App-based banking – is this the future? 12 October 2016 at 4:53PM edited 20 October 2016 at 3:15PM in Budgeting & bank accounts 31 replies 6.5K views

MSE_Luke

'The future of banking, available today." That's the bold message adorning the homepage of newly-formed Atom Bank...'

Read MSE Karl's full blog: 'App-based banking – is this the future?'

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agrinnall

I hope not, because I don't really trust apps for something as vital as banking, and don't yet use any.

jimjames

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.

djpailo

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

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

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

I use Barclays, MBNA and Tesco apps. They are basically fine, but you have to log in to online banking to do certain things.

notafan

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

agrinnall wrote: »

I hope not, because I don't really trust apps for something as vital as banking, and don't yet use any.

Me neither! :eek:

AnotherJoe

Gigabeast wrote: »

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>.

Wasting money to implement on phones and OS's that practically no one uses? Implementing their apps on insecure unpatchable devices? Hopefully not.

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/