Lloyds adds live notifications to its mobile banking app
Lloyds customers will soon be able to receive live notifications of their transactions on their phone.
Lloyds is rolling out a series of new features for its banking app, including live notifications and budgeting control options. The app’s revamp comes at a time when challenger banks like Monzo and Starling, who are entirely app-based and offer a wide range of mobile features, are piling up millions of customers.
Live notifications are now available to Lloyds, Bank of Scotland and Halifax customers who use Android, while the bank says it will launch them for iOs users later this year.
At the moment, Lloyds’ mobile app automatically calculates how much users have paid into the account and how much they have spent every month, but doesn’t have any other kind of spending control or budgeting feature.
However, Lloyds says it’s also testing alerts that will tell customers when a bill is higher than usual and how much they have left to spend in a month after regular bills are paid.
“These latest features have been designed around things that our customers tell us make mobile banking better for them, helping track their account activity and creating opportunities to save,” said Stephen Noakes, retail transformation director at Lloyds.
Lloyds is also launching Save The Change – a feature that, if activated, rounds up every amount users spend to the nearest pound and puts the change aside into a savings account.
Even once all the new features will be out, Lloyds has quite a long way to go before its app can rival with most challengers’ mobile apps. Monzo’s, Starling’s and Revolut’s apps, for example, all categorise users’ spending according to different categories (transport, food, bills and so on), helping people understand what they spend most of their money on.
More competition in the market has meant that traditional banks have been struggling to catch up with the innovations. Anne Boden, CEO and founder of Starling Bank, believes that challenger banks are “raising the bar”, and the more that forces traditional banks to rethink their services, the better.
“All the big banks need to spend more money on technology, they need to actually re-engineer their processes to be more customer-centric,” she said to Finder UK in an interview.