Consumers are developing new expectations for how they interact with their finances. Especially as mobile banking continues to grow as a service channel, financial institutions must be ready to provide mobile solutions to meet those expectations.
Recently, Wells Fargo debuted its Control Tower app. It gives users the ability to better see and control their finances. Here’s why it’s a big deal—and why other institutions need their own Control Tower competitor.
How We Got Here
People are increasingly comfortable using their phones to manage their finances. That means that mobile banking is more popular than ever. What’s more, that trend is likely to continue.
Today, technology is a major driver in customer satisfaction. Consumers prioritize the digital banking experience over traditional avenues such as branch visits. Consequently, the best way to gain an advantage over other financial institutions is to provide better mobile and online experiences.
One of the ways banks are doing that now is by providing better convenience and control. It started with the ability to turn a card “on” or “off” to offer a bit of consumer protection. Next, Wells Fargo introduced their Control Tower app— it offers basic subscription payment management services to their account holders.
The question is: who else offers such digital services?
A Competitor in the Digital Arena
What makes Control Tower useful is that it gives increased visibility and control over cards and accounts. Rather than merely turning cards on and off, it allows users to manage subscription payments as well.
Giving the reins over to consumers is a key differentiator for mobile banking apps. It solves real issues for cardholders, and it provides the kind of information they need to identify which subscriptions can be canceled—and it offers an easy way to cancel them without leaving the app.
But Control Tower is not a perfect app. Far from it. In fact, it feels more like the first step in the right direction. The next step is just around the bend, but it’s not from Wells Fargo.
Unfortunately, Wells Fargo isn’t about to start white labeling its app for other banks and credit unions to use.
That’s where WalletFI comes in.
WalletFi’s solution takes recurring payment management to the next level. Featuring even more flexibility, visibility, and control, it offers users an intuitive, hassle-free way to manage their money.
More importantly, WalletFI is built with financial institutions in mind. It’s white labeled, so any bank or credit union can offer excellent branded experiences. And it provides critical insights to user habits that fuel in-app promotional opportunities designed to increase the institution’s share of wallet.
Thus, WalletFi helps push an institution’s card to top of wallet, securing more interchange income. Couple that with a superior digital banking service for better customer experience, and you’ve got a win-win solution.
Giving consumers a better picture of their financial digital footprint is the next big step in customer experience for banks and credit unions. Currently, Wells Fargo is leading that charge. However, there is a Control Tower competitor: