June 2018 Trends & Highlights: Product and Security Updates, Navigation Changes, New Technology, and Redesigns

by on Jul 10, 2018


Product Updates and Launches – Across multiple industries, 23 firms launched new products or updated existing ones. Matching moves made by the Federal Reserve, American Century, AXA, BB&T, Capital One, Charles Schwab, Chase, Citibank, E*TRADE, Fidelity, Legg Mason, Lord Abbett, Merrill Edge, MFS, PIMCO, PNC Bank, TD Ameritrade and Wells Fargo increased rates on certain products. Chase and USAA added new introductory spend offers for the Sapphire Preferred and Cashback Rewards Plus American Express cards, respectively. John Hancock continued to promote changes to its Accumulation IUL product, including a guaranteed multiplier starting at year one.

TD Ameritrade launched a customizable managed portfolio that requires an investment minimum of $250,000 and imposes an annual fee of 90 basis points or less, depending on investment amount. New York Life and Athene added new fixed annuity products. Prudential promoted a new direct-to-consumer annuity on the public site; previously the product was only available to members of the Texas Medical Association. BB&T introduced a new high-performance money market account, and Citizens Bank added a new short-term CD account. Chase debuted prepaid, credit and small business cards, promoting the Starbucks Rewards Visa Prepaid, United Explorer and Ink Business Unlimited cards.

Navigation Changes – Six firms changed their public or private site main navigation. Charles Schwab added a new Specialized Solutions subcategory to its private site Products flyout menu. TD Ameritrade consolidated its private site Education flyout menu, integrating previously separate sections into one broad educational section. After overhauling its entire public site navigation, Capital One quickly reverted to its original navigation. USAA added a new section of financial wellness resources to its public site Advice dropdown menu. The Hartford introduced a new public site main navigation About Us tab. Chase inserted Card Balance Transfers and Customize Settings links on its private site Pay & Transfers and silhouette menus, respectively.

Security Updates – Five firms promoted or made changes to their site security or the services that promote it. TD Ameritrade added a new public site Security Vulnerability page. Fidelity introduced new Security Text Alerts that notify clients of transactions and updates to their account. Charles Schwab added a new Security Articles section that links to relevant public site articles. Additionally, the firm now allows users to add trusted devices and two-factor authentication to their accounts. Lincoln Financial Group added a new public site Cybersecurity section. U.S. Bank provided additional options for two-factor authentication and security management, including the ability to register devices, perform fingerprint biometric verification and receive one-time passcode via SMS to access the private site or mobile app.



Liberty Mutual Simplifies Its Mobile App Design

The firm updated its mobile app, introducing a significantly simplified design with a cleaner interface, improved home screen functionalities and easier access to key policy screens. The new design employs a white and yellow color scheme and is centered around a primary Dashboard screen with tiled sections that allow quick access to ID card, roadside assistance, claim filing and policy details screens. Like its predecessor, the updated mobile app features a hamburger menu; however, this version emphasizes customer support by including more links to resources like roadside assistance and claims details. The policy overview screens include both horizontal and vertical tabs that create seamless navigation between policy details. Notably, the Billing, Claims and Profile screens are unchanged from the prior app design. The revamped app employs a mobile-first design, unlike the previous version, which featured a design in line with an omni-channel experience.

Updated and Previous Mobile Login Screens

Updated and Previous My Home Policy Overview and Premiums and Coverages Screen

Bank of America Announces a New Virtual Assistant

According to a press release, the firm is rolling out Erica, a mobile app virtual assistant with which clients can use text, voice and on-screen commands to accomplish tasks, such as finding transactions and scheduling appointments. The release also listed future capabilities the firm expects to add, including proactive spending and budgeting advice based on user activity.


Public Site Homepage Erica Promotion

TIAA Updates Most of Its Private Site

TIAA revamped much of its private site with a new mobile-first navigational structure that links to new and updated pages. The redesigned pages now closely resemble public site pages, offering enlarged font size, clearly labeled links, tiled organization, and bright, colorful imagery. The firm familiarizes clients with the new changes in a tour upon login and previously promoted the changes in a private site notification and public page. All Research and Quote pages maintain the previous design. The revamped navigation consists of six main tabs—Summary, Accounts, Goals, Actions, Products and Resources—in a gray background with black text. The firm also introduced a new a Goal Tracker that it positions as a way to help investors create multiple saving and investing goals.

Updated Private Site Navigation and Menu Flyout

New Private Site Goal Summary Page