Perforce Software’s Post

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

💡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

Here's a worthwhile article for those of you in banking. We have known for some time based on analytics of millions of feedback items that traditional NPS driven survey results do have a value but come up short if you wish to fully understand the intricacies of your customers. Public reviews (eg Trust Pilot and Mobile App) in the moment which are unprompted provide valuable insight into customers, basically the real truth. What's more the NPS VoC programs suffer a lag of approximately a month. In digital world a month is just too long! Enjoy the article... https://lnkd.in/gDMHsWRX

Exploring Upgrade Rewards Checking Plus: A new era of banking rewards in 2024 Read the full article here: https://bit.ly/4c1pftS In an era where banking is increasingly digital, customers are seeking more than just basic banking services. They want rewards, seamless digital experiences, and financial products that align with their lifestyles. Upgrade Rewards Checking Plus stands out as a compelling option in this evolving landscape, offering a blend of robust rewards and practical banking features. ● Customers earn cash back on utilities, groceries, and streaming services ● Overdraft fees, monthly maintenance fees, and ATM fees are eliminated ● The account is fully integrated with Upgrade’s mobile app for real-time transaction tracking and budgeting tools. #bankingrewards #digitalbanking #upgrade #checkingaccount #cashback #financialfreedom #mobilebanking #nooverdraftfees #noatmfees #nomaintenancefees #budgetingtools #bankinginnovation #modernbanking #financialproducts #customerexperience

Some very interesting data points from our recent report jointly prepared by Experian and Moneythor looking at banking app experiences in Australia and New Zealand. Once again, we saw a strong consumer preference for modern tools in digital banking services to enhance their ability to manage their finances effectively and improve their financial wellbeing. Results also revealed that offering an engaging banking app with a personalised user experience is crucial for retaining customers and is a key consideration for them when deciding to switch to a new financial institution. Download the report below for more. #digitalbanking #customerexperience #bankingapp #mobilebanking

Are Open Banking providers misleading merchants with claims of 99.8%+ conversion? No — but merchants may be asking the *wrong question*. #Conversion in Open Banking isn't standardized like card authorization rates. Providers often use a range of definitions for the conversion metric. To get the full picture and ensure comparability, I recommend merchants request the following metrics in RFPs: 🏦 Technical Completion Rate 🏦 This measures how many payments are successfully completed after a customer finalises the initiation process (SCA in the bank app). It reflects bank API performance more than the provider's, but since it's commonly used, it's a useful starting point. 👆Conversion from Bank Selection👆 A critical point in Open Banking payments is selecting the bank for authentication. This metric shows how well the provider technically redirects customers to their bank for SCA. Furthermore, if the provider doesn't explain the process effectively you may see higher abandonment rates. 🛒 Conversion from Checkout 🛒 This is the most important, though hardest to measure. It tracks how many users complete a payment after choosing Open Banking as their method. It is most effective for providers who redirect customers to their own hosted payment page to select a bank and complete the payment. High abandonment at this stage can indicate poor communication or user confusion. Data splits you may want to request: New vs. Returning Users: Returning users typically convert better, but most merchants focus on new users. (If they can't provide this data then it gives insight into their data analytics) Bank-Specific Conversion: A provider’s performance varies because of their underlying bank mix. If one has more HSBC than Barclays the aggregate number is not comparable Value Bands: conversion of payments in the following bands 0-100,101-5000 and 5001+ can offer insight into a provider’s ability to handle different transaction sizes. Device & Channel: Providers must perform well in both mobile browsers and apps, particularly if you have an app integration. Finally, you may want to specify a customer conversion session - i.e. 20 minutes, 2 hours, 1 day. My experience is this is harder for providers to show consistently but could be valuable. If you’d like to discuss these metrics further, feel free to reach out! #Openbanking #openfinance #fintech #payments #checkout

Nice post, Ciaran O'Malley! You’re spot on highlighting the need for merchants to dig deeper into Open Banking conversion metrics. But here's the thing—without a standardized industry measure for conversion rates, comparing providers is impossible task. Now, imagine if all Open Banking suppliers adhered to the same conversion rate definition—merchants would finally be able to make apples-to-apples comparisons. It would push providers to improve their performance, ensuring transparency and consistency across the board. A universal conversion metric could cover: - End-to-End Success Rate (from the moment the customer initiates payment all the way through to completion) – regardless of where the drop-off happens. - Drop-off Insights at key stages, from bank selection to SCA, so merchants can clearly see where things go wrong. Having this standard would cut through the noise and prevent inflated claims of 99.8% conversion that don't tell the full story.

𝐔𝐧𝐥𝐨𝐜𝐤𝐢𝐧𝐠 𝐁𝐚𝐧𝐤𝐢𝐧𝐠 𝐁𝐫𝐢𝐥𝐥𝐢𝐚𝐧𝐜𝐞: 𝐃𝐢𝐬𝐜𝐨𝐯𝐞𝐫 𝟕 𝐃𝐲𝐧𝐚𝐦𝐢𝐜 𝐖𝐚𝐲𝐬 𝐀𝐏𝐌 𝐓𝐫𝐚𝐧𝐬𝐟𝐨𝐫𝐦𝐬 𝐏𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞! Did you know? Digital banking customers differ - 52% prefer app customer service over calls! It's not just about uninterrupted service; it's about enhancing customer experience So, how can banks ensure flawless app performance? The answer: Application Performance Monitoring (APM). Dive into Avekshaa Technologies' latest blog - https://lnkd.in/dA-ctqjy #BankingTech #APM #PerformanceBoost #Innovation"#Digitalbanking #CustomerExperience

We’re one of the first UK banks to launch our retail banking app on Apple’s Vision Pro. Our mobile app users can use their banking features on the Vision Pro in a safe and secure environment, including accessing our digital assistant, Cora+ which uses the latest generative AI technology. Insights we get from app usage will help us to improve product and service design for our digital features. Speaking on the launch, our Chief Digital Information Officer Wendy Redshaw, said: “It will be interesting to take learnings, understanding how customers use the app in this new technology to deal with their finances, and to understand how we can create bespoke propositions to serve them even better. It’s just one insight into how the future of banking could look in the future – watch this space.” More here: https://lnkd.in/eMfRwc-C