September 2017 – Making Changes on the Move: Mobile Self-Service Capabilities

As financial services consumers continue to become mobile-dependent and usage rates of mobile finance apps rise, clients will increasingly expect to have mobile access to all of the capabilities available to them online. This includes the same breadth of self-service functionality, like changing contact information, updating security credentials and reporting a card lost or stolen. In an industry as competitive as financial services, firms should look to distinguish themselves by offering clients a comprehensive range of mobile self-service features. Not only does this improve the user experience, but it also decreases call center volume and frees firms up to focus on more complex client issues. This Mobile Monitor Report reviews the self-servicing capabilities offered by the 26 firms in our coverage group, including pre-login capabilities, profile management options, card controls, app settings and help content.

Only 11 firms (42%) allow users to recover forgotten usernames and passwords from the app login screen. Of the remaining firms, five allow users to reset passwords only, while 10 either transfer them to the online channel, prompt them to call the firm or do not offer any links whatsoever. When it comes to profile-related self-service functions, five firms (19%) allow clients to edit both their usernames and passwords post-login while 17 (65%) do not offer either of these capabilities. Similarly, only six firms (23%) offer the ability to update primary methods of communication, while 15 (58%) do not include any ability to manage contact information. Most banking and credit card apps include some forms of card controls, with 63% of banks and credit card issuers allowing users to activate, freeze, report lost/stolen or replace their cards. Among banks, check ordering via mobile is fairly common, with five firms (36%) offering this feature, while stopping check payments or requesting check copies are much rarer. In terms of help content, most firms equip their apps with FAQs, though some leaders transcend the basics and include in-app live chat or virtual assistants.