Tesco Bank has unveiled a range of enhancements to its mobile banking app, making it easier for users to manage their finances on the move.
Among the numerous upgrades is the addition of a Balance Peek feature, which allows customers to quickly check their current account balance without logging-in. The service is aimed simplifying the 450,000 log-ins Tesco Bank’s app receives each week, a third of which are solely to check their balance.
App users can choose to set up the function in the settings menu, as well as deciding which of their accounts to make viewable. For security reasons, customers will only be able to view partial account numbers in this way and will need to log in fully for more detailed information, or to carry out transactions.
“We want to offer customers the most accessible and convenient digital banking experience possible, both online and via mobile,” said Grant Bourbousson, digital and marketing director at Tesco Bank.
“Since we launched the Mobile Banking App last year, we’ve seen many customers log in to the app every day just to check their balance. To help these customers, we created Balance Peak to provide simple, fast and convenient access to their account balance on the move.”
The bank, which has around 7 million customers in the UK, has added a number of other features to aid management of finances via a smartphone or tablet device. This includes a calendar to let customers compare spending month-to-month; the ability to view, send and export bank statements; information on ISAs and an unauthorised overdraft alert system. It also includes a Save Now feature which allows funds from any UK bank account owned by the app user to be transferred into their Tesco Bank account by selecting a pre-set amount and pressing ‘save’.
Tesco Bank’s app is an example of how banks are building enhanced financial management capabilities into mobile apps, with many UK lenders tending to rely on relatively basic functionality in the past.
“Money management should be the starting point for customers when they open up an app on their smartphone or tablet,” said Forrester Research analyst Stephen Walker in a recent report.
“Rather than just showing a customer her account balance, help her see whether she can afford a Mediterranean beach holiday or a new Samsung Galaxy S5 while still covering all of her bills and expenses for the next three months.”