August 2018 Trends & Highlights: Updated Mobile App Capabilities, Customer Servicing Resources and New Investment and Financial Services Products

by on Sep 19, 2018


 Mobile Capability Updates – Across various industries, 12 firms updated their mobile app capabilities with new and refreshed features. Bank of America enhanced the Spending & Budgeting tool in its Android app with new tabs for Income, Transactions and Cash Flow. Capital One’s app now includes the ability to change a debit card ATM PIN. The firm also allows checking account holders to order new checkbooks from the app. Charles Schwab refreshed its mobile app with the following new and updated features: an updated quote lookup tool that now displays previously searched security symbols, new profile management options for viewing and editing addresses associated with investment accounts, and new travel notification options. Farmers revamped the login screen of its mobile app, reorganizing Forgot Username/Password, Register and View ID Card links as well as adding a background image. Fidelity now allows clients to track and view status updates for account management transactions. KeyBank enhanced its mobile app with Quick Actions on the home and account details screens and an updated Check Deposit section. The Merrill Edge and Lynch iPad apps have been updated with Stock Stories within security profiles and the ability for clients to enroll in electronic document delivery. PNC now allows clients to access their online statements and request replacement cards directly from the mobile app. The firm’s iPad app is now available in landscape mode. TIAA launched a Goal Tracker feature on its mobile app, allowing clients to customize and name their goals, consider recommended next steps and act to save more. U.S. Bank clients no longer need to endorse deposit-only checks. USAA’s mobile app now includes the option to enable a sound that plays once a check has been deposited. Wells Fargo now provides a Control Tower that allows clients to lock and unlock eligible cards and view recurring payments across accounts.

Four other firms updated or launched new mobile payment services. Allstate now allows clients to make one-time payments on the Apple Watch app. Capital One’s iOS app now includes the option to add a credit or debit card to Apple Pay. KeyBank now provides clients with the ability to delete future-dated bill payments from the mobile app. PNC’s mobile app now lets clients schedule and edit future-dated and recurring funds transfers as well as recurring bill payments.

Customer Servicing and Help Resources – Many firms increased and enhanced their customer servicing and help resources in August. BlackRock includes a customer satisfaction survey for feedback on its redesigned tools. Citibank added a Visit Us intrapage tab on the public site Contact Us page. John Hancock added new services to the public site Contact Us page, including links to request contact from an advisor. Merrill Edge promoted its new Ask Merrill Edge page, which allows clients to ask experts investing and personal finance questions. Morgan Stanley Wealth Management introduced voice authentication for clients calling its Service Center. Robinhood now allows clients to provide feedback on articles. State Farm enhanced its FAQ offerings on the public site. The firm also added a new eye icon that lets clients view their passwords prior to logging in. TD Ameritrade added a new Information Sharing tab on the private site Communications Preference page. Vanguard now provides a help pop-up on its private site, offering relevant FAQs and customer service contact information.



J.P. Morgan Chase Announces a New Mobile Investment Service

The firm plans to launch You Invest, a mobile investment service with no account minimum that offers 100 free trades per year to all clients and unlimited free trades for clients with Chase Private Client, an account that typically requires a minimum of $250,000 in qualifying linked deposit and investments. Users who exceed 100 trades per year are charged a $2.95 fee per trade. Citing inspiration from Amazon’s Prime business model, the firm aims to consolidate existing clients’ financial relationships and assets that are currently distributed throughout the industry. Experts expect the move to make major waves in the discount brokerage space and potentially re-spark the commission-cutting price war that died down last March. Previously, the firm charged as much as $24.95 for online trades.

The You Invest service plans to offer:

  • 100 free stock and ETF trades for the first year or every year for clients with Premier-level bank accounts, which require a $15,000 minimum.
  • Unlimited free trades for Chase Private Client users.
  • Free access to a portfolio building tool and equity research.
  • A robo-advisor as early as next January.

J.P. Morgan Chase You Invest Dashboard


Prudential Launches a New Digital Finance Tool

The firm introduced LINK by Prudential, promoted as a digital financial roadmap with access to human advisors. The tool uses a questionnaire to determine financial goals for customers’ futures, mapping out a timeline and suggesting related products. Its hybrid approach allows customers to contact financial professionals by phone, by video or in person. The tool improves upon the recently removed Your Future. Visualized tool, which similarly created a customized timeline of financial goals but only listed costs and lacked gap analysis or detailed product suggestions.

Prospects and account owners can access the tool through a new public site page, which promotes the product as a flexible and dependable tool. The page displays sections for different aspects of the feature, each with animated graphics and jump links from the top of the page. The banner image links to the questionnaire that begins the process as well as a promotional video that discusses the tool in brief. The page makes heavy use of mobile images, although the tool does not have an associated app.

New Public Site LINK by Prudential Page (Truncated)