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Will the big banks ever get with the times?
Comments
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Actually, this is quite a nice feature. I already have a Halifax Clarity card that gives me this benefit, but I need to pay off cash withdrawals quickly as they accrue interest from day 1. So I'm somewhat tempted by this, even though it isn't exactly novel.
That's the main financial benefit of the accounts and the reason I have them. I also have the Halifax Clarity card which was the only card to work in foreign toll booths!.I have a pretty good record of passing the electronic ID checks, so rarely need to provide ID. Last time I did was with Natwest earlier this year and I just needed to take a picture on my phone and upload it, so perhaps this isn't so novel either.
That definetly should be the default method of producing ID for all banks (If required).Last time I visited a branch was 3-4 years ago when I had to pay in a cheque. Thankfully, one of my accounts now allows me to pay in cheques by taking a photo of it in their app, so I no longer have any reason to visit a branch.
Wait, what? They don't accept cheques? But some organisations still insist on sending them. What are you supposed to do if a large company insists it's the only way they'll pay you?
They need to get with the times and offer more up to date features like Mobile Cheque Imaging.
I don't like cheques at all and they should have been made obsolete years ago. So I would much rather see banks stop accepting them to make it clear they arn't an acceptable payment method in 2018.
I agree the next best thing is paying cheques in by providing a picture which is something banks are being very slow at rolling out!.
But one thing which I think will always be true is that you will only get the best combination of benefits and features by having accounts with many different banks.0 -
This is also of interest to me. I'm currently using an aggregation service to get a view of all of my accounts with various different banks in one place. But, being free, it perhaps isn't as good as a service developed to lure in profitable customers. I don't suppose your app allows you to run analytics on accounts held elsewhere as well?For me, the big attraction of the app-based banks is the spending tracking and analytics. The apps provide instant notifications of transactions (unlike the big banks), there is more detail about each transaction than you get with big banks, and there are nice analytics of your spending (such as how much you spent on different categories of transactions in a given time period).0 -
Wait, what? They don't accept cheques? But some organisations still insist on sending them. What are you supposed to do if a large company insists it's the only way they'll pay you?
They need to get with the times and offer more up to date features like Mobile Cheque Imaging.
I don't know about Starling, but Monzo do accept cheques. You just have to post it to them. They have stated they will provide cheque imaging early next year.
https://monzo.com/blog/2018/05/22/making-monzo-better/0 -
This is also of interest to me. I'm currently using an aggregation service to get a view of all of my accounts with various different banks in one place. But, being free, it perhaps isn't as good as a service developed to lure in profitable customers. I don't suppose your app allows you to run analytics on accounts held elsewhere as well?
No, Monzo isn't able to aggregate information from other banks0 -
I appreciate you value this feature, and even I might value it if I actually spent money straight from my bank account (which I don't, unless credit card is not accepted, which is very rare), and if they were my only bank account (which they'll never be as I will always have many more than one bank account). Be aware though that this is a bit like a Tesco Clubcard ---- if they give you the information, they also have it for themselves and they probably know more about your spending habits, and your likely future spending behaviour, than you might do yourself. Could be a double-edged sword..... and there are nice analytics of your spending (such as how much you spent on different categories of transactions in a given time period).0 -
I've never liked cheques and was disappointed when the plans to phase them out were scrapped due to public outcry. But I do sympathise with those who have a genuine need for them. As long as I can pay them in by image in the comfort of my home I'm indifferent towards themI don't like cheques at all and they should have been made obsolete years ago. So I would much rather see banks stop accepting them to make it clear they arn't an acceptable payment method in 2018.
I agree the next best thing is paying cheques in by providing a picture which is something banks are being very slow at rolling out!.
I couldn't agree more.But one thing which I think will always be true is that you will only get the best combination of benefits and features by having accounts with many different banks.
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Well from a money saving perspective the best thing about the accounts are that you can use them abroad and withdraw cash without any fees and an almost perfect exchange (but only £200 a month free foreign withdrawals on Monzo). This is available from the major banks but only as Credit Cards so not a revolutionary feature.
As you say, available via a credit card. Starling may be attractive for managing cash abroad.But the best thing about the way these accounts work is that they give you instant notifications of any transactions on the account and as they have no branches you can submit ID using the app. So you never need to visit a branch for any reason which is a chance with major banks.
Instant notifications don't really excite me. I know what money I have and have manage fine for decades without the feature. I know that some see this as beneficial in detecting fraud, but not haing the feature on my accounts isn't a huge worry.
I have several accounts with banks where I have never been in to a branch, and proved my ID without going into branch either.But I don't think these should be considered "state of the art" they should be basic features on all current accounts.
Perhaps. Can't say they arouse much interest or desire in me.The fact that they don't use obsolete branches and don't accept obsolete cheques is definetly a big positive.
Why do you think not accepting cheques is an advantage? It is still reasonably common to receive cheques and not being able to deposit these into my account would be a huge inconvenience! I would have said that this is actually one of the big disadvantages of the app based banks.But they don't offer any saving accounts with decent interest or any other bonuses so are not quite an all round bank yet.
As things stand, I still consider the app based banks to be largely a gimmick. The failure to provide any decent savings accounts is a side issue, as I wouldn't (and don't) use one provider for all my needs.Bank branches and cheques should be a thing of the past,
Why should they? There is no logic to this view.It's a positive because the more people that have accounts with banks that don't have branches and don't accept cheques the quicker they can be phased out. Bank branches are pretty obsolete these days when you can carry out all transactions without them using the internet, phone or Cash Machines (apart from paying in cash).
So you recognise that there is actually a need for branches, then!
Why is it a universal good that cheques be phased out? Your preference for not using them doesn't mean that they aren't useful or of benefit to others.0 -
ValiantSon wrote: »As you say, available via a credit card. Starling may be attractive for managing cash abroad.
Instant notifications don't really excite me. I know what money I have and have manage fine for decades without the feature. I know that some see this as beneficial in detecting fraud, but not haing the feature on my accounts isn't a huge worry.
Just like people managed for decades without internet banking and debit cards. These features arn't essential but with technology available today there is no reason why all banks shouldn't have instant updates of transactions on accounts.ValiantSon wrote: »I have several accounts with banks where I have never been in to a branch, and proved my ID without going into branch either.
Perhaps. Can't say they arouse much interest or desire in me.
Why do you think not accepting cheques is an advantage? It is still reasonably common to receive cheques and not being able to deposit these into my account would be a huge inconvenience! I would have said that this is actually one of the big disadvantages of the app based banks.
As things stand, I still consider the app based banks to be largely a gimmick. The failure to provide any decent savings accounts is a side issue, as I wouldn't (and don't) use one provider for all my needs
Why should they? There is no logic to this view.
So you recognise that there is actually a need for branches, then!
Why is it a universal good that cheques be phased out? Your preference for not using them doesn't mean that they aren't useful or of benefit to others.
Like I said above I don't like cheques and they need to be phased out, this will only happen when banks stop accepting them as readily.
But when they bring cheques into the 21st century and all banks accept them being paid in by imaging and they are paid in by the next working day then they won't be too bad.
There is no need for branches at all, more things can be done via telephone banking than in branch. There also is no real need to pay in cash these days unless your a business. They could also replace every branch with a cash machine that accept payments into the account (including coins).0 -
I appreciate you value this feature, and even I might value it if I actually spent money straight from my bank account (which I don't, unless credit card is not accepted, which is very rare), and if they were my only bank account (which they'll never be as I will always have many more than one bank account). Be aware though that this is a bit like a Tesco Clubcard ---- if they give you the information, they also have it for themselves and they probably know more about your spending habits, and your likely future spending behaviour, than you might do yourself. Could be a double-edged sword.
The big banks have all this information as well. They're just not organizing it effectively. Or at least, they're not presenting it to customers effectively.
Monzo have stated that they want to become a marketplace for financial products from other providers (presumably instead of providing their own mortgages, loans, insurance products, and such). They will monetize this by targeting suggestions for different financial products based on your profile and spending habits and then earning commission. For example
https://monzo.com/blog/2018/03/01/marketplace-beta/Say that your energy bill has just increased, because the introductory deal you were on is over. We'd like to be able to work out whether you can get a cheaper rate from another provider, and help you switch seamlessly to save money each month.
Personally, I don't have a problem with this.0
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