Many Banks add new features
The August update of Mapa’s Mobile Banking and SMS Competitor Intelligence Dashboards recorded a flood of notable changes in the countries monitored.
In the UK, the most active player Barclays have made several enhancements to their existing mobile web service. A new touch screen friendly interface has made the service more adapted to such devices. Barclays have also showed their creativity by being present within the popular ‘Augmented reality’ application Layar available on iPhone and Android.
A new SMS Banking Push service managed within Online Banking has also been introduced by the British high street bank. The service itself is similar to other banks’, interestingly since the release they have made changes to the price tariff. The initial flat monthly fee of £2 has been replaced with a ‘charges depending on alert’ price model. Another change in a similar vein has come from Lloyds TSB who have removed all the service charges for Mobile and SMS Banking. It looks like banks are struggling to turn SMS and Mobile Banking into a new source for revenue, at least if only looking at direct pricing. 
In the US, which is perhaps the most developed SMS Banking market, Bank of America and Citi introduced new SMS Pull services. All American banks monitored on the Mobile Banking dashboard now offer SMS Banking including both Push and Pull services free of charge
Mapa researchers have also found that Spanish bank Santander introduced a mobile web service in Spain. Let’s see if their international siblings follow them. Remember that we noted in our February update, that Alliance & Leicester withdrew their mobile banking web service offered via monilink following the takeover by the Spanish giant. An announcement was made that a new mobile banking service would be introduced but so far, nothing has happened.
The Swedish banks have, after a slow start, caught up with the rest. From the last update six months ago, Swedbank were the only bank to offer application for iPhone, today all major banks offer mobile banking via mobile web and applications. Swedbank still managed to be the application innovation leader by being the first Nordic bank to release an application for Android handsets.
Skandia, a Swedish niche bank offering both banking and insurance services, has introduced an application with a slightly different approach. They have launched, a mobile banking application connected via the customers’ VISA debit card. Customers can view balance and transactions and also make external transactions by entering the receivers’ card number.
What are the mBanking and SMS Banking Dashboards?
The mBanking and SMS Banking Dashboards compare a list of 100 – 150 individual mBanking and SMS Banking services across more than 27 service providers in 6 countries. The Dashboard is updated bi-annually, highlighting competitor changes that have occurred in the market during that time – read more about it here
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Metro Bank launches internet banking platform in the UK
Part of Metro Bank’s promise to customers is that they will “deliver unlimited convenience” through “great online banking”. After the delayed launch, have they kept their promise?
Strengths:
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Core banking functions are present (balances, statements, internal / external transfers, bill pay, standing orders)
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Wide range of accounts can be viewed / managed online (current account, savings, fixed term savings, credit cards, loans and mortgages)
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Secure messaging system (inbox, sent items, create new message)
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Statements and letters stored online (including letters customers send to the bank)
Weaknesses:
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Design, or lack thereof; I don’t wish to be unkind, but the truth is that is looks dreadful and it is unusable in places
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Not compatible with Internet Explorer 8 (Metro Bank advises that ‘Compatibility View’ must be enabled)
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No online help section, or context specific page help (e.g., guidance when setting up a standing order)
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Error messages are useless and it is still full of bugs
Verdict:
The absolute essentials are there in terms of managing a current account online, but compared to the wide range of internet banking platforms monitored by Mapa, the user experience is very poor indeed. It is questionable whether the platform should have been released in its current state at all. Whilst the branch is at the heart of Metro Bank’s strategy, will their customers forgive their online shortcomings?
Screenshots:
If you're interested in hearing more about Metro Bank contact Ross Methven on 020 7727 3130
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Account opening as it should be
Today I opened a Metro Bank account. Despite my cynical expectations the bank really is putting the customer first. Here is the chronology of what happened:
09.00 Leave office armed with appropriate documents on my quest to open a Metro bank account
09.25 Arrive at Holborn. See bright coloured branch across the road and walk in
09.28 Greeted on entering store, (note it is not called a branch), and once I had said who I was, I was handed a bleeper and invited to sit and wait for free agent. “They will be with you very shortly.”
09.55 Reading papers in reading room. As the time goes by my cynicism begins to grow again, it doesn’t seem that every desk has an adviser active.
09.58 An older man in suit appears in room to greet other business colleagues. I look expectantly communicating to him that I am waiting.
He says “How long have you been waiting? I say “half an hour”- he says “that isn’t right”, goes off and then returns to say,”it will be fifteen minutes before our next agent is free. Why don’t you go to EAT just up the road, buy yourself a coffee, get a receipt and then our cashier will reimburse you?
Right, I say, that is great, it’s the first time I get offered money by a bank, before I even bank with them.
Had this been a “real” bank it would have been heads down and let’s pretend he isn’t there, trust me been there.
10.25 The bleeper goes whilst I am in the coffee shop. I return and sit down to open the account. Courteously greeted we sit down at a desk with a computer terminal. Now we’ll see; I think 
10.40 Painlessly the account opening takes place. I will spare you the minutiae. The usual disclaimers, account document signatures and ID and address checks take place while I sit there. How do I want my name on my card all?
All very personal, I say, “This is good” my agent says, “Well the whole point is that the bank is built around you”. Do you know I am beginning to believe it too?
10.50 The account is open; I passed the credit check and can even have an overdraft. I have in my hand my own debit / ATM card. Whilst the agent was getting my card I set up my online account access sitting in her seat on the computer. It was that easy.
10.52 We discussed whether or not I wanted to put money in the account right then. In the end I opted to pay £20 cash in – they also credited me my coffee money.
11.14 Cash in. I had asked the agent if the ATM card worked in Tesco Bank near my office. She replied that if I put cash in now then I would probably be able to get some out on the way back to my office. You know what I am thinking don’t you?
11.46. £10 out of my new account less than three hours after I set off.
Of course there is a way to go yet but it is a good start. Tomorrow their internet banking goes live so we will be reporting on that.
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New Online tool provides additional help to customers
Mapa researchers recorded around 40 changes whilst completing the latest Mortgages Dashboard update. One of the most innovative features that have been introduced by a lender in the last quarter was by ING Direct, who have added an ‘Online video guide for Mortgage applications’ to its website.
The three-minute guide provides an online video based tutorial for ING Directs mortgage applications. The video discusses and explains each step within the application process complete with the next steps involved after an application has been submitted. It also provides the viewers with the call centre number for any assistance when completing the application. The banner which links to the video has been strategically placed both on the homepage as well as the mortgages homepage.
What is a Mortgage Dashboard?
The mortgage dashboard(.pdf) compares a list of 150 individual mortgage services across 21 of the top mortgage providers in the UK. All information is obtained replicating the customer experience through the live accounts that we hold. The Mortgage Dashboard is updated quarterly, highlighting competitor changes that have occurred in the market during that time – read more about our Competitor Monitoring.
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Free SMS Push/ Pull services launched
The latest online competitor intelligence update of the Mapa credit card dashboard recorded around 20 changes. The most prominent of theses changes came from Barclaycard and MBNA.
This quarter Barclaycard launched its SMS alerting service enabling its cardholders to receive different types of text messages about their credit card. The text alerts vary from payment reminders to credit card balance and spend alerts. Customers can sign up for the service via Internet banking. The feature has been prominently promoted within internet banking on the account summary screen.
MBNA have also launched a brand new text messaging service for its credit card customers allowing them to access their account information anytime anywhere. The new Mobile Banking Text service lets customers get the latest informatio
n on their MBNA credit card account, on demand, by text message.
The dashboard also recorded the addition of a brand new section- Credit Made Clearer on the CapitalOne website. The section provides information, guides and animated video tutorials explaining how credit works and how best to use your credit card. The new section is also promoted on the ‘Your page’ section within internet banking
What is a Dashboard?
The Credit Card Dashboard(.pdf) compares a list of 200 individual internet banking services across 16 of the top credit card providers in the UK. All information is obtained replicating the customer experience through the live accounts that we hold. The Dashboard is updated quarterly, highlighting competitor changes that have occurred in the market during that time - read more about our Competitor Monitoring
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