Digital Banking Tracker: Mobile-First Newcomer Is Banking On Consumer Frustration With Big Banks

Exercising and making healthier choices are at the top of many people’s New Year’s resolutions. But staying financially healthy can be an equally important goal. The December edition of the Digital Banking Tracker  details how financial institutions are working to help their consumers stay in good fiscal shape next year.

Banks also want their customers to stay on top of their financial health and are offering several new digital tools to help them meet their goals and stay financially healthy in 2017.

Among some of the ways banks and tech companies are working to improve consumers’ financial habits are through wearables and fun, interactive features.

Moven, for example, recently debuted a new mobile app that is compatible with wearable devices, like smartwatches, and offers users tips on how to add money to their savings account. A new interactive feature from Pepper aims to boost customer engagement with quizzes and personalized content. Meanwhile, FinGo and eWise are also offering a new app to help millennial customers manage multiple bank accounts from a single screen.

At the same time, banks are looking at the best ways to engage with their customers. A recent report from Fiserv offered financial institutions an outline for the most effective way to communicate with clients, and Bill.com launched a new service designed to improve banks’ relationships with business clients.

Engaging consumers on their turf

As more digital banking solutions become available, some banks are realizing that the traditional way of doing business is becoming outdated and that new ideas are needed to engage new consumers.

Boosting that engagement can be important for financial institutions to maintain strong customer relationships, especially as new players enter the traditional banking industry. PYMNTS recently spoke with Chris Britt, CEO of mobile-first banking platform Chime, about how new business models like his are benefiting from consumer frustration with traditional banks’ business models and how mobile-first banking could shape 2017.

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Click here to download the December 2016 PYMNTS Digital Banking Tracker .

About The Tracker

The PYMNTS Digital Banking Tracker brings you the latest news, research and expert commentary from the FinTech and consumer banking space, along with the rankings of 266 companies serving or powering the digital banking sector.