MOBILE BANKING
Britain’s biggest banks turn to spending alerts and advice to keep mobile customers
As competition intensifies, Lloyds Banking Group and HSBC will launch a range of new alerts from this year
London — 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. Lloyds Banking Group and HSBC will launch a range of new alerts from this year, such as informing clients whenever they spend on their card or when a bill is higher than usual. The move is an example of how traditional lenders are expected to start harnessing customer data in new ways as competition and changing consumer behaviour threaten their decades-old business model. New regulation has left banks more vulnerable to threats from players like digital-only banks Monzo and Revolut, which are trying to gain a foothold with apps and cut-price fees and by accusing lenders of ripping off consumers. The digital banks also plan to increasingly use customer data to recommend products, from insurance to energy. HSBC expects its alerts will become increasing...
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