To help millennials who may not have a firm handle on their finances or even on math in general, Customers Bancorp is adding visualizations to its soon-to-be-relaunched BankMobile app.
Though a security vulnerability discovered in app testing caused a delay in Customers Bancorp’s relaunch of the BankMobile app, it is set to roll out shortly, when tests find it to be airtight, according to Luvleen Sidhu, president of the digital-only unit.
The bank considers the visualization and animation features of its new app design special enough to apply for a patent.
“We’re trying to reimagine the banking experience from something you feel you have to do to something you feel you want to do,” Sidhu said. “We’re trying to do that by creating best-in-class user experience and design.”
New graphics will let customers see how the money in their accounts is dwindling or growing, and how money is moving between accounts.
A feature called Big Picture will provide a broad analysis of the customer’s financial picture in a digestible way, Sidhu said. An Active Register feature will allow consumers to see all their interactions with the bank and add notes to them ("new sofa," "saving for vacation," etc.).
BankMobile’s line of credit product has been simplified to make credit accessible to millennials with thin credit histories. And several security features have been added, including end-to-end encryption.