities,l
147、oans,insurance or donations.Sometimes apps also offer functionality to manage direct debit,for example,cancellation.Split billsThis functionality allows users to revisit a transaction and share its costs with other people,whether evenly or by entering custom amounts.People receive a pay request and
148、can send money to the request issuer.Often the people the customer is splitting the bill with are not required to be customers of the same bank.In some apps,e.g.UK Monzo or Brazilian NuBank,customers can also send a reminder about the split bill to people who have not paid yet.DealsMany banks also s
149、how deals and offers in their app or on the website.It can be promotional offers,discounts-anything from partners or advertisers.In some apps,e.g.Brazilian C6,users can use loyalty points to buy goods and services.Pay by QRBanks like Livi allow customers to use QR codes instead of cards while paying
150、 with the app in a shop.The feature requires merchants to have solutions like UnionPay QR installed to accept such payments.The customer shows the code and the merchant scans it.Buy with QRAnother use of QR codes comes from online purchases.In this case the merchant provides a customer with a QR cod
151、e that the customer scans with their banking app and pay.iDeal is an example of such solution,used by ING,Rabobank and others.INGBunqJibun bank,boat racingTesco BankN26WalrusLiviABN Amro40BACK TORADARFULL RADARINTROFEATURESRECOM-MENDAT-IONSCONTACTFEATURESBuy things and pay billsAnti-embarrassment mo
152、deIn case customers default card does not have enough funds to cover a purchase,Curve automatically charges another card,enabled through this feature.This helps to avoid embarrassment in shops and avoid awkwardly looking for another card that is working.A similar feature is already used for check bo
153、uncing and is employed by BPI for example.DIFFERENTIATORSAccommodation bookingRevoluts customers can book holiday accommodation right through their banking app.This feature was created in partnership with Expedia and allows users to book selected Expedias offerings.Users can also cancel or modify bo
154、okings through the app,decide to pay now or pay later and enjoy high instant cashback on the booking.CurveRevolutGo back in timeUKs Curve and Australian Up have a similar feature,allowing customers to transfer a payment made from or to a particular account to another account,respectively recalculati
155、ng balances in both.This feature comes in handy if a user accidentally paid from the wrong account or wants to quickly reimburse costs that were supposed to come from a joint account but were paid from a personal card.Up41FULL RADARINTROFEATURESRECOM-MENDAT-IONSCONTACTRecommendations4142FULL RADARIN
156、TROFEATURESRECOM-MENDAT-IONSCONTACTRECOMMENDATIONSThe key pillars for a successful digital solutionIn the end it is not about what others do,but what will take your organisation to the next level.At Mobiquity we believe there are three pillars underpinning digital solution success:CUSTOMER EXPERIENC
157、E STRATEGYTruly successful digital products are rooted in human behaviour,emotions and needs.The way one uncovers these truth about clients and organises innovation around them is reflected in this strategy.DIGITAL PRODUCTS&SERVICESThis is how a great idea of a new product becomes reality through re
158、lentless invention,testing and customer verification.Product building evolves with the product itself,keeping investments under control and focusing on the value the solution brings to customers and businesses itself.DIGITAL BRANDING&MARKETINGGreat products need to be matched with great data-driven
159、marketing.This is about finding the right positioning for the product,the right message and experience to translate and the right means to reach the potential customers.Looking at that dynamically is essential to make sure the product gets the right exposure at the right moment.43FULL RADARINTROFEAT
160、URESRECOM-MENDAT-IONSCONTACTRECOMMENDATIONSFor each pillar there is a set of key questions to considerWhile all these features may look impressive and useful,they are not necessarily fitting every portfolio.Credit score analysis might work better for credit-focused players than an investment auto-pi
161、lot feature.Here are some questions to consider while choosing the next feature for your solution:CUSTOMER EXPERIENCE STRATEGY What are the needs of the specific customer segment you are targeting?What is your competitive situation and how will this feature allow you to get an edge?How does this fea
162、ture fit your overall strategy and values?How does this feature fit the current and target app functionality?What KPIs will be used to measure success?DIGITAL PRODUCTS&SERVICES What is the feature feasibility and how does it fit the current product roadmap?How does this feature affect development of
163、 future functionality?E.g.is it an enabler or a blocker for future features?Does continuous product discovery confirm the features viability and desirability?Is peoples data safe and secure?DIGITAL BRANDING&MARKETING How does this feature fit your branding?What digital touchpoints does this feature
164、affect?What needs to happen to leverage this feature in your experience marketing?Is the feature experience building trust?Can this feature enhance the experience through cross sell?As the solution evolves and reinvents itself,the list of value-adding features may change.Thats why it is important to
165、 constantly review the product roadmap and ideas you have in a backlog.44FULL RADARINTROFEATURESRECOM-MENDAT-IONSCONTACTRECOMMENDATIONSAll pillars are part of our approach for building successful digital solutionsAt Mobiquity we have built many successful mobile banking applications for our clients
166、by combining the key pillars,customer experience,digital products&services,and digital branding&marketing.We have developed our proven Digital Traction Model(DTM)to drive innovation when building digital solutions for our clients.The Digital Traction Model clearly defines the process from ideation t
167、o a fully scalable solution and is focused on creating human centric solutions,by continuously validating human desirability,technical feasibility and business viability.Our approach starts with truly understanding user and business needs,performing market research and combining these insights to ex
168、ecute the first ideation sessions on how a solution should look(IGNITION).The outcomes of this process are subsequently validated with users to have clear insight in the level of desirability of the features.Next step is to prioritise based on the dimensions of technical feasibility and viability,to
169、 make sure the proposed features can be realised and at the same time also serve a solid business case(PROBLEM FIT).Based on agreed priorities,a first Minimum Viable Product is built and validated again with a selected set of users(SOLUTION FIT).The feedback of this validation process is incorporate
170、d in a final version that is released to the market(MARKET FIT).This process is continuously repeated to optimise for scaling and at the same time releasing new features(SCALE).Consistently following this proven approach ensures running an efficient process and only creating solutions that have real
171、 value for the end users.45FULL RADARINTROFEATURESRECOM-MENDAT-IONSCONTACTCONTACTLets discuss how to bring the best features into your banks digital journeyPeter-Jan van de Venn,VP Global Digital Banking,Mobiquity+31 6 4328 4093 Serikova,Digital Strategy Consultant,Mobiquity+31 6 8389 5479 Pereira,D
172、igital Strategy Senior Consultant,Mobiquity+31 6 5000 3954 and Permissions The material in this work is copyrighted.With the exception of fair use for journalistic or scientific purposes,no part of this report may be reprinted or reproduced in any form or by any means without the prior written permi
173、ssion of Mobiquity.In all journalistic or scientific purposes Mobiquity must be indicated as reference.Mobiquity encourages dissemination of its work and will normally grant permission promptly.Legal Disclaimer The material in this document has been prepared with the aim of providing information and
174、 is for illustrative purposes only and is not meant to be legally binding.Mobiquity accepts no liability whatsoever in contract,tort or otherwise for any loss or damage caused by or arising directly or indirectly in connection with any use or reliance on the contents of this document.The content dis
175、played in this Radar is our opinion.The brands mentioned in the Radar are not necessarily our clients.If you feel we have used information in an unfair manner,please let us know.Ruby Walia,Senior Digital Banking Advisor for North America,Mobiquity PalmerVP of Sales,Mobiquity+1 508 735 4556 Quiroga,VP Mobiquity-APAC+61 425 310 010