App-based banking – is this the future?

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  • antrobus
    antrobus Posts: 17,386 Forumite
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    No_6 wrote: »
    So all you lot that don't use phone apps ?
    what do you use for your accounts/package/budget...etc
    some phone thingy or pen and paper for 1 or 2 accounts ?

    what happens when you get 20 plus accounts .

    Excel.

    There are alternatives.
  • geek1981
    geek1981 Posts: 184 Forumite
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    I've been using Monzo for sometime now and find their app very user friendly with lot of useful options for budgeting, requesting payments from friends etc.They are getting direct debt and current account soon and then i will not need any big players for my daily banking. Also use Revolut when i travel which is similar to Monzo and they arelady have partial current account with sortcode & account number. This is the future for sure!
  • boliston
    boliston Posts: 3,012 Forumite
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    No_6 wrote: »
    So all you lot that don't use phone apps ?
    what do you use for your accounts/package/budget...etc
    some phone thingy or pen and paper for 1 or 2 accounts ?

    what happens when you get 20 plus accounts .

    Quickbooks works fine for me - the version I have is about 20 years old but it still works just as well now as it did 20 years ago.
  • mt99
    mt99 Posts: 472 Forumite
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    a bit like when internet banking on the desktop came out - lots of 'not going to use that new-fangled stuff much better to go to the branch....'
  • JuicyJesus
    JuicyJesus Posts: 3,830 Forumite
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    mt99 wrote: »
    a bit like when internet banking on the desktop came out - lots of 'not going to use that new-fangled stuff much better to go to the branch....'

    See THAT I will never understand. There is literally no possible sense in which I will go to a branch unless I actually, genuinely have to.
    urs sinserly,
    ~~joosy jeezus~~
  • Rosemary7391
    Rosemary7391 Posts: 2,879 Forumite
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    No_6 wrote: »
    So all you lot that don't use phone apps ?
    what do you use for your accounts/package/budget...etc
    some phone thingy or pen and paper for 1 or 2 accounts ?

    what happens when you get 20 plus accounts .

    A spreadsheet, and I won't! If your hobby is keeping track of so many accounts, fair enough, but it isn't for many.

    I'm not overly keen on accessing banking from my mobile phone. It's too easy to lose, and I don't think any device that's physically in the hands of someone else will remain secure. Also, much more vulnerable to shoulder surfing type things. I have better things to do whilst standing in queues than shift money from a to b anyway. 24hour banking at home does me nicely, and I need the option to speak to a real person because apparently my situation is a bit complicated...
  • eDicky
    eDicky Posts: 6,574 Forumite
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    A more comprehensive article:

    http://www.bbc.co.uk/news/business-39290041
    Evolution, not revolution
  • lytefantastic
    lytefantastic Posts: 19 Forumite
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    Atom Bank problems. I am having a terrible time with the 2% Atom Savings account. 2 days ago I deposited the minimum £50. The app will not work for me. No facial or voice recognition. It takes an age to do anything. Even chat support takes an age and the support people log off because my messages take an age to transmit. I asked for my money back but they refused. DO NOT GIVE ATOM BANK YOUR MONEY.
  • Majestic12
    Majestic12 Posts: 142 Forumite
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    I am very in-tune with technology, apps etc...However I am still sceptical about app-based banks, even with FSCS protection. Whilst I don't ever (or need to) visit a branch, I just feel my money is...safer with an established bank.

    I'm open minded and I hope my opinion changes over the coming years, but not sold on it yet.
  • takman
    takman Posts: 3,876 Forumite
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    As I have said before apps are much more secure than accessing banking on your computer.

    Once you setup a banking app it cam only be used on that one device. Even if some see is you typing in a passcode to access it they would still only be able to access your account from that one device.

    If you access your account from a computer and someone intercepts your login information (keylogger, phishing etc) then they can use that information to log in from ANY computer.

    So by just using a computer your actually using a less secure method of accessing your account.

    You also have the benefit of doing your banking when you have a few minutes spare during the day. This means you use your time much more efficiently and have more time to do other things.

    Also the majority of smartphones cam be remotely tracked and fully wiped of all data if they are lost or stolen and alot also have biometric security.

    But I do agree that apps need to be well designed and some are pretty awful to use.
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