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Capital One puts money on simpler sign-in for mobile customers

Capital One is letting customers on Apple iPhones use the bank-holding company’s revamped mobile application to personalize how they manage their finances with a single sign-in for all accounts and easier cross-account movement.

Mobile users now can view and manage accounts from one place, including home and auto loans, banking accounts and credit card statements, and navigate and organize transactions and payments by category to track spending. While Capital One’s new digital experience is available on iPhone, it will be supported via Watch OS and Android devices in the future, as the company responds to consumer demands for easier ways to manage important financial matters.

“We’re focused on putting the customer at the center of a simple and intuitive user experience that utilizes cutting-edge technology to enable an even more sophisticated customization,” said Toby Russell, managing vice president for digital at Capital One, McLean, VA.

Digital makeover
The mobile user experience lets customers view and manage accounts from one place, including home and auto loans, banking accounts, credit card statements.

They also can navigate through transactions and payments and organize them by category to help track spending.

Customization tools permit the placing of favorite or frequent tasks upfront for quick access while also providing personalized messages and alerts. Quick sign-in can be carried out using TouchID or SureSwipe.

The new iPhone app is among the first physical products from Capital One’s digital makeover, which revolves around acquisitions, hiring developers, engineers and product designers and cultural change led in part by design thinking, the company said in a press release.

The update was unveiled in conjunction with the announcement that Capital One had acquired Monsoon, an Oakland, CA, designer of apps and and sites for customers such as the National Basketball Association, Hewlett-Packard and Wells Fargo.

Key changes are allowing the user to see and manage all accounts from one place and to categorize past transactions and payments. If a consumer is looking at a recent transaction of a coffee purchase, he or she can categorize it to help track spending against the coffee habit.

When the customization tool is applied, layout changes are automatically updated across Web and mobile.

In April, a Capital One executive at the Mcommerce Summit: State of Mobile Commerce 2015 predicted a mass shift to Apple Pay this year and the decline of magnetic stripe payments as more consumers carry their phones on their persons at all times.

A key takeaway from the “Capital One: The State of Mobile Payments and What It Means to Retailers” session was that mobile payments will have a significant effect on consumers and merchants alike, with exponential projections for adoption rates.

Apple Pay era
Apple Pay will likely continue to reign supreme this year, although Android platforms will also have their heyday, paving the path for payment solutions such as Google Wallet.

“The new iPhone app is among the first physical products from our overall digital transformation, which revolves around acquisitions, hiring developers, engineers and product designers and cultural change led in part by design thinking,” Mr. Russell said.

Final Take
Michael Barris is staff reporter on Mobile Commerce Daily, New York