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Britain’s biggest banks are planning to send personalised spending alerts and in some cases money management advice to their mobile banking customers as they strive to shore up brand loyalty in the face of growing competition.

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Image for 'Caring or creepy? UK banks turn to alerts to keep customers loyal'

5 comments

4 months ago

You almost have to feel bad for the banks when headlines rely on negative emotions to be click bait, vs balanced views on pros and cons.

Suggested new headline: “Banks to launch smartphone notifications 10 years after everyone else.”

4 months ago

This has already been happening for years by the incumbents. These have been useful for people who have the means to resolve their spending habits, to help them avoid charges.

There was some really interesting research a few years ago (I’ll try to dig it out), that showed when people didn’t have the means to resolve. Notifying them that they were overdrawn and would be charged more frequently was leading to an impact on consumers mental health.

These alerts have to be personalised & give the power to the client to amend the rules / switch off.

4 months ago

There was some really interesting research a few years ago (I’ll try to dig it out), that showed when people didn’t have the means to resolve.

I'd be really interested to see that research!

I completely agree that just adding more notifications isn't the solution for every user's needs.

This has already been happening for years by the incumbents.

Can you remember any examples?

4 months ago

Consumers would be right to exercise some caution, said Sandra Wachter, a lawyer and research fellow in data ethics at the University of Oxford.

“We always have to keep in mind that all companies are not altruistic entities, they are doing this because they have some kind of commercial interest. So we have to ask ourselves the question ‘what’s in it for them?’.”

Legacy brand debt 😬

This sounds good to me & long overdue..

Bottomley said previously banks worried customers would find this kind of initiative intrusive

That's a disappointing mentality if true in my opinion. I'm not sure how far back he's thinking but if you explain & implement this properly then I don't think that shouldn't be an issue.

4 months ago

Agreed on long overdue. The challenger banks have excelled here because they got the 'tone of voice' right from the start; friendly and informative. Keen to see what the big banks' execution is like...