American Express is evolving its app experience for consumers. To make it easier to use its new high-yield checking account, the company is looking to provide a seamless and intuitive experience that merges its banking and credit card products into a single app.
“Our mission is to be essential in the digital lives of our customers by delivering value, convenience and enjoyment,” said Ashish Pawale, vice president of global mobile engineering at American Express. ZDNet.
The redesign team wanted to make the new app experience as easy and convenient as possible using a single app for bank and credit card customers. Starting with the AmEx savings account introduced in 2021, the team saw a good opportunity to roll out visual and technical changes.
“I think it was really vital for us to think beyond the map experiences that were already the core part of the mobile app,” said Johan Alexandersson, director of product design for global mobile at American Express. ZDNet. “As the conversation started around the current account, we saw the opportunity to take it a step further and start thinking, from a broader perspective, about the different types of products that could potentially fit into the current account. mobile app,” he said.
In order to merge the credit card-focused application with the consumer’s checking account, the team had to create a new login and authentication process. Being the first thing customers interact with, it was important to get it right. The company had a few things in mind when approaching the redesign.
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“When you’re a customer and you log into the app, what’s that experience like? How do you bring all of these products together in one place, and how do you allow customers to easily switch between products? ” Delma Quash, vice president of product management for AmEx Mobile, said.
With the influx of digital consumers since the pandemic, it was important to provide customers with an attractive and easy-to-use app to control their funds. And while it’s early days, Quash said what they’ve seen so far with customer engagement and the number of customers coming in after rolling out a few updates has been positive.
The inspirations behind the new current account
The creation of the all-digital checking account was also, in part, created to appeal to Millennials and Gen Z consumers, as research shows they are more likely to use debit cards than credit cards. credit or cash.
The checking account includes a debit card that earns 1x membership point for every $2 spent and has a high annual percentage yield (APY) of 0.5%.
“If you look at millennials and Gen Z, they like to use debit cards instead of cash. And, of course, they want to use digital products. Along with customer satisfaction and engagement, these are our top priorities,” Pawale said. .
Industry demand – and customer expectations – for digital banking services was gaining momentum before the pandemic. It was strengthened during the COVID-19 pandemic and is not expected to decline post-pandemic, Quash said.
In fact, a recent JD Power study found that 80% of digital consumers plan to stay digital after the pandemic ends.
“You’re expected to have a digital banking experience, and so our job is really to meet that expectation and create that holistic experience where you can have full self-service without having to walk into a bank,” Quash said.
When asked if the team plans to integrate financial wellness resources into the app for the younger generations they are trying to attract with the new products, they said it is of an evolutionary process.
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“It’s extremely important for us to not only go through rigorous testing of the experiences we publish, but also to really listen to our customers. Because at the end of the day, they are the experts on the experience they wish, and this includes, of course, [financial education resources]”, said Alexandersson.
Verify account and app functionality
One of the main features of the current account is the ability to link external bank accounts to it and transfer funds between them. The Money Movement program, Quash said, is one of the account’s best new features, with its industry-leading APY.
The checking account comes with a debit card that rewards cardholders for every transaction (1x point per $2 spent). It also has purchase protection, protecting consumers’ purchases more than a typical debit card. Membership Rewards points earned by the card can be deposited into the current account, and each point is worth 0.6 cents.
There are more features on the way, such as a smart search function which is currently being tested in the UK. The search feature is meant to help users find exactly what they need, as the app has a lot of features to browse through.
The team said the current account and app features will be an evolving process informed by customer feedback. “It’s an evolving experience, and we’re looking to roll out many more throughout the year and beyond,” Quash said.