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Why Banks Are Making Apps for Noncustomers?


A couple of financial institutions have recently created mobile apps available to anyone as a way of engaging with people through their phones. The institutions are hoping that the apps will build trust with their users and those users will eventually become customers.

Assuming they have credit scores, any consumer can get their three-digit numbers using the CreditWise app from Capital One, for instance. More recently, Ally Bank has been testing a financial health app that anyone could sign up to try. The app, called Splurge Alert, is in limited release.

The general apps follow a slew of fintech apps that have entered the market to crunch financial data and woo consumers on experience. Banks are taking notes — this sort of move is all about the experience. Banks are testing how to develop relationships through financial guidance via mobile apps rather than focusing on products.

For more on this story visit the following link: Why Banks Are Making Apps for Noncustomers?

Source: American Banker

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