Fintech PR
Slow loading times, poor interfaces, inadequate support: Futurice survey reveals consumers’ top gripes with their banking apps
Majority of customers say they’d consider switching banks to escape unreliable apps and shoddy customer service
LONDON, Nov. 12, 2024 /PRNewswire/ — A new survey released today on customers’ top frustrations with mobile banking reveals digital-only company Monzo is leading the app game – while the high street banks are falling short.
Today’s digital-savvy users demand more from their banking apps and will consider switching banks to get it, according to a survey of 518 UK adults conducted by digital and AI transformation consultancy Futurice UK, with the majority prioritising a reliable, straightforward app experience and top-tier customer service.
While 30% of those surveyed were most satisfied with the Monzo app, followed by NatWest (15%) and Chase (14%), when asked which app causes them the most frustration, Barclays was named by 7% of respondents, followed by Nationwide (6%) and HSBC (5%).
Inadequate customer support topped consumers’ list of frustrations – cited by 47% of respondents, followed by slow loading times (45%) poor user interface (44%) and limited app features (37%).
Over a third (34%) of respondents have five or more banking apps on their phones to handle everything from current, savings and mortgage accounts, to crypto and foreign exchange.
“Banking apps are critical touch points between banks and their customers,” says Matthew Edwards, MD of Futurice UK. “People want to be on top of their finances and they need their banking apps to keep up. From easy in-app navigation to 24/7 customer service, these findings suggest that by failing to deliver consistently effortless digital experiences, banks are not meeting their customers’ expectations.”
Poor digital experiences erode loyalty
It’s clear that a hassle-free digital experience is extremely important: a huge 70% of respondents said they were ‘likely’ or ‘very likely’ to switch providers for a more reliable mobile app.
Participants repeatedly mentioned apps crashing, having complicated layouts, taking a long time to load and being regularly unavailable (due to maintenance or updates) as key frustrations. Some described their interaction with the Barclays app as “slower” and “not user friendly,” citing login issues and error messages. Meanwhile users criticised HSBC’s app for requiring “constant” approvals for transactions which “takes too long.”
Matthew Edwards says today’s users are looking for the seamless interaction they’re accustomed to from their other essential apps: “Banks and financial institutions should prioritise operational excellence in their digital platforms. This means ensuring the customer journey is smooth from login to transaction, and that apps are equipped to handle peak demand without compromising speed or user experience. Investments in backend infrastructure, load management and interface design are no longer optional, they are prerequisites for retention.”
Customer support – the new baseline for engagement
Another area of concern the Futurice survey highlights is customer service. Not having fast, accessible support was mentioned by many respondents as a problem. Seventy-one per cent said they were ‘likely’ or ‘very likely’ to consider switching banks for superior customer service while 67% would think about changing for 24/7 support.
Matthew Edwards comments: “Round-the-clock support isn’t a luxury – it should be the new normal for banks wanting to retain their customers.
“AI-driven chatbots are useful for filtering common queries, but effective customer service needs a hybrid approach, with human agents also on hand for more complex issues.”
Make it personal – standardised solutions are out
Other insights revealed by the Futurice survey include respondents being annoyed and underserved by limited in-app features and a one-size-fits-all approach. Many want tailored advice, budget tools and money pots for an individualised banking experience: 66% would consider switching to a provider with more innovative app features, while half would switch for personalised financial advice.
Monzo, which came out top in terms of overall satisfaction, was praised by users for the ease of directing money into different pots, whether saving for something specific or tracking spending. Participants said Monzo’s pots “helps me budget” and ” feel in control” adding that the app “offers more than just banking.”
“Banks can deploy advanced analytics and AI to provide bespoke financial advice, spending insights and savings tools that align with customers’ unique circumstances,” says Matthew Edwards. “Embracing personalisation means putting the customer at the centre of the product, enhancing customer satisfaction, deepening engagement and driving loyalty.”
Additionally, according to the survey, ethical banking is becoming a mainstream expectation. Matthew Edwards says: “It’s no longer a ‘niche’ concern; 48% of respondents would ‘likely’ or ‘very likely’ switch to a provider that follows ethical banking practices. Customers are actively seeking banks that reflect their values around sustainability, fair business practices and social responsibility. Banks that communicate their commitment to sustainability and fair practices stand to build stronger emotional connections with their customers.”
Meanwhile, security remains a crucial concern for many, with 68% saying they were ‘likely’ or ‘very likely’ to switch for enhanced security features.
“It’s clear that people expect more from their apps”
While higher interest rates and lower fees will always be a draw, the Futurice survey provides compelling evidence that user expectations in digital banking are evolving, and financial institutions must adapt quickly to stay competitive.
“Financial institutions need to stay ahead of the curve and respond to what their digital-first customers value,” says Matthew Edwards. “Personalisation, seamless interactions and 24/7 support are critical factors in retaining and attracting bank customers, along with robust security and ethical practices.
“It’s clear that people expect more and more from their apps, and these insights can provide a roadmap if banks are willing to listen. Fail to address these areas, and you risk falling behind.”
To download the survey insights report click here.
Futurice is a digital and AI transformation consultancy, helping clients to solve their biggest challenges and empowering them to make a positive impact on the world.
We design, develop and scale digital products and services across many industries. Our goal is to deliver measurable, sustainable outcomes through close and business-focused collaboration with our clients. Over the last few years, we’ve helped major banking, finance, automotive, mobility and logistics clients reach the forefront of the data and digital transformation.
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Fintech PR
Bybit Web3 Wallet Integrates Tonstakers: The First of Its TON Staking Offerings to Expand DeFi Opportunities
DUBAI, UAE, Dec. 27, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange,is excited to announce the integration of Tonstakers, the leading liquid staking protocol on the TON blockchain, into its Web3 Wallet. This marks the first of Bybit Web3’s TON staking offerings, reinforcing its commitment to expanding decentralized finance (DeFi) opportunities for its users.
With this integration, Bybit Web3 Wallet users can now seamlessly stake Toncoin ($TON) and receive $tsTON (Tonstakers LST) in return. The value of $tsTON increases relative to $TON every 26 hours, ensuring competitive rewards while contributing to the growth and success of the TON ecosystem. The integration also opens the door for 130 million users in the TON ecosystem to access TON staking directly within the Bybit Web3 Wallet.
Bybit is dedicated to simplifying DeFi adoption by providing intuitive and user-friendly staking experiences. This milestone partnership with Tonstakers enables users to unlock annual returns estimated between 3% and 5% APY, with rewards automatically compounded, further cementing Bybit’s role as a leader in DeFi accessibility.
Why Tonstakers Matters: The First of Its Kind
Tonstakers is the inaugural partner in Bybit Web3’s TON staking initiative, setting a new standard for staking services. With a total value locked (TVL) exceeding $260 million and a significant market share in the liquid-staked TON sector, Tonstakers offers Bybit Web3 Wallet users unparalleled access to TON staking benefits:
- Effortless Staking: Securely stake $TON with ease, thanks to the user-friendly interface within the Bybit Web3 Wallet.
- Earn $tsTON Rewards: Receive tokenized staked Toncoin ($tsTON), which can be leveraged within DeFi applications across the TON ecosystem.
- Explore DeFi Liquidity: Engage with Tonstakers Earn to provide liquidity using $tsTON, unlocking diverse earning opportunities.
“Bybit Web3 is proud to deepen our integration with the TON blockchain, a crucial step in our mission to foster a thriving and interconnected Web3 ecosystem,” said Emily Bao, Head of Bybit Web3. “This integration empowers our users with seamless and trusted access to TON liquid staking pools and unlocks valuable earning opportunities. As a strong believer in DeFi adoption, Bybit Web3 is committed to bridging the gap between Web2 and Web3, creating simple, easy, and accessible solutions that bring the benefits of decentralized finance to a wider audience. We believe this integration will significantly contribute to the growth and success of the TON ecosystem.”
Start Staking Today To begin staking your $TON and earning with $tsTON, visit https://www.bybit.com/en/web3/staking and discover the power of Bybit Web3 Wallet’s integration with Tonstakers. Bybit Web3 Wallet currently supports a wide range of staking services beyond TON tokens, including ETH, USDT, USDC, bbSOL, SUI, and more.
#Bybit / #TheCryptoArk / #BybitWeb3
About Bybit Web3
Bybit Web3 is redefining openness in the decentralized world, creating a simpler, open, and equal ecosystem for everyone. We are committed to welcoming builders, creators, and partners in the blockchain space, extending an invitation to both crypto enthusiasts and the curious, with a community of over 130 million wallet addresses across over 30 major ecosystem partners, and counting.
Bybit Web3 provides a comprehensive suite of Web3 products designed to make accessing, swapping, collecting and growing Web3 assets as open and simple as possible. Our wallets, marketplaces and platforms are all backed by the security and expertise that define Bybit as the world’s second-largest cryptocurrency exchange by trading volume, trusted by over 60 million users globally.
Join the revolution now and open the door to your Web3 future with Bybit.
For more details about Bybit Web3, please visit Bybit Web3.
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
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LAS VEGAS, Dec. 27, 2024 /PRNewswire/ — Yaber reported a remarkable 100% year-over-year sales surge during Black Friday. The T2 outdoor projector, featuring a built-in battery and handle-to-stand design, ranked among Amazon’s Top 3 “Most Wished For” list. Meanwhile, the L2s projectors, available in exclusive Pantone colors, sold out shortly after launch.
Yaber T2 projector is currently available at Christmas sale on Amazon and the official Yaber website. Meanwhile, pre-orders for the L2s projectors in exclusive Pantone colors will reopen in mid-January 2025.
This year, Yaber further expanded its global retail presence, debuting at the iconic Selfridges in the UK and securing placements in MediaMarkt across EMEA, Canada’s London Drugs, Saudi Arabia’s EXTRA, Belgium’s FNAC, Greece’s PUBLIC, Czech Republic’s Datart, Japan’s Bic Camera and Yodobaxi, and Malaysia’s premier IOI City Mall and Plaza Low Yat.
Looking ahead, Yaber is set to unveil its first ultra-short-throw laser projector and a new Keith Haring-inspired entry-level model at CES 2025. The launch event will take place at 4:00 PM PST, January 6, 2025 at Caesars Palace, Las Vegas. Visit Yaber’s booth in South Hall 1-30808 at Las Vegas Convention and World Trade Center (LVCC) from January 7-10 to discover more.
About Yaber
Founded in 2018, Yaber redefined home entertainment by introducing the world’s first entertainment projector, pioneering a new category in the industry. Today, its innovative projectors have delivered immersive experiences to users in over 120 countries, making Yaber a trusted name in global home entertainment.
The letter “Y” in Yaber embodies the youthful vigor and innovative spirit of Generation Y. It’s not just a symbol, but a unique representation of youth identity and attitude towards life, infusing the brand with rich cultural connotations of youthfulness within simplicity.
Committed to excellence, Yaber has been pushing the boundaries of audiovisual innovation, crafting projectors that inspire richer, more vibrant lifestyles. Its achievements are recognised with prestigious accolades, including the Red Dot, IDEA, VGP, and CES Innovation Awards.
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Fintech PR
Xinhua Silk Road: Conference on deepening financial openness and co-op in Northeast Asia held in NE. China’s Shenyang
BEIJING, Dec. 27, 2024 /PRNewswire/ — The 2nd Northeast Asia Finance Conference and 2024 “Revitalizing Liaoning with Finance” Excellent Cases Release kicked off on Tuesday in Shenyang, capital of northeast China’s Liaoning Province, aiming to further deepen financial openness and cooperation in the Northeast Asian region and advance construction of a regional financial center.
The main forum held a series of activities, including an opening ceremony, two round-table dialogues on “finance + biomedical industry” and “finance + cultural industry”, a symposium for foreign financial institutions, a seminar on innovative development of financial clusters, a forum on development of technology and finance, a forum on industrial low-carbon transformation and financial innovation, as well as an enterprise project roadshow and industry-finance matchmaking event.
During the conference themed on “accelerating the construction of a regional financial center in Northeast Asia and creating a new highland for opening up”, excellent cases of revitalizing Liaoning through finance in 2024 were unveiled and the index for core areas of regional financial centers in northeast China was released.
The conference also held an unveiling ceremony for the upgrading of the Shenyang finance and trade development zone to a national-level development zone, and a launch ceremony of a platform for Shenyang industrial insights and decision analysis.
The conference was co-hosted by China Economic Information Service, Liaoning Branch of Xinhua News Agency, Shenhe District People’s Government, Shenyang local financial administration under guidance of Shenyang Municipal People’s Government and Liaoning local financial supervision and administration bureau.
Original link: https://en.imsilkroad.com/p/343777.html
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