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Slow loading times, poor interfaces, inadequate support: Futurice survey reveals consumers’ top gripes with their banking apps

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Majority of customers say they’d consider switching banks to escape unreliable apps and shoddy customer service

LONDON, Nov. 12, 2024 /PRNewswire/ — A new survey released today on customers’ top frustrations with mobile banking reveals digital-only company Monzo is leading the app game – while the high street banks are falling short.

Today’s digital-savvy users demand more from their banking apps and will consider switching banks to get it, according to a survey of 518 UK adults conducted by digital and AI transformation consultancy Futurice UK, with the majority prioritising a reliable, straightforward app experience and top-tier customer service.

While 30% of those surveyed were most satisfied with the Monzo app, followed by NatWest (15%) and Chase (14%), when asked which app causes them the most frustration, Barclays was named by 7% of respondents, followed by Nationwide (6%) and HSBC (5%).

Inadequate customer support topped consumers’ list of frustrations – cited by 47% of respondents, followed by slow loading times (45%) poor user interface (44%) and limited app features (37%).

Over a third (34%) of respondents have five or more banking apps on their phones to handle everything from current, savings and mortgage accounts, to crypto and foreign exchange.

“Banking apps are critical touch points between banks and their customers,” says Matthew Edwards, MD of Futurice UK. “People want to be on top of their finances and they need their banking apps to keep up. From easy in-app navigation to 24/7 customer service, these findings suggest that by failing to deliver consistently effortless digital experiences, banks are not meeting their customers’ expectations.”

Poor digital experiences erode loyalty

It’s clear that a hassle-free digital experience is extremely important: a huge 70% of respondents said they were ‘likely’ or ‘very likely’ to switch providers for a more reliable mobile app.

Participants repeatedly mentioned apps crashing, having complicated layouts, taking a long time to load and being regularly unavailable (due to maintenance or updates) as key frustrations. Some described their interaction with the Barclays app as “slower” and “not user friendly,” citing login issues and error messages. Meanwhile users criticised HSBC’s app for requiring “constant” approvals for transactions which “takes too long.”

Matthew Edwards says today’s users are looking for the seamless interaction they’re accustomed to from their other essential apps: “Banks and financial institutions should prioritise operational excellence in their digital platforms. This means ensuring the customer journey is smooth from login to transaction, and that apps are equipped to handle peak demand without compromising speed or user experience. Investments in backend infrastructure, load management and interface design are no longer optional, they are prerequisites for retention.”

Customer support – the new baseline for engagement

Another area of concern the Futurice survey highlights is customer service. Not having fast, accessible support was mentioned by many respondents as a problem. Seventy-one per cent said they were ‘likely’ or ‘very likely’ to consider switching banks for superior customer service while 67% would think about changing for 24/7 support.

Matthew Edwards comments: “Round-the-clock support isn’t a luxury – it should be the new normal for banks wanting to retain their customers.

“AI-driven chatbots are useful for filtering common queries, but effective customer service needs a hybrid approach, with human agents also on hand for more complex issues.”

Make it personal – standardised solutions are out

Other insights revealed by the Futurice survey include respondents being annoyed and underserved by limited in-app features and a one-size-fits-all approach. Many want tailored advice, budget tools and money pots for an individualised banking experience: 66% would consider switching to a provider with more innovative app features, while half would switch for personalised financial advice.

Monzo, which came out top in terms of overall satisfaction, was praised by users for the ease of directing money into different pots, whether saving for something specific or tracking spending. Participants said Monzo’s pots “helps me budget” and ” feel in control” adding that the app “offers more than just banking.”

“Banks can deploy advanced analytics and AI to provide bespoke financial advice, spending insights and savings tools that align with customers’ unique circumstances,” says Matthew Edwards. “Embracing personalisation means putting the customer at the centre of the product, enhancing customer satisfaction, deepening engagement and driving loyalty.”

Additionally, according to the survey, ethical banking is becoming a mainstream expectation. Matthew Edwards says: “It’s no longer a ‘niche’ concern; 48% of respondents would ‘likely’ or ‘very likely’ switch to a provider that follows ethical banking practices. Customers are actively seeking banks that reflect their values around sustainability, fair business practices and social responsibility. Banks that communicate their commitment to sustainability and fair practices stand to build stronger emotional connections with their customers.”

Meanwhile, security remains a crucial concern for many, with 68% saying they were ‘likely’ or ‘very likely’ to switch for enhanced security features.

“It’s clear that people expect more from their apps”

While higher interest rates and lower fees will always be a draw, the Futurice survey provides compelling evidence that user expectations in digital banking are evolving, and financial institutions must adapt quickly to stay competitive.

“Financial institutions need to stay ahead of the curve and respond to what their digital-first customers value,” says Matthew Edwards. “Personalisation, seamless interactions and 24/7 support are critical factors in retaining and attracting bank customers, along with robust security and ethical practices.

“It’s clear that people expect more and more from their apps, and these insights can provide a roadmap if banks are willing to listen. Fail to address these areas, and you risk falling behind.”

To download the survey insights report click here.

Futurice is a digital and AI transformation consultancy, helping clients to solve their biggest challenges and empowering them to make a positive impact on the world.

We design, develop and scale digital products and services across many industries. Our goal is to deliver measurable, sustainable outcomes through close and business-focused collaboration with our clients. Over the last few years, we’ve helped major banking, finance, automotive, mobility and logistics clients reach the forefront of the data and digital transformation.

Photo – https://mma.prnewswire.com/media/2554309/Matthew_Edwards.jpg

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Marvion Inc. Subsidiary Signs Agreement with Engineering Firm for Construction of New State-of-the-Art Warehouse Facility

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HONG KONG, Nov. 14, 2024 /PRNewswire/ — Marvion Inc. (OTC: MVNC) is pleased to announce that its subsidiary United Warehouse Management Limited has officially signed a quotation agreement with Star Warehouse Engineering Limited for the construction of a new, state-of-the-art warehouse facility. The new warehouse will be strategically located to support the company’s growing logistics and storage operations, underscoring MVNC’s commitment to scaling up its infrastructure to meet the increasing market demand.

The new warehouse will feature two floors, each spanning 18,000 square feet, for a total floor area of 36,000 square feet. This expansion is set to enhance MVNC’s storage capabilities, streamline supply chain efficiency, and optimize logistics operations to better serve its expanding customer base.

Strategic Infrastructure Investment to Drive Long-Term Growth

This significant investment marks a crucial step in MVNC’s long-term strategic plan to solidify its position as a leader in the logistics and storage services sector. The new warehouse will not only bolster the company’s existing storage capacity but also enable the integration of advanced logistics and storage technologies. The facility will be equipped with modern automated systems with artificial intelligence engine to support high-volume inventory management and faster turnaround times, further strengthening MVNC’s competitive advantage in the region.

Commenting on this milestone, Mr. Chan Sze Yu, CEO of Marvion Inc., said:
“This new warehouse is a testament to our commitment to expanding our infrastructure to meet the ever-growing demand in the logistics industry. By investing in this state-of-the-art facility, we are positioning Marvion to better serve our clients and seize emerging opportunities in the market. This project will not only enhance our operational efficiency but also increase our capacity to support strategic partners like FedEx, SF Express, and other key clients.”

Supporting Sustainable Growth in the Asia-Pacific Region

Aligned with MVNC’s sustainability goals, the new facility will incorporate environmentally friendly design elements, such as energy-efficient lighting systems and optimized insulation to reduce energy consumption. These initiatives underscore MVNC’s dedication to promoting sustainable business practices while driving growth.

The construction is scheduled to begin in Q4 2024, with completion expected by the end Q2 2025. The new facility is projected to generate significant operational synergies, contributing to the company’s continued revenue growth and profitability.

About Marvion Inc.

Marvion Inc. (OTC: MVNC) is a leading logistics and warehousing solutions provider based in Hong Kong. The company specializes in offering one-stop transport and storage services to business clients, leveraging advanced digital technologies and efficient inventory management systems.

Company Website: www.unitedksk.com

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SOURCE Marvion Inc.

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American Liver Foundation Hosts the 33rd Annual Irwin M. Arias Symposium

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Virtual and in-person event, Bridging Basic Science and Liver Disease, brings together hundreds of leading biomedical scientists and physicians from across the globe 

FAIRFIELD, N.J., Nov. 14, 2024 /PRNewswire/ — American Liver Foundation is excited to host its 33rd annual Irwin M. Arias Symposium, Bridging Basic Science and Liver Disease, on Wednesday, November 20th from 9AM to 5PM ET. Hundreds of leading biomedical scientists and physicians around the world will come together for this prestigious hybrid, in-person and virtual, one-day event. Each presentation highlights remarkable scientific advances in basic biology and engineering while also providing cutting edge research for a better understanding of liver diseases and the best treatment options available today.

Bridging Basic Science & Liver Disease brings together leading biomedical scientists and physicians from across globe

This informative symposium features 10 unique plenary talks from renowned researchers such as Presidential Medal of Freedom recipient and physician-geneticist Francis S. Collins, MD, PhD, who led the Human Genome Project and discovered the genes causing several genetic diseases. He also served under three Presidents as the Director of the U.S. National Institutes of Health (NIH), the largest supporter of biomedical research in the world. He is currently leading a bold effort to eradicate Hepatitis C throughout the United States. Anne Carpenter, PhD, is the Senior Director of the Imaging Platform and an Institute Scientist at the Broad Institute of MIT and Harvard. She was included on the Top 100 list of AI leaders for her team’s open-source CellProfiler software that is used by thousands of biologists worldwide and their Cell Painting assay that has been adopted throughout the pharma industry to accelerate drug discoveries. There will also be a collection of three-minute ‘MicroTalks’ delivered by trainee scientists.

“This unique one-day annual symposium is a must-attend event for scientists interested in exploring innovative, groundbreaking research conducted in labs and the therapeutic treatments eventually delivered in clinics across the country,” said Lorraine Stiehl, CEO, American Liver Foundation. “Over the past 33 years, research presented at this event has led to many advances in the diagnosis and treatment of virtually all liver diseases in children and adults. Dr. Irwin M. Arias, recognized throughout the world, has devoted his life’s work to advancing liver disease research, treatments and cures and we’re so grateful for his expertise. Liver patients everywhere have benefited from his preeminent work.”

Symposium co-chairs include Sangeeta Bhatia, MD, PhD, John J. and Dorothy Wilson Professor, Electrical Engineering and Computer Science and Institute of Medical Engineering and Science Department at MIT, and Wolfram Goessling, MD, PhD, Chief of Gastroenterology at Massachusetts General Hospital, Director of the Harvard-MIT Health Sciences & Technology at Harvard Medical School and a Professor of Medicine at Harvard Medical School. The overall programming has been designed to honor Dr. Arias’ founding commitment to ‘bridging’ the gap between the academic, industrial, and clinical research communities – even across disciplines.

“The burden of chronic liver diseases affects over 100 million people in the United States alone and is rapidly becoming a public health crisis,” said Dr. Goessling, Chief of Gastroenterology at Massachusetts General Hospital. “Unfortunately, we currently lack effective tools for prevention, diagnosis and treatment for many liver conditions, so it’s vitally important to connect basic science research with the ongoing needs prevalent in many clinics and the Arias Symposium provides this opportunity.”

“Significant gaps remain in the understanding of many liver diseases and the fundamental systems involved in normal and pathological liver function,” said Dr. Bhatia, John J. and Dorothy Wilson Professor at MIT’s Institute of Medical Engineering and Science Department. “This scientific conference bridges basic science and liver disease while also nurturing successful careers in basic and translational liver research. The Arias Symposium allows us all to come together to share our research, encourage new trainees to learn more about liver disease and offers everyone one-day to learn what’s new and engaging in the world of liver research and science.”

The symposium is open to researchers at every stage of their careers, and they are encouraged to share perspectives from their academic, industrial, and clinical research settings. In-person attendees will benefit from a poster session and networking opportunities with plenary speakers and other attendees. Breakfast, lunch, and a networking reception will also be provided to in-person attendees. Registration is free for all trainees (postdocs, fellows, grads, students, undergrads, etc.). Registration is $50 for in-person attendees other than trainees. Virtual attendance is free but does require registration. Register here for this informative event.

This one-day virtual program will include topics such as:  

It’s Time to Eliminate Hepatitis C in the U.S. Francis Collins, MD, PhD – National Institutes of Health (VIRTUAL)Post-Transplant Alloimmune Hepatitis – What do we know and What’s New Udeme Ekong, MD, MPH, FAASLD – Georgetown University Detecting Liver Phenotypes and Toxicity Using Cell Image Data Anne Carpenter, PhD – Broad Institute of MIT and HarvardSpatial Clonal Tracing in Solid Tissues Fernando Camargo, PhD – Massachusetts Institute of TechnologyHolistic Multi-Scale Molecular Imaging of Human Organs Kwanghun Chung, PhD – Boston Children’s HospitalCell Identity Conversion – Liver Regeneration and Cell Therapy Lijian Hui, PhD – Shanghai Institutes for Biological SciencesDeveloping Cirrhosis Therapies: The Three Grand Challenges Quin Wills, MD, PhD – Ochre BioPediatric Liver Tumors: Clinical Context and Opportunities for Collaboration Allison O’Neill, MD – Dana-Farber Cancer InstituteUnderstanding How the Organism Monitors Liver Sufficiency to Properly Time RegenerationKristin Knouse, MD, PhD – Massachusetts Institute of TechnologyCellular and Molecular Drivers of Liver Cancer Response to ImmunotherapyMiriam Merad, MD, PhD – Mount Sinai School of Medicine

For the full agenda, list of speakers, and registration, please visit alfevents.org/ariassymposium.  

In addition to the Arias Symposium, American Liver Foundation offers a research awards program in three categories, Liver Scholar Award, Postdoctoral Research Fellowship Award, and Pilot Research Awards that recently funded eight highly innovative projects into these rare diseases – PSC, AIH and BA. Since 1979, ALF’s research awards program has provided more than $28 million in research funding. Over 850 qualified scientists and physicians have pursued research careers in liver biology, disease and treatment because they received these grants early in their careers. Learn more at liverfoundation.org/research.

About the American Liver Foundation
American Liver Foundation (ALF) is a national community of patients, caregivers and medical professionals dedicated to helping people improve their liver health. Providing guidance and life-saving resources, we are a beacon for the 100 million Americans affected by liver disease. We advocate for patients and families, fund medical research and educate the public about liver wellness and disease prevention. We bring people together through our educational programs and events and create a network of support that lasts a lifetime. ALF is the largest organization focused on all liver diseases and the trusted voice for patients and families living with liver disease. For more information visit www.liverfoundation.org or call: 1 800 GO LIVER (800-465-4837).

Media Contacts:                   
Julie Kimbrough
JKimbrough@liverfoundation.org              
Direct dial: 646-737-9409   
Karla Thomas     
Direct dial: 773.575.9477        

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SOURCE American Liver Foundation

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Avantor® Opens New Bridgewater Innovation Center Focused on Solving Life Science’s Biggest Challenges

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RADNOR, Pa., Nov. 14, 2024 /PRNewswire/ — Avantor, Inc. (NYSE: AVTR), a leading global provider of mission-critical products and services to customers in the life sciences and advanced technology industries, today announced the opening of its new flagship Bridgewater Innovation Center. The state-of-the-art research and development facility, located in Bridgewater, NJ, is part of Avantor’s network of 13 research and innovation centers across the globe.

Avantor’s new Bridgewater Innovation Center spans 60,000 square feet, doubling its previous laboratory and pilot plant capacity. Purpose-designed for collaborative work, the center houses spaces for upstream and downstream process development, dedicated analytical testing labs, and a viral vector laboratory. An expanded pilot plant supports scale-up simulations, enabling rapid customization across the entire bioprocessing workflow.

“Our new Bridgewater Innovation Center is twice the size of our previous facility and adds capacity, talent and capabilities to support the growing demands for monoclonal antibodies, cell and gene therapy and mRNA workflows,” said Michael Stubblefield, President and CEO of Avantor. “Working side-by-side with customers in our network of innovation centers across the globe enables us to power science at every step to deliver life-changing therapies faster, and more cost effectively.”

The Bridgewater Innovation Center allows Avantor to optimize and accelerate biomanufacturing processes at scale; resulting in faster problem solving, streamlined knowledge exchange, and strategic co-innovation. Staffed with Ph.D. scientists, bioengineers, biologists, and process engineers, this center enhances both capacity and expertise to support customers’ needs. The facility also supports Avantor’s sustainability goals, reinforcing the Company’s commitment to environmental responsibility.

For more information about the Bridgewater Innovation Center, visit: https://www.avantorsciences.com/us/en/about/innovation-in-biopharma/avantor-bridgewater-innovation-center

About Avantor
Avantor® is a leading life science tools company and global provider of mission-critical products and services to the life sciences and advanced technology industries. We work side-by-side with customers at every step of the scientific journey to enable breakthroughs in medicine, healthcare, and technology. Our portfolio is used in virtually every stage of the most important research, development and production activities at more than 300,000 customer locations in 180 countries. For more information, visit avantorsciences.com and find us on LinkedInX (Twitter) and Facebook.

Global Media Contact
Eric Van Zanten
Head of External Communications
Avantor
610-529-6219
Eric.VanZanten@avantorsciences.com

Investor Relations Contact
Christina Jones
Vice President, Investor Relations
Avantor
805-617-5297
Christina.Jones@avantorsciences.com

 

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SOURCE Avantor and Financial News

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