Frank van der Velden’s Post

𝐂𝐡𝐫𝐢𝐬𝐭𝐦𝐚𝐬 𝐢𝐬 𝐣𝐮𝐬𝐭 𝐚 𝐜𝐨𝐮𝐩𝐥𝐞 𝐨𝐟 𝐰𝐞𝐞𝐤𝐬 𝐚𝐰𝐚𝐲—𝐈𝐬 𝐲𝐨𝐮𝐫 𝐛𝐚𝐧𝐤𝐢𝐧𝐠 𝐚𝐩𝐩 𝐫𝐞𝐚𝐝𝐲 𝐟𝐨𝐫 𝐩𝐞𝐚𝐤 𝐡𝐨𝐥𝐢𝐝𝐚𝐲 𝐭𝐫𝐚𝐟𝐟𝐢𝐜? 🎄 💻 The holiday season means a surge in online banking and app usage. Ensuring seamless performance is critical for customer satisfaction and trust. In his latest article on Finextra, Konrad Litwin, Global General Manager - Testing at Perforce, shares expert insights on preparing your banking websites and apps for high traffic. Discover how performance testing, AI-driven insights, and real-time monitoring can help your systems thrive during this critical time. Check it out today to ensure your systems are holiday-ready! https://lnkd.in/gr7fNA_r #PerformanceTesting #BankingApps #HolidayTraffic #ContinuousTesting #AIInsights

In the Touchpoint Group Banking App Insight Session for February, we analyzed recent developments within the app's version release cycle spanning the last two to three months, and clear trends emerged. Visualizing the timeline across December, January, and February reveals a succession of dominant app versions. Notably, a particular version held sway towards the end of November and the start of December, subsequently replaced by another version that remained dominant throughout December and much of January. Of particular interest are the rapid releases witnessed towards the end of January, marked by version 6.0.20's brief presence before being swiftly replaced by version 6.1.17, followed closely by version 6.2.7 within a few weeks. This flurry of updates during late January underscores significant development and iteration within the app's lifecycle. To delve deeper, examining these versions' performance across the four Foundational Pillars is essential. For instance, the pre-6 series version 5.120.35 demonstrated commendable performance, with an Engaged Customer Score of 4.2. However, subsequent versions within the 6 series, notably 6.0.2 and its successors, displayed diminishing levels of customer engagement, indicative of potential challenges or shifts in user experience. Notably, version 6.2.7 represents an uptick in engagement, suggesting a partial recovery in user satisfaction or interest. This detailed analysis provides valuable insights into the evolving landscape of app development and user engagement, guiding informed decision-making and strategic planning moving forward. Watch the full video to learn more: https://lnkd.in/gFqi3tri

In the Touchpoint Group Banking App Insight Session for February, the analysis examines the performance of different app versions across four key areas: Authentication, Design and UI, App Reliability, and Features and Functionality. Initially, version 5.120.35 had an Engaged Customer Score of 4.2, indicating strong user involvement. However, with the release of version 6.0.2, engagement slightly decreased. Subsequent versions showed even lower engagement until version 6.2.7 partially recovered. The analysis also examines how user experience changes align with the four Foundational Pillars. For instance, when version 6.0.20 was launched, there was a notable increase in app reliability issues, along with a doubling in authentication issues. Subsequent versions further worsened Reliability concerns, as users reported problems like the app opening unexpectedly. This detailed examination emphasizes the need to go beyond numbers and understand user feedback. Text analytics revealed specific issues like app instability and authentication problems, matching the observed increase in related concerns. Overall, this analysis provides valuable insights into areas where app versions are changing, helping identify potential issues affecting user satisfaction and guiding improvement efforts. Watch the full video to learn more: https://lnkd.in/g-wqFZha

In the Touchpoint Group Banking App Insight Session for February, we analyzed recent developments within the Capital One app version release cycles spanning the last two to three months, and clear trends emerged. Visualizing the timeline across December, January, and February reveals a succession of dominant app versions. Notably, a particular version held sway towards the end of November and the start of December, subsequently replaced by another version that remained dominant throughout December and much of January. Of particular interest are the rapid releases witnessed towards the end of January, marked by version 6.0.20's brief presence before being swiftly replaced by version 6.1.17, followed closely by version 6.2.7 within a few weeks. This flurry of updates during late January underscores significant development and iteration within Capital One's app lifecycle. To delve deeper, examining these versions' performance across the four Foundational Pillars is essential. For instance, the pre-6 series version 5.120.35 demonstrated commendable performance, with an Engaged Customer Score of 4.2. However, subsequent versions within the 6 series, notably 6.0.2 and its successors, displayed diminishing levels of customer engagement, indicative of potential challenges or shifts in user experience. Notably, version 6.2.7 represents an uptick in engagement, suggesting a partial recovery in user satisfaction or interest. This detailed analysis provides valuable insights into the evolving landscape of app development and user engagement, guiding informed decision-making and strategic planning moving forward. Watch the full video to learn more: https://lnkd.in/g-wqFZha

In the Touchpoint Group Banking App Insight Session for February, the analysis examines the performance of different app versions across four key areas: Authentication, Design and UI, App Reliability, and Features and Functionality. Initially, version 5.120.35 had an Engaged Customer Score of 4.2, indicating strong user involvement. However, with the release of version 6.0.2, engagement slightly decreased. Subsequent versions showed even lower engagement until version 6.2.7 partially recovered. The analysis also examines how user experience changes align with the four Foundational Pillars. For instance, when version 6.0.20 was launched, there was a notable increase in app reliability issues, along with a doubling in authentication issues. Subsequent versions further worsened Reliability concerns, as users reported problems like the app opening unexpectedly. This detailed examination emphasizes the need to go beyond numbers and understand user feedback. Text analytics revealed specific issues like app instability and authentication problems, matching the observed increase in related concerns. Overall, this analysis provides valuable insights into areas where app versions are changing, helping identify potential issues affecting user satisfaction and guiding improvement efforts. Watch the full video to learn more: https://lnkd.in/gFqi3tri

💡Is your team bridging the gap between digital tools and human touchpoints? In his latest contribution to The Financial Brand, Rivel Banking Research’s Corey Wrinn discusses how today’s consumers expect more than just a seamless app or a quick transaction—they demand true convenience. That means delivering the right service, at the right time, in the right place, whether online or in person. #RivelBankingResearch #TheFinancialBrand #bankingconvenience #bankinginsights https://lnkd.in/ez8tVbEh

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, 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

There are three terms that get thrown around a lot in the #banking/#fintech world that need a rethink. The first is the concept of customer loyalty. 15 years ago, loyalty was synonymous with retention. If you “kept” a customer on your books, you had a loyal customer. About 10 years ago, that dynamic started to change. Consumers (particularly younger ones) didn’t “switch” they providers, they simply added new accounts (and tools) and shifted their banking activity and behavior. Share of wallet (particularly from a transaction, as well as balance, perspective became a more relevant measure of loyalty. But that’s changing as well. This is pretty squishy, but “reliance” is becoming a better measure of loyalty—i.e., to what extent does a customer rely on a particular provider for some aspect of their financial life. I know what you’re thinking: “How do we measure that, smart guy?” I don’t know. And to make matters worse, there’s probably more than one way to measure it, with different measures for different aspects of someone’s financial life. This has some big product implications. Was talking a with a banker recently who’s launching a new digital brand. He commented, “we know we’ll need to offer a payment account in order to generate adoption and loyalty.” Really? You think you can compete for share of payment wallet with the 15 to 20 other payment providers consumers use? Wouldn’t it be wiser to launch a digital wallet that helped consumers make smarter choices of which payment option to use, and become the provider they RELY on to make smart financial decisions? This leads to the 2nd obsolete term in banking: “primary financial institution.” Today’s younger consumers (and probably a lot of older ones, for that matter) don’t have a (single) primary FI. They have different primary providers for the different aspects of their financial lives. Who is the “primary” provider for each aspect? The one they “rely” the most on. Are there certain aspects of the financial life that are more important than the others? Yes—but it differs by customers, and is (in all probability) tied to life stage and financial condition. Which lead us to the 3rd obsolete (or, if not obsolete, then irrelevant) term: customer lifetime value. What’s the definition of “lifetime” here? These days, it seems like the “lifetime” of the provider is shorter than the lifetime of the customer. It also seems very unlikely that a customer’s “lifetime” (in a banking sense) is their physical lifetime. Lifestage seems to me to be a better timeframe to measure someone’s potential value to the organization. Anyway…I keep seeing these terms thrown around as if there’s general acceptance and understanding of what they mean. And I don’t think they mean what you think they mean.

"Nobody goes out, buys a new iPhone, gets halfway through setting the thing up and then throws it in a drawer, saying it's too complex," says Chris Powell, head of deposits and customer engagement at Citizens. "But consumers seem to do this all the time with checking accounts." Today's customers need more than just digital features — they need intuitive, purposeful banking experiences that solve real problems. Here's what's working: - AI assistants that don't just answer questions but take action - Practical savings tools that help customers reach specific goals - Smart appointment scheduling that bridges digital and physical banking Powell puts it perfectly: "The old way was to hang features in the mobile app and hope customers find them. The new way is to walk them through a very simple, curated experience."