HSBC, BBVA USA and Citibank are among the banks that experienced a surge in mobile banking amid the coronavirus pandemic. As such, the banks are accelerating the development of new features, enhanced functionality and educational tools to support the new wave of digital users. For this ongoing series, Bank Innovation talked with some of the biggest banks across the country to find out how much mobile banking has changed in the past five months and what’s to come for the digital banking space in the wake of the pandemic.

HSBC

During the pandemic, depending on the week, HSBC experienced a 50% increase in the number of mobile app downloads and the daily number of mobile logins was up 80% compared with pre-pandemic levels, according to Marcos Meneguzzi, executive vice president and head of digital banking, cards and unsecured lending. Mobile transfers are now outpacing those that take place via online banking, he noted.

With the acceleration of new-user adoption and existing users shifting to digital channels, HSBC is building out its foreign payments capabilities. The London-based bank, which has more than $2.9 trillion in assets, in June launched the ability for customers to transfer money between bank accounts in North America, and is doubling down in this space. HSBC is currently developing a platform that allows customers to hold different currencies slated to launch “in the next two months,” he said, noting the additional feature will benefit the bank’s global customer base.

BBVA USA

Birmingham, Ala.-based BBVA USA upgraded its mobile app in June, a move that coincided with a 40% increase in online banking logins between March and April, according to a bank spokesperson. The bank, which has more than $93 billion in assets, reconfigured its transaction tracking screens to help customers better understand and control their individual financial situations.

“We want to be 100% transparent with the customers,” Manolo Moure, BBVA USA head of retail customer solutions, recently told Bank Innovation. “They can really understand what’s going on with every single transaction and what the impact will be on their finances. Of course, it’s particularly relevant for transactions that bring customers into a negative balance.” 

Called “Expanded Transaction Detail,” the new function shows customers all pending transactions and holds that could impact their balance. Previously, customers looking at their checking account only saw the transaction amount and posted balance after the transaction completed. There’s an educational component, too, which explains transaction types, processing dates and effective dates, and consumers are warned when they make a transaction with insufficient funds.

Citibank

The number of Citibank’s active mobile users increased 13% year over year, according to Mike Naggar, chief digital officer of the bank’s U.S. consumer bank division. Mobile and online logins have increased 25% since the start of the pandemic, Naggar added.

The $1.6 trillion dollar bank launched push provisioning to Mastercard’s Click to Pay product, which facilitates secure online payments between the merchant and bank using Mastercard’s rails, amid double-digit year-over-year growth in online sales. The new capability allows customers to enroll within the mobile app and pay remotely where the “Click to Pay” icon is available at checkout.

The bank also doubled down on educational campaigns to help familiarize customers with digital and mobile banking. Some of the Citi videos garnered more than 27,000 views on the first day they posted.

“We are continually innovating and reimagining how banking can look and feel, but what’s vital is keeping the customer at the center and never losing sight of the importance of the human connection,” Naggar said.

Click here to read how Bank of America, First National Bank and TD are advancing mobile banking capabilities. Check out Bankinnovation.net to catch this ongoing series exploring how mobile banking has changed amid the pandemic and where it will go from here.