Retail banking startup LendUp is building a credit card and app combo that you can tell was designed for a mobile-first customer experience:
First, the app makes credit health easy to understand. This makes it easier to make better purchase decisions in real time.
Second, the app can deliver a notification any time a purchase is made on a card. This is great for people who use subscription services, regularly prompting them to ask if they are getting value for their money.
Third, a single tap toggles card on or off. Recurring charges can be whitelisted. This gives a great balance between protection and ensuring that payment isn’t missed on critical services.
Fourth, the card can be customized for sharing with family members. Permissions can be given only for certain types of purchases, or within a set limit.
All of this is wrapped in a brand that emphasizes transparency and going the extra mile to help customers.That’s a lot of opportunities to surprise and delight people who are just a few taps away from social media.
LendUp is building their own technology platform in a way that allows them to launch and improve products faster than possible before. Many traditional banks are making improvements in mobile, but are still wedded to legacy systems developed in the 80s. They may soon find it hard to keep up with agile players like LendUp.