Touchpoint Group

Digital or NeoBanks Finish 2024 in a Strong Position The NeoBanks surpass the legacy banks in App downloads for the first time, https://lnkd.in/gXVMDJ4q On the investment front its looking like these banks are hot again as evidenced by recent funding announcements, https://lnkd.in/gxKfaBZn These indicators raise the heat on the legacy banks to compete and/or engage in M&A. 2025 is looking like an active year already.

🔋 Re-charge Your Batteries This Festive Season! Wishing everyone a wonderful festive season—take time to relax, unwind, and enjoy moments with your loved ones, whether you're in the snow, soaking up the sunshine, or simply embracing the holiday spirit at home. This is the perfect opportunity to reflect on the year gone by and get ready for the exciting opportunities and challenges that 2025 will bring. At Touchpoint Group, we’re gearing up for an action-packed year ahead as we continue to grow and serve customers around the globe. Here’s to a happy holiday season and an even brighter year to come! 🎉 #CustomerExperience #HappyHolidays #GoodTimes #2025HereWeCome

The goal for banking App performance in 2025

Banking Apps - Challenges of Maintaining Primacy with your Customers

Dear Banking Colleagues, As many of you are aware and experience first hand managing banking Apps for customer success is an intense and expensive business. We track customer scores and comments for Apps in many countries. The scoring being 1-5 with 5 being excellent. Banks scoring above 4.0 tend to have happy customers and therefore negligible customer churn. Consistently achieving scores above 4.0 is challenging and even the best mobile teams can go through tough times, especially with major software releases. I’m sharing here a high level view of what has happened with the major banks in the US and UK over the past six months to illustrate how Customer perception of their banking Apps can change even for the best mobile teams. In the US the number of banks scoring 4.0 and above has gone from 7 to 9, representing an overall market improvement. Of the 7 above 4.0 at the start of the period, 2 have slipped below 4.0 illustrating just how challenging the task is. Yet in the UK the number of banks scoring 4.0 and above has actually declined from 10 to 7. Much of this decline has been caused by major App releases. This illustrates the high risk to customer experience and loyalty with new releases. Detailed care needs to be taken across all operating systems (that’s a big task!), but its well worth the investment. After all the name of the game is seamless self service for our customers in the Apps, which means they buy more and become more profitable, remembering the App is now the primary banking channel for the majority of customers. I’d be interested to hear more first hand experiences and learnings here. Want to learn more please reach out. #customerexperience #mobilebankingapp #customerstability #customerchurn

Dear Banking Colleagues Warmest Thanksgiving greetings to those of you in the US. Stay safe and warm given the artic weather conditions forecast for many areas. Its also a time to spare a thought for those of our colleagues who remain working over the holiday season to ensure that our digital channels and the complex machinery of banking continues working well. After all we all expect apps and websites to work 24/7. Let’s hope the holiday period runs smoothly, no major digital disruptions please.   #thanksgiving #customerexperience #mobilebankingapp #customerstability #customerchurn

Banking industry colleagues... This post is advocating caution in using in-app push notifications to encourage customer reviews. While this mechanism can enhance customer experience and product performance when used appropriately, excessive prompting for reviews can lead to a decrease in the authenticity of feedback from genuinely engaged customers. Touchpoint Group specialises in benchmarking app performance across regions like North America, UAE, and the UK. Our analytics can detect the overuse of push notifications in public reviews. One striking case involves a bank in the US that consistently garners an unusually high volume of reviews each month, around 40,000, while maintaining a consistently high score, raising suspicions of potential gaming tactics. Such practices not only mislead stakeholders, they also deprive managers of valuable insights from authentic customer feedback. The key takeaway is to exercise caution when leveraging in-app push notifications to gather feedback, ensuring that the information obtained truly reflects the sentiment of customers, and enhances the app's appeal. For those interested, examples illustrating the impact of in-app gaming are available upon request. #CustomerExperience #EngagedCustomers #BenchmarkAppPerformance

This article backs up what we observe in the #bankingapp customer feedback whereby US Regional banks generally lag in customer experience performance behind Tier 1 banks. More care and action is required by many banks, which will pay dividends in the long term in loyal customers. https://lnkd.in/g3X8Heru

In this Touchpoint Group insights session, we discussed the importance of user interface (UI) updates in banking apps, specifically focusing on their impact on user experience and customer satisfaction. UI changes, while necessary for improving security and introducing new features, can often be unsettling for users, particularly when they affect financial transactions. The session highlighted the capabilities of Touchpoint Group’s AI platform, Ipiphany, in analyzing and understanding the real-time effects of these UI changes. Ipiphany offers several key features that provide valuable insights: - Automated categorization and organization of feedback data into tens of thousands of topics and themes specific to industry sectors. - Benchmarking and insights at both a large scale and granular detail. - Easy customization and automated updates of reports as new data is processed, ensuring no insights are missed. - Data processing from various sources. We examined the performance of Santander's UK mobile banking app, analyzing public reviews from Google Play and the App Store from August 2022 to June 2024. This analysis provided insights into how recent UI changes have influenced customer satisfaction. The experiences of Santander's UK mobile banking app highlight the challenges and impacts of UI changes on user experience. Using Ipiphany, banks can understand and address these issues, ensuring customer satisfaction and loyalty. As banking apps continue to evolve, maintaining a user-friendly interface is crucial for retaining customers and fostering positive user experiences. Read the full blog post: https://lnkd.in/gDn42FH4 #TouchpointGroup #BankingAppInsightsSession