Big banks like J.P. Morgan Chase and Wells Fargo have developed new mobile only banking apps in an effort to attract younger customers; “It’s about helping people start in banking and doing it in the way that fits their lifestyle,” said Steve Ellis, executive vice president and head of the Wells Fargo Innovation Group, to Business Insider; the banks are looking to get users at a younger age then keep them over the lifetime with additional product offerings; focusing on the consumer experience and new technology will help the banks to claw back some of the market that fintech companies have taken. Source.
TD Bank has run into a number of issues since updating their online banking and mobile app experiences; customers have had issues accessing their accounts, transferring funds and paying bills; the issues point to a problem among banks as they try to figure out how long new product releases should be tested before releasing to market; the bank has tried to ease customer complaints by responding on social media but that has only made problems worse; with the amount of competition for customers increasing in banking the traditional players will need to better prepare the beta testing phase. Source.
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