by Rohan Amin
3 min read
Chase Chief Product Officer Rohan Amin breaks down the results of the bank’s 2023 Digital Banking Attitudes study and offers some predictions on the most significant industry trends in 2023.
The results of our third annual Digital Banking Attitudes Study show that our customers are more focused than ever on the convenience of managing all of their finances in a single place, continuing a trend that really accelerated during the pandemic. But this desire for convenience and simplicity goes beyond just making transactions and checking balances – our customers increasingly want to be able to book a trip and make investments through the same platform they use to apply for a mortgage or car loan.
What does that mean for our organization and how we serve our 50 million mobile app and 60 million digital active customers? In 2023, these are the trends that I believe are driving innovation in digital banking:
Everyday tasks should be simple and go beyond transacting: Our 2022 Digital Banking Attitudes Survey confirmed that mobile banking is now mainstream, and it is evolving beyond deposits and paying bills. Consumers also want to send money to family and friends seamlessly, buy a car, open a new account, use points to book travel, and manage their cards and mortgage all from the same place. On top of that, Chase offers services that help you manage your financial health. And we not only help customers manage their money, but we also are a one-stop shop for redeeming rewards (e.g. travel), shopping, etc.
Personalization matters: Beyond wishing customers a Happy Birthday or greeting them by name, data and tech can be purposeful in providing valuable insights to consumers on how their money is doing and how they spend, save and invest it. Chase tools also provide insights on consumers’ credit scores and trends that help achieve financial goals and set plans for budgeting and saving. One example is that Chase recently launched a new Score Planner tool on Credit Journey that offers personalized recommendations on how a customer can improve their credit score (based on a target they set). For example, while other credit monitoring services may suggest “Pay down all credit cards by $100,” Chase’s Score Planner tool will specifically tell you which cards to pay down and over what period of time.
Safety and security are non-negotiable: The more consumers want to do online, the more they expect a seamless, secure, safe and authenticated experience. The firm goes to great lengths to prioritize this and provide a secure online and digital environment. Beyond that, our teams also provide consumer education information that helps users protect themselves from fraud and scams.
Travel and shopping go together with banking: Consumers already have their banking information on the app or online experience of the bank, so a natural extension is using secure payments to book travel, apply offers and discounts and redeem points.
Putting customers’ needs first is what will continue to drive innovation. From small changes like where we display information on a customer’s screen or the words we use to describe products, to big changes like integrating new features seamlessly into how customers manage money, we’re building a digital and mobile banking experience as convenient as it is intuitive.