User experience: Wealthify empowers customers’ financial wellness with Pay by Bank
In an age where convenience makes or breaks consumer choices, financial services are no longer an exception. This presents opportunities to elevate the experience of saving – so Wealthify did just that. Read on for inspiration on how this online saving and investment service retains loyal customers.
Consumer demand for digital banking tools with seamless UX now extends to in-app payment experiences
Tink partner and investment platform, Wealthify, has optimised its customer experience with our Pay by Bank technology
Enhanced by the speed, security and flexibility of Pay by Bank, Wealthify gives its customers the optimal tools to instantly transfer investments and savings
Wealthify, one of the UK’s leading digital investment platforms, was established in 2016 to empower its customers to take a straightforward, affordable approach to investing. Now part of Aviva – a giant in the investment industry who initially invested in Wealthify in 2017 and took full ownership in 2020 – Wealthify offers an intuitive app and online service. When using either of these platforms, customers can select how much they wish to invest, specifying ethical investment options or other preferences if they like, Wealthify then builds and manages an investment plan on their behalf.
Traditionally, investors had to initiate payments manually through their bank’s app or browser. But now, with Tink’s Pay by Bank, powered by open banking, Wealthify customers can quickly transfer an initial deposit during onboarding, effortlessly topping up their accounts as needed – without leaving the Wealthify app.
Elevating the consumer savings experience
Our latest banking data reveals a strong desire in consumers for more guidance and support from their banks as they navigate today’s economic landscape. And as a society, we’ve never been more receptive to the technology at our fingertips.
For example, in France, an estimated 78% of under-35s say they use online banking for their daily financial management – and 72% of all French survey respondents indicated choosing online banks as it's easier to manage their money this way than traditional banks. In Germany, 43% of consumers surveyed now place more importance on digital offerings – like user-friendly banking apps – than on in-person, face-to-face advisory in traditional banks. In the UK, an estimated 30% of consumers we surveyed said they would switch providers for personal alerts and spending insights such as alerts on double charges and budgeting tips. 40% of UK survey respondents would switch providers who can identify money-saving opportunities based on purchase history.*
With such a clear demand for tailored guidance and easy-to-use investment tools, it’s safe to say that consumers extend this expectation to seamless payment flows – including for account top-ups.
Our additional 2023 investment research revealed that everyday investors require effortless – and above all, speedy – money movement in and out of their investment accounts. 74% of investment app users surveyed want to instantly transfer money from bank accounts to investment accounts, without leaving the platform app or website. 18% would consider switching platforms if this function was available elsewhere.** For investment platforms and providers looking to level up their UX, there are solutions on hand – and for Wealthify, Pay by Bank is the key.
How Pay by Bank benefits the investment platform offering
Pay by Bank, also known as open banking payments or account-to-account (A2A) payments, allows quick transfer of money directly from one bank account to another. This could be to a business, another consumer, or between personal accounts. Combining a modern, seamless user experience with industry-leading security, Pay by Bank is low cost and provides all the elements users associate with great a customer experience.
For investment platforms, Pay by Bank offers several advantages, including low transaction costs, fast payment processing, and increased security. Additionally, Pay by Bank is optimised for conversion, helping platforms like Wealthify reach a broad audience while boosting revenue and profitability. In other words, Wealthify can offer a customised payment experience, helping them retain users and keep them coming back.
“We’ve been using Tink’s Pay by Bank solution since 2021. Having an option for easy bank transfers has made the process of depositing money so much easier for our customers,” says Emma Clark, Head of Product at Wealthify.
“Previously they would need to switch to their banking app to set up a manual transfer, but now there’s no need to leave our app. It’s a secure and convenient way for a client to manage funds in real-time.” For more inspiration on building customer loyalty, get your copy of our in-depth UX guide, explore Tink Investments – or get in touch to see how we can help future proof your business.
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About the research
*UK consumer research was conducted by Censuswide on behalf of Tink in May 2024 amongst a nationally representative sample of 2,010 consumers aged 16+. In France, 1066 people representative of the French population aged 18+ were surveyed by OpinionWay. The sample was constituted according to the quota method regarding the criteria of sex, age, socio-professional category, urban category and region of residence. The sample was interviewed by self-administered online questionnaire using the CAWI (Computer Assisted Web Interview) system. The interviews were carried out on 22-23 May 2024. In Germany, Tink and INNOFACT conducted an online survey on 3-5 June 2024 among around 1,000 account holders in Germany about their banking needs and desires. Consumers aged between 18 and 79 who have an account with a bank were surveyed. The composition is representative of this target group. UK banking research was conducted by Censuswide on behalf of Tink in May 2024 amongst 101 retail banking executives who are based in the HQ function (aged 18+).
**Research was conducted by Censuswide on behalf of Tink in July 2023, of 505 national representative active individual investors in the UK – those who personally manage their own investment portfolio in apps and on investment platforms.
Case studies, comparisons, statistics, research and recommendations are provided “AS IS” and intended for informational purposes only and should not be relied upon for operational, marketing, legal, technical, tax, financial or other advice. Visa Inc. neither makes any warranty or representation as to the completeness or accuracy of the information within this document, nor assumes any liability or responsibility that may result from reliance on such information. The Information contained herein is not intended as investment or legal advice, and readers are encouraged to seek the advice of a competent professional where such advice is required.
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