Private Site Capabilities and Journey Updates – Across multiple industries, 10 firms updated their private site capabilities and online journeys, with a focus on transfer and bill pay functionality. Charles Schwab clients can now transfer positions between Schwab brokerage accounts. Wells Fargo now displays bill pay history from the last 24 months—increased from 90 days—and Fifth Third lets users organize bill payees into custom groups. Capital One now allows users to request a balance transfer offer as a No Hassle Check.
Safeco simplified its Billing Summary interface, allowing clients to toggle between a general payment summary and manage paperless billing capabilities. Fidelity redesigned its Transfer Money/Shares page and renamed it Your Guide to Moving Money, allowing users to correspond transfers through interactive tiles. T. Rowe Price redesigned its Buy page to break down the buying process into three steps. U.S. Bank’s Request Money with Zelle journey now occurs across multiple pages with a labeled progress meter; with the updated journey, users can no longer request from multiple contacts. American Express enhanced its Payments interface, retaining mostly the same functionality, though now customers can schedule a one-time payment on a landing page before they are brought to verification and confirmation pages. State Farm updated its Payment Methods page to integrate the journeys to add bank accounts or credit and debit cards.
Partnerships and Acquisitions – July was a busy month for partnerships, acquisitions and partner collaborations. Capital One notified clients of an upcoming acquisition by E*TRADE. Jackson National announced its involvement in the Alliance for Lifetime Income as a co-chair, including a video in which the company’s CEO discusses the need for protected retirement income as part of the kickoff activities. Lincoln announced a partnership with Orion to provide a data platform for RIAs. Principal announced its acquisition of fintech firm RobustWealth, and Federated announced the acquisition of a 60% interest in London-based integrated ESG manager Hermes Investment Management. T. Rowe Price promoted a video series titled Go Beyond, made in partnership with National Geographic. New York Life announced that the New York Life Foundation partnered with the Afterschool Alliance, granting $1.35 million to 34 youth development organizations across the country.
Citizens Launches a New Direct-to-Consumer Bank
The new digital bank, Citizens Access, operates and markets separately, offering savings and CD accounts that carry high interest rates and no fees but require $5,000 minimum opening deposits. The savings account offers a 2.00% APY on balances of at least $5,000 and 0.25% otherwise. CD account terms range from six months to five years and offer APYs from 2.05% to 3.10%. Notably, the direct bank promotes a CD ladder as a savings option that balances high rates with frequent access to funds, offering an online application that prefills the product selection step with a chart of CD account terms. A recent press release details the launch.
New Citizens Bank Direct-to-Consumer Offering
Citi Gets Interactive with New Mobile App Virtual Assistant and Live Chat
Citi’s iPhone app now includes a Message Us feature, in which a virtual assistant connects clients with a live representative to help answer their questions. The feature launches from a new Chat icon on the Services screen. Clients with multiple accounts are prompted to select the one for which they have questions and must then input their inquiry.
The virtual assistant suggests clients enable notifications within the Profile section to receive an alert when a representative is available. In our trials, we received a response within five minutes. Following the conversation, a feedback screen measures client satisfaction using a 10-point scale.
Citi Mobile Virtual Assistant