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Banks outperforming insurance providers across digital apps
Today a study shows that UK retail banks are outperforming Property and Casualty (P&C) insurance providers in their digital banking app experiences.
The research entitled ‘Benchmark report for UK P&C Insurance industry,’ was conducted by Mobiquity, a full-service digital transformation enabler, analysing over 3,000 UK customer insurance app reviews within the Google Play Store and the App store. These reviews were compared with app reviews of leading UK retail banks.
The data shows that UK banks are outperforming P&C insurance providers across customer reviews, feature ratings, design and user experience, performance, payments, login and notifications.
One of the key frictions highlighted by customers using UK P&C insurance apps was login and authentication. This feature is the first interaction between the customer and the insurance app, and recorded the worst average customer rating for all features with a score of 1.5 out of 5.
Another key concern was notifications and alerts, which had another low average customer rating for insurance customers of 1.7 out of 5. Some insurance providers didn’t provide the option to customise app notifications.
However, one area that UK P&C insurance providers did receive better app reviews was in customer services.
Commenting on the report, Lionell Schuring, VP of Creative, Mobiquity, said: “There is no doubt that the use of digital mobile applications has increased during the pandemic across all industries. However, levels of digital maturity and the quality of the user experience are very different.
“Our research shows that the banking sector is further ahead in the process of digital transformation compared to the P&C insurance industry. Insurance providers need to address the frictions that have been identified if they are to keep up with evolving customer expectations, and to seize the opportunity of additional revenue generation once optimised. The companies that will stay ahead of the competition are those that take a human centric approach to digital innovation.”
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ABN AMRO and Worldline share a distinguished partnership built over decades. In recognition of this strong foundation and proven track record, Worldline will continue to enhance ABN AMRO’s customer payment solutions. This collaboration underscores the value both parties place in their long-term commitment to innovation and operational excellence.
RateGain and Juspay Partner to Power ‘RG Pay,’ a High-Performance Financial Technology Platform for the Global Travel and Hospitality Industry
RateGain Travel Technologies Limited (NSE: RATEGAIN), a global leader of AI-powered SaaS solutions for the travel and hospitality industry, and Juspay, a leading global payments technology company, today announced a strategic partnership to power RG Pay, RateGain’s embedded financial technology platform for the travel and hospitality ecosystem.
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According to ResearchAndMarkets’ recent forecasts, Chinese outbound travel is predicted to grow at a Compound Annual Growth Rate (CAGR) of 13.5%, increasing from $140B today to reach $386B by 2033. UnionPay International helps cardholders to easily make cross-border payments in 183 markets and its payment methods are particularly popular with travelers across Asia Pacific.
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Glia, the leading platform for intelligent banking interactions, today announced it will offer its more than 700 bank and credit union clients a contractual guarantee against AI hallucinations being presented to customers or members on its Banking AI platform. Glia also now guarantees zero impact from prompt injection attacks on its platform — malicious attempts to trick customer or member care AI into providing information or performing tasks it shouldn’t.
Money20/20 Asia Report: APAC Fintech Ecosystem Shifts from Experimentation to Scale as AI and Digital Assets Drive Leadership
Money20/20, the world’s leading fintech show and the place where money does business, today unveiled its annual Future of Fintech in APAC report ahead of Money20/20 Asia happening in Bangkok on April 21-23 at the Queen Sirikit National Convention Center (QSNCC). The whitepaper is revealing that APAC’s fintech ecosystem has reached a pivotal inflection point. The region is shifting from experimentation to scaled deployment across AI, digital payments, and digital assets, marking a decisive move toward production‑grade innovation.