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  • FIRST POST
    • MSE Luke
    • By MSE Luke 12th Oct 16, 4:53 PM
    • 217Posts
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    MSE Luke
    App-based banking is this the future?
    • #1
    • 12th Oct 16, 4:53 PM
    App-based banking is this the future? 12th Oct 16 at 4:53 PM
    'The future of banking, available today." That's the bold message adorning the homepage of newly-formed Atom Bank...'



    Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
    Last edited by MSE Luke; 20-10-2016 at 3:15 PM.
Page 1
    • agrinnall
    • By agrinnall 12th Oct 16, 5:31 PM
    • 17,433 Posts
    • 13,079 Thanks
    agrinnall
    • #2
    • 12th Oct 16, 5:31 PM
    • #2
    • 12th Oct 16, 5:31 PM
    I hope not, because I don't really trust apps for something as vital as banking, and don't yet use any.
    • jimjames
    • By jimjames 12th Oct 16, 9:42 PM
    • 11,783 Posts
    • 10,144 Thanks
    jimjames
    • #3
    • 12th Oct 16, 9:42 PM
    • #3
    • 12th Oct 16, 9:42 PM
    I tend to only use apps so definitely the future. Far easier than needing to go to website. Frustrating with banks that don't offer functional apps.
    Remember the saying: if it looks too good to be true it almost certainly is.
    • djpailo
    • By djpailo 12th Oct 16, 9:55 PM
    • 351 Posts
    • 118 Thanks
    djpailo
    • #4
    • 12th Oct 16, 9:55 PM
    • #4
    • 12th Oct 16, 9:55 PM
    I stopped reading after you mentioned Atom Bank. The app is laughable. It was created by a group of people who put form ahead of function. It genuinely feels like an app for kids...

    Onto the actual app itself, given the recent issues with voice recognition, why would I trust facial recognition systems with this app? Why don't atom bank offer any online services, why does it all need to be through an app?

    Apps will never replace online banking. Apps will always be useful for those that need it, but there will always be a time and a place when you need to sit at your computer and use a more functional website, or visit your branch, to sort something out.
    • Anthorn
    • By Anthorn 13th Oct 16, 11:37 PM
    • 2,988 Posts
    • 775 Thanks
    Anthorn
    • #5
    • 13th Oct 16, 11:37 PM
    • #5
    • 13th Oct 16, 11:37 PM
    App based banking is probably the future but it all depends on how soon the future gets here. I'm currently using the Soldo pre-paid Debit Mastercard which is completely app based and I don't have any problem with it at all.

    But it's a different matter with so-called challenger banks and the promised full banking service in an app. Starling Bank looks to be the furthest ahead but is still engaged in crowing about passing milestones on the way to a full banking service but nothing more than that.

    Overall, the future may be distant.
    • Gigabeast
    • By Gigabeast 16th Feb 17, 1:13 PM
    • 1 Posts
    • 0 Thanks
    Gigabeast
    • #6
    • 16th Feb 17, 1:13 PM
    Hopeless ratings for app
    • #6
    • 16th Feb 17, 1:13 PM
    I looked at the FAQ section of Atom's website, and then the reviews of the App.


    Hopeless! You're only allowed to access your account(s) on one device, so if (like me) you were hoping that you could use one of your other devices if your main phone breaks down, forget it. You can transfer to another device (via setting everything up for that device), but not all devices are supported, certainly not all phones, and certainly not your ageing Android v4.x or v5.x tablet etc, and no web access yet (or planned), so you'd have to do everything over the phone with their helpline.


    Loads of people having serious problems with the app, facial recognition not working, sluggish response even with the latest phones, not being able to login.


    It looks like a lot to endure in return for a little bit more interest. Certainly a good bunch of ideas with this new bank, but I won't be looking at them again until they start implementing those ideas in an adult manner <g>.
    • Shakin Steve
    • By Shakin Steve 16th Feb 17, 6:05 PM
    • 744 Posts
    • 534 Thanks
    Shakin Steve
    • #7
    • 16th Feb 17, 6:05 PM
    • #7
    • 16th Feb 17, 6:05 PM
    I use Barclays, MBNA and Tesco apps. They are basically fine, but you have to log in to online banking to do certain things.
    I came into this world with nothing and I've got most of it left.
    • notafan
    • By notafan 16th Feb 17, 7:31 PM
    • 262 Posts
    • 138 Thanks
    notafan
    • #8
    • 16th Feb 17, 7:31 PM
    • #8
    • 16th Feb 17, 7:31 PM
    100% the way forward.

    Think of when people were like telephone banking will never work, internet banking will never work.

    You've had the big banks who don't really innovate and there's been no reason to because nobody else was.

    We've now got new companies which are building from the ground up and whilst they are insignificant now it's not out there to think one of them well.

    Banking is due an amazon/netflix/uber type of disruptor. I don't think challenger type banks TSB, Santander, Clydesdale, Virgin or Atom are the ones to look out for. I think it'll be Monzo, Starling or Tandem. I also think they'll probably get bought out by the bigger guys as soon as they show they're having any success.
    • Jo Blogs
    • By Jo Blogs 17th Feb 17, 12:51 AM
    • 647 Posts
    • 2,048 Thanks
    Jo Blogs
    • #9
    • 17th Feb 17, 12:51 AM
    • #9
    • 17th Feb 17, 12:51 AM
    I hope not, because I don't really trust apps for something as vital as banking, and don't yet use any.
    Originally posted by agrinnall
    Me neither!
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    • AnotherJoe
    • By AnotherJoe 17th Feb 17, 1:26 AM
    • 6,295 Posts
    • 6,665 Thanks
    AnotherJoe
    I looked at the FAQ section of Atom's website, and then the reviews of the App.


    Hopeless! You're only allowed to access your account(s) on one device, so if (like me) you were hoping that you could use one of your other devices if your main phone breaks down, forget it. You can transfer to another device (via setting everything up for that device), but not all devices are supported,
    No app vendor supports "all" devices

    certainly not all phones,
    Ditto
    and certainly not your ageing Android v4.x or v5.x tablet etc,
    Good. These are highly insecure bug ridden pieces of **** (look up "stagefright") that cant be updated to more secure versions due to poor support from vendors and phone companies

    and no web access yet (or planned),
    That does seem to be a lack

    so you'd have to do everything over the phone with their helpline.
    Aren't these essentially 1 or 2 year fixed interest accounts that you get a week to fill up then leave for the period? Why would you be doing stuff to them regularly?


    Loads of people having serious problems with the app, facial recognition not working, sluggish response even with the latest phones, not being able to login.


    It looks like a lot to endure in return for a little bit more interest. Certainly a good bunch of ideas with this new bank, but I won't be looking at them again until they start implementing those ideas in an adult manner <g>.
    Originally posted by Gigabeast
    Wasting money to implement on phones and OS's that practically no one uses? Implementing their apps on insecure unpatchable devices? Hopefully not.
    • Anthorn
    • By Anthorn 17th Feb 17, 7:42 AM
    • 2,988 Posts
    • 775 Thanks
    Anthorn
    To my previous post I have to add, "... if they can get it working and keep it working": So far the app for CYBG B on iOS has been down now for 12 hours. Not really all that serious because the B accounts can be accessed by internet banking. But in the case of app-only banks customers are likely to be left out in the cold waiting to be connected to overworked telephone support which it appears that everyone is ringing. Hey, it's happening right now!
    We're aware that some customers are having issues trying to access B. Our Techie guys are working on getting this fixed ASAP. However, in the meantime you can try deleting the app and download again from the App store.
    https://www.facebook.com/youandb/
    • bxboards
    • By bxboards 17th Feb 17, 8:37 AM
    • 1,185 Posts
    • 925 Thanks
    bxboards
    Very long term, possibiy but short term, I think banks and app advocates in general forgot that not everyone has a smart phone, and out of the people who do, many people will not wish to put too much trust in a device that can be easily lost or stolen.

    I think it's also a generation thing - last year I signed up to Atom Bank which was mobile only - I can't think of a more dreadful banking experience, and I speak from the days when internet banking became a 'thing' with very slow connections and very basic interfaces. The Atom app looks and felt that it had been designed by and to be used by small children - more like a Fisher Price toy that a real tool. What worries me is that clearly the bank thought they had something great! I suspect that the younger generation more used to small screens will take to them, as to some extent they don't know any better.

    I do use a few mobiles apps and generally think they are fine, but many things are simply more suited to a larger screen and a keyboard. Many banking processes also require 'calculator' type devices for security, so while you may bank on the go, I suspect most people won't carry these as well, which limits banking functionality.

    So...yes..but it will take a while.
    • bxboards
    • By bxboards 17th Feb 17, 9:50 AM
    • 1,185 Posts
    • 925 Thanks
    bxboards
    Wasting money to implement on phones and OS's that practically no one uses? Implementing their apps on insecure unpatchable devices? Hopefully not.
    Originally posted by AnotherJoe
    You do realise that the OSs you claim 'no one uses' are actually easily the most used?

    https://developer.android.com/about/dashboards/index.html

    4.4 KitKat 19 21.9%
    5.0 Lollipop 21 9.8%
    5.1 22 23.1%

    I make that over 50% which is a majority.

    Your definition of 'no one uses' is rather different to mine and Googles!
    • Anthorn
    • By Anthorn 17th Feb 17, 10:23 AM
    • 2,988 Posts
    • 775 Thanks
    Anthorn
    You do realise that the OSs you claim 'no one uses' are actually easily the most used?

    https://developer.android.com/about/dashboards/index.html

    4.4 KitKat 19 21.9%
    5.0 Lollipop 21 9.8%
    5.1 22 23.1%

    I make that over 50% which is a majority.

    Your definition of 'no one uses' is rather different to mine and Googles!
    Originally posted by bxboards
    Not to mention iOS 9, 10 and 10.2.1 lol

    But I see AnotherJoe's point: Recent news is that older mobile phones and making a comeback. So if everyone abandons their smart phone what price banking apps or any apps for that matter. Come back Siemens all is forgiven!
    • AnotherJoe
    • By AnotherJoe 17th Feb 17, 2:24 PM
    • 6,295 Posts
    • 6,665 Thanks
    AnotherJoe
    You do realise that the OSs you claim 'no one uses' are actually easily the most used?

    https://developer.android.com/about/dashboards/index.html

    4.4 KitKat 19 21.9%
    5.0 Lollipop 21 9.8%
    5.1 22 23.1%

    I make that over 50% which is a majority.

    Your definition of 'no one uses' is rather different to mine and Googles!
    Originally posted by bxboards
    I didnt claim that no one uses those OS's. I was referring (not very well I admit) to the use of for example Windows OS and Blackberry phones (Blackberry just dropped to a rounded zero percent useage this month, Windows OS is about 1%. So no vendor in their right mind woudl bother developing for devices using those)

    As to the fact that the majority of users are stranded on OS's which are ridden with critical security bugs that cannot be patched, if I was developing a banking App, I'd no more make it available on those than I would on a Jailbroken Android or IOS device.
    • bxboards
    • By bxboards 17th Feb 17, 2:49 PM
    • 1,185 Posts
    • 925 Thanks
    bxboards
    I didnt claim that no one uses those OS's. I was referring (not very well I admit) to the use of for example Windows OS and Blackberry phones (Blackberry just dropped to a rounded zero percent useage this month, Windows OS is about 1%. So no vendor in their right mind woudl bother developing for devices using those)

    As to the fact that the majority of users are stranded on OS's which are ridden with critical security bugs that cannot be patched, if I was developing a banking App, I'd no more make it available on those than I would on a Jailbroken Android or IOS device.
    Originally posted by AnotherJoe
    Windows OS is about 1% but the very latest Android 7.1 is 0.3%

    So by your own statement ' So no vendor in their right mind would bother developing for devices using those'

    IMHO you either need to develop apps or you don't, but I don't think market share should be a key driver, and nor do I think only the latest phones should be able to bank online. It's a self-defeating policy.

    It's also naive to assume phone will later OS are automatically more secure - this may just mean no one has found the bugs yet because of such low uptake. Phones tend only to be patched for an 12-18 month cycle. Bugs will be found in 7.1 as well..so what do you do, wait for 8.0 or 9.1 or develop for what you have now? I think by your own rules, you'd never actually publish anything...
    • JuicyJesus
    • By JuicyJesus 17th Feb 17, 3:03 PM
    • 2,883 Posts
    • 2,967 Thanks
    JuicyJesus
    To be honest I don't really see how a full-service bank can exist solely through an app unless it's incredibly basic and doesn't do half the things an actual bank does. For most people's daily needs it'd most likely be fine, but as soon as you need something a bit more complex or an issue arises you'd want to be able to talk to an actual person somehow. I do as much as I feasibly can digitally but I've still found myself needing to call up a few times, albeit not often.
    urs sinserly,
    ~~joosy jeezus~~
    • AnotherJoe
    • By AnotherJoe 17th Feb 17, 7:57 PM
    • 6,295 Posts
    • 6,665 Thanks
    AnotherJoe
    Windows OS is about 1% but the very latest Android 7.1 is 0.3%

    So by your own statement ' So no vendor in their right mind would bother developing for devices using those'

    IMHO you either need to develop apps or you don't, but I don't think market share should be a key driver, and nor do I think only the latest phones should be able to bank online. It's a self-defeating policy.

    It's also naive to assume phone will later OS are automatically more secure - this may just mean no one has found the bugs yet because of such low uptake. Phones tend only to be patched for an 12-18 month cycle. Bugs will be found in 7.1 as well..so what do you do, wait for 8.0 or 9.1 or develop for what you have now? I think by your own rules, you'd never actually publish anything...
    Originally posted by bxboards
    Don't write apps for OSs that have known major security flaws not much you can do about unknown ones other than Focus on vendors that has a record of updates. Apple and Google native devices. Maybe some of the other big names like Moto, Sony, huawei ?
    Last edited by AnotherJoe; 18-02-2017 at 8:30 AM.
    • Anthorn
    • By Anthorn 17th Feb 17, 9:12 PM
    • 2,988 Posts
    • 775 Thanks
    Anthorn
    To be honest I don't really see how a full-service bank can exist solely through an app unless it's incredibly basic and doesn't do half the things an actual bank does. For most people's daily needs it'd most likely be fine, but as soon as you need something a bit more complex or an issue arises you'd want to be able to talk to an actual person somehow. I do as much as I feasibly can digitally but I've still found myself needing to call up a few times, albeit not often.
    Originally posted by JuicyJesus
    You hit the nail on the head: "For most people's daily needs." For example B does it with current account, savings account with separate savings pots, spending with labels to track spending, budgeting, payments with standing orders, DDs and one-off payments. In short a full-service bank account in a mobile app. But the big benefit is branches of Clydesdale and Yorkshire Banks, online banking and telephone banking which you don't get with an app-only bank.

    I actually switched to B because I got impatient waiting for app-only Starling Bank. App-only full-service banking is coming and set to be the next big thing .... when they arrive which I think will not be any time soon.
    • boliston
    • By boliston 17th Feb 17, 9:41 PM
    • 2,179 Posts
    • 1,735 Thanks
    boliston
    I generally find "apps" annoying things to have to download, install and use.

    I have chrome on my phone and this is the only "app" I really ever use, including all my online banking needs.
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