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JuicyJesus wrote: »Launching a bank based around an app and acting as if it's something amazingly revolutionary and exciting in 2016 is like someone launching a copy of first direct in 2002 and calling it innovation.
I don't really want my banking app to try and hold my hand, I want it to show me my balances and do transfers. What does this new service do for me that my current app doesn't?
Why/how is the app holding your hand.
Plus it would be innovative - what bank is app only currently? And If you're using the first direct app then plenty will be better (and with most other banks actually!)
Its about innovation - something the big guys are pretty poor at.
People said the same about people using telephone banking - "what does it do that the branch can't".
Legacy banks probably wont be hugely different.
But hopefully atom & mondo will have massive differences - mondo are working on real time banking. Some people might carry around notebooks and pencils to write down all of their transactions the rest of us probably dont and it would be awesome to see up to the second details. Most normal people have stuff going on and dont remember 40-50 transactions over the weekend when the banks dont bother to update stuff properly
And maybe even propper banking on a weekend? Why does a computer stop working on weekends or a bank holiday? Its not required now a days.
Plus who'd have thought of a bank not relying on a dozen legacy systems stitched together that doesn't malfunction often (rbs, hsbc, lloyds i'm looking at you) and actually investing in systems and technology to give better service and a competitive edge.
Looking forward to seeing how the new guys innovate - things like ways to login without card readers and secure keys and the general junk banks push out without thinking of the user.
Lets face it there's no outstanding bank currently, its an area which drastically needs to modernise. The banking equivalent of uber/ocado/netflix/amazon is long overdue.0 -
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Plus it would be innovative
How? In what way? What would it do different or better? Please give us the details, not just the spin.- what bank is app only currently?
Why would an app only bank be better than a non app only bank? There are disadvantages to being app/online only. How do I pay my bags of coins in?Its about innovation - something the big guys are pretty poor at.
More marketing spin.But hopefully atom & mondo will have massive differences - mondo are working on real time banking.
Which means what?Some people might carry around notebooks and pencils to write down all of their transactions the rest of us probably dont and it would be awesome to see up to the second details.
Not possible, I'm afraid. Up to the second details isn't something that the banks alone have complete control over. Until all retailers report all transactions up to the second, the banks can't promise you up to the second balances.Most normal people have stuff going on and dont remember 40-50 transactions over the weekend when the banks dont bother to update stuff properly
50 transactions over a weekend? Really?And maybe even propper banking on a weekend? Why does a computer stop working on weekends or a bank holiday? Its not required now a days.
Faster payments work 24/7 with all banks, and it's only really standing orders or DDs that don't. I doubt that this is a major inconvenience to many people.Plus who'd have thought of a bank not relying on a dozen legacy systems stitched together that doesn't malfunction often (rbs, hsbc, lloyds i'm looking at you) and actually investing in systems and technology to give better service and a competitive edge.
You have a point about the creaky systems, but what does a better service and a competitive edge mean? Specifics, please.Looking forward to seeing how the new guys innovate
Ah, so you don't actually know how the app banks will be different. You're just hoping.things like ways to login without card readers and secure keys
These devices are generally only needed for setting up new payees. What different security methods would you prefer?and the general junk banks push out without thinking of the user.
What do you mean by junk?Lets face it there's no outstanding bank currently, its an area which drastically needs to modernise. The banking equivalent of uber/ocado/netflix/amazon is long overdue.
More spin.0 -
It’s an opinion, not spin . I don’t work for Yorkshire or Clydesdale and think like many its long overdue some modernization. I’ve asked if anyone had more details.How? In what way? What would it do different or better? Please give us the details, not just the spin.Why would an app only bank be better than a non app only bank? There are disadvantages to being app/online only. How do I pay my bags of coins in?
I’m not saying just by being an app it will be better, but instead of spending billions into maintaining a branch network and the costs that entails, they’ll be able to focus on developing something that isn’t met by what is currently available today.
You and your bags of coins obviously not going to be a target audience. I can’t remember the last time I withdrew or paid in physical cash. Most people I know are the same.Not possible, I'm afraid. Up to the second details isn't something that the banks alone have complete control over. Until all retailers report all transactions up to the second, the banks can't promise you up to the second balances.
It absolutely is possible. How are under 16 cards, cards which are only online not offline checked – the only reason it was set up as it was way back when is because cost and speed of data. There is very few examples now of when a terminal shouldn’t have an always on connection. The banks aren’t too worried about sorting it as it’s in their interest for people near the mark who might go over. Look at apple pay – immediately reports what is spent. Mondo are also working on this and the founder has pointed out RBS cant report transactions for days because of their systems, they’ll do them instantly.
Stop thinking about what is possible in the current system – that’s too narrow minded. Think about what someone could do – what’s to stop someone making the card report to your own phone rather then a terminal or through the network? – Nothing (again apple pay is already doing this and android will probably do the same).
You edited my quote i put 30/40/50 but yeah recently bank holiday of 4 days - is 12 of so transactions a day so implausible? And the amount isn't the issue the accuracy is. If its 1 or 100 there's zero reason for it not be be correct instantly.50 transactions over a weekend? Really?
Not about inconvenience it’s about being accurate. Banking doesn’t work weekends or holidays because its in their benefit not to. If it’s not a major inconvenience and its possible why doesn’t it happen? It's telling a computer to work 5 days instead of 7. How many threads do we see on here with people saying – “I don’t understand why this isn’t available or why is the balance different, why is a payment on Monday showing on Sunday etc"Faster payments work 24/7 with all banks, and it's only really standing orders or DDs that don't. I doubt that this is a major inconvenience to many people.
They aren’t in the situation they are in with random outages and inability to give people access to their own money by accident. Its decades of under investment. How would it not be better service to not have those issues. Without the legacy issues startups will have a competitive edge because they’ll have purpose built systems.You have a point about the creaky systems, but what does a better service and a competitive edge mean? Specifics, please.
Do some research - google 'fintech' companies and learn about the types of things that are available. Don't just think this is the best it will be! There's plenty thats possible.Ah, so you don't actually know how the app banks will be different. You're just hoping.These devices are generally only needed for setting up new payees. What different security methods would you prefer?
What do you mean by junk?
No card readers (they’ll already been hacked) and no secure keys. It’s pushed out cause its simple for the bank, not because it’s the best user experience. It doesn’t matter how often they are used or needed.
Still an opinion, I get its not going to be for everyone. But I’ll happily drop branches filled with sales people who’s costs have to be recouped by everyone. Instead I’d rather have an app with a brilliant user experience, that’s well thought out and not stuck in the mindset of this is all we can doMore spin.
If we we’re all ready to just make do then nothing would ever change.
Banking is one industry that is ready to be brought up to date.0 -
No card readers (they’ll already been hacked) and no secure keys. It’s pushed out cause its simple for the bank, not because it’s the best user experience. It doesn’t matter how often they are used or needed.
There's a reason why fraudsters have shifted to calling and emailing people to persuade victims to send their own money to them, rather than directly entering peoples' online banking using stolen passwords. And that's because one time passwords delivered via secure key or card reader have made that last one completely impossible.
I'll gladly put up with having to generate a code on my phone to add a new payee if it means that some Chinese script kiddie can't find out my password and send himself all my money.urs sinserly,
~~joosy jeezus~~0 -
Sure it's possible. It's not the merchants causing any delay, the limitation is in the banks' own systems and account entry delays.Not possible, I'm afraid. Up to the second details isn't something that the banks alone have complete control over. Until all retailers report all transactions up to the second, the banks can't promise you up to the second .
I have been using the Revolut Mastercard for nearly a year already - every transaction in any currency worldwide immediately appears in detail on my phone app, I can transfer £/$/€ to another user instantly wherever I am or they are in the world, etc.
So it's certainly possible these days for a 'real' UK bank to do something similar, with a single currency. They are probably taking their time making sure everything works smoothly enough before launching it. I can predict that they will need plenty of CS staff to take calls from users getting a bit stressed.
Of course, whether such an innovation is actually important or desirable for everyday banking is another question.Evolution, not revolution0 -
Both brands already offer an online Debit Mastercard.
I doubt the Revolut model would be profitable enough for a real bank to replicate - I suspect it's actually loss making.I have been using the Revolut Mastercard for nearly a year already - every transaction in any currency worldwide immediately appears in detail on my phone app, I can transfer £/$/€ to another user instantly wherever I am or they are in the world, etc.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
Of course, whether such an innovation is actually important or desirable for everyday banking is another question.
This part I think is very true. A lot of the 'new developments ' aren't exactly as revolutionary as one would like.
Some of the previous examples (including from other folk) such as 100% accurate up to the minute debit card transactions is interesting. The reason that Apple Pay can do this is due to you using the phone, an online device, as the payment device. To replicate that functionality for offline contactless transactions your either all contactless terminals stop being offline or your debit card becomes an internet connected device. Personally I don't want to have to remember to charge my debit card before I leave the house and fixing the other one is not within the banks control.0 -
Ceo has also done an interview again mentioning B.
Launches in May but still limited details..
"It’s regarded as best in class . . . it’s artificial intelligence [and] understands your spending patterns and prompts you on things you should think about. It’s designed by customers, not by the bank.
It’s much more of a Facebook-generation type model...It’s a non-traditional banking model."0 -
Sounds like personal data analysis and targeted marketing being taken to a new high-tech extreme.Evolution, not revolution0
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