A well-rounded alert strategy should accomplish two tasks: inform users of potential problems with their accounts and enable them to automate the more mundane aspects of monitoring account balances and transactions. Among mobile users in Corporate Insight’s 2018 Bank Customer Survey, more than half considered transactional and balance alerts Very Important or Extremely Important, while just 15% considered them Not Very Important or Not at All Important. More than half found alert delivery to multiple devices Very Important or Extremely Important, while almost two-thirds evaluated push notification delivery similarly. Keeping these user preferences in mind, this report examines alert management from the 18 firms in the Bank Monitor coverage group, assigning top grades to interfaces that facilitate in-app management with multiple delivery methods and a strong set of transactional and balance alerts.
Of the 14 firms that include alert management in their apps, half enable email, text message and push notification delivery for some alerts, and just two allow any delivery method for any alert. Beyond available delivery methods, threshold and frequency settings improve alert choices, as do advanced capabilities like suspension options. Only nine firms in the coverage group offer in-app alert history; the best alert archives display alongside secure messages and consolidate communications delivered via all possible channels. Of the eight essential alerts we identified, five (63%) appear in at least half of all apps, and nine firms (64%) include four or more of these alerts. The whole coverage group offers a wide array of at least 77 distinct alerts, but each firm offers only about 15 unique alert options on average.
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