New Digital Financial Services Products

Part
01
of two
Part
01

New Digital Financial Services Products (1)

Some new digital products and/or experiences that financial services firms have launched since 2018 includes Dave Banking by Dave Inc., FinX Hub by FinX Mobile, and Exchange Traded Index (ETX) products by BLOCK 30. Below is more information about each of these products and services.

DAVE BANKING

FIN X HUB

BLOCK 3 AND BLOCK 5 EXCHANGE TRADED INDEX (ETX)

RELEVANT FINDINGS

CHASE DIGITAL BANK

RESEARCH STRATEGY

To identify ten additional digital products and experiences that financial services firms have launched since 2018, we started our research by looking for a pre-compiled list of digital financial services launched last year and this year. However, the only list we found have companies that did not launch a product or service within the requested time frame. Next, we looked for a list of financial firms in the US. The idea was to look into their websites or other third-party sources for any mention of new products and services launched. However, even after individually searching for a new product or service launch for 30 financial firms, we could not locate any. Since this strategy proves to be very time-consuming, we decided to change tactics and looked into industry news, databases, and publications. Through this strategy, we were able to find Dave Banking, FinX Mobile, and BLOCK 30. However, since we only found three, lastly, we expanded our research scope beyond 2018 and included digital financial products launched in 2017. Unfortunately, using this strategy, we only found one, Chase Digital Bank, and added it as relevant findings.
Part
02
of two
Part
02

New Digital Financial Services Products (2)

Since 2018, banks such as Bank of America, U.S. Bank, Wells Fargo, Arvest Bank, Signature Bank, JPMorgan Chase, and Morgan Stanley have launched new digital products and/or experiences. Insurance companies such as AmTrust Financial Services, Progressive, and Nationwide have launched new digital products and/or experiences in 2018 or 2019. The types of products and/or experiences launched by these firms include mobile apps (Home4Me), website-based platforms (Signet), or tools that can be accessed via both mobile app and website (Digital Mortgage Experience).

BANKS

Digital Mortgage Experience (Bank of America)

  • In April 2018, Charlotte, North Carolina-based Bank of America launched a mortgage application platform called Digital Mortgage Experience.
  • Clients can access the Bank of America’s mobile banking app or website to apply for a mortgage.
  • The new Digital Mortgage Experience platform is capable of auto-populating many aspects of the client’s application.
  • Applicants can expect to receive conditional approval on the same day for most cases.
  • Other benefits of using the Digital Mortgage Experience include access to the bank’s lending specialists, personalized loan terms, and others.

Digital Small Business Lending Tool (U.S. Bank)

Control Tower (Wells Fargo)

  • In October 2018, San Francisco, California-based Wells Fargo launched a digital tool called Control Tower.
  • Consumer and small business customers can log into Wells Fargo’s mobile banking app or website to access information related to their digital financial footprint.
  • Control Tower helps to simplify the online financial lives of Wells Fargo’s clients by providing a “single view of their digital financial footprint.”
  • Users can use Control Tower to view recurring payments and mobile wallets connected to their Wells Fargo’s debit/credit cards or account.
  • They can also use the tool to turn off or on their Wells Fargo’s debit/credit cards.

Home4Me (Arvest Bank)

  • In October 2018, Fayetteville, Arkansas-based Arvest Bank launched a digital mortgage application platform called Home4Me.
  • Home4Me is available for iOS and Android phone users.
  • The process of applying for loans with Home4Me will start with the applicant submitting the required documents for prequalification via the mobile app.
  • Arvest Bank’s loan officers will then review the data that has been populated by the app.
  • Lastly, an official from the bank will contact the applicant to complete the request.

Signet (Signature Bank)

  • In January 2019, New York City, New York-based Signature Bank partnered with blockchain technology company trueDigital Holdings to launch a digital payments platform called Signet.
  • Signature Bank’s commercial clients can access Signet’s website to make real-time payments 24/7, 365 days a year.
  • The platform leverages “blockchain technology in its architecture.”
  • Users are not required to pay any transaction fees but need a minimum of $250,000 in their account.
  • Signet eliminates the need for a third party as it allows real-time fund transfers between commercial clients of the bank.

You Invest Portfolios (JPMorgan Chase)

  • In July 2019, New York City, New York-based JPMorgan Chase launched a digital investing solution called You Invest Portfolios.
  • Clients can access Chase’s mobile app or website to open an investment account.
  • You Invest Portfolios is “built with a diverse mix of J.P. Morgan ETFs to balance risk and returns based on a customer's needs.”
  • Clients can open an account after “answering a set of questions about their risk tolerance, financial goals, and time horizon.”
  • They will need at least $2,500 to open a You Invest Portfolios account and the cost of the advisory fee is below $1 per month or 35 basis points.

Digital Vault (Morgan Stanley)

  • In July 2019, New York City, New York-based Morgan Stanley partnered with Box to launch a wealth management digital collaboration product called Digital Vault.
  • Clients can access Morgan Stanley’s mobile app or website to store and share important documents such as “wills, deeds, estate plans, financial statements, and tax filings with their financial advisors.”
  • The Digital Vault leverages Box’s cloud content management capabilities.
  • It supports two-way sharing between clients and their financial advisors.
  • The key features of the Digital Vault include “encrypted cloud-based document storage and sharing” capability, interactive commentary between clients and their financial advisors, and others.

INSURANCE COMPANIES

TapSafe (AmTrust Financial Services)

BusinessQuote Explorer (Progressive)

Commercial Digital Storefront (Nationwide)

  • In September 2019, Columbus, Ohio-based Nationwide partnered with insuretech company Bold Penguin to launch a commercial digital storefront.
  • Small business owners can access Nationwide’s website to “generate a quote and bind a policy.”
  • They will receive a detailed quote within a few minutes after answering a “series of questions related to their business needs.”
  • After the quote has been generated, the owners will be directed to one of the policy binding possibilities such as through the Nationwide’s online Commercial Digital Direct tool or a Nationwide agent.
  • If there are no policies that meet the owners’ needs, they will receive “a quote based on solutions available through Nationwide's brokerage relationships or subsequently Bold Penguin's Commercial Insurance Center.”
Sources
Sources

From Part 02