Chase UK discussion

[Deleted User]

adamp87 said:

Deleted_User said:

Zanderman said:

Deleted_User said:

adamp87 said:

After the hype their app is going to have to spank Starling and Monzo to succeed.

Offering credit products is going to set them apart from the two above admittedly 

Well I think people are far more likely to trust a big American bank than a small outfit.

Not sure why you think that.  Big American (and European) Banks have not been particularly trustworthy in the last decade or so.

Yes but it's about people thinking because a bank is big their money is safe (I am not saying that's true but that is the general belief) . It is evident that in most of the digital banks, very few people actually use the accounts for real day to day banking. One of the reasons for this is because people don't really trust the digital banks as much as they do the traditional ones. Chase while not a brand known in the UK, people may know who owns it, and believe their money is safe, so will be far more likely to use it.

Monzo and Sterling may end up being crushed like a bug, especially when the big boys catch up as well. An ethical digital bank, may just survive but we don't have one really. 

I think Monzo/Starling have a much bigger reputation and brand awareness in the U.K. than Chase, especially with younger adults under 50 I’d wager

At the moment they do, but Chase will have buckets of cash to change that. Likely more money that Monzo or Starling have. I assume based on a few articles I have seen that Chase want to target professionals who are going to pay their wage into accounts, and not people that use the cards just for show so to speak.  So there is perhaps room for all three, but only one would seem to be sustainable in the long term.

Nick_C

Deleted_User said:

... Chase while not a brand known in the UK, people may know who owns it, and believe their money is safe, so will be far more likely to use it.

I used to have a Chase Manhattan UK credit card.  Seem to remember it gave 1pc cashback.

eskbanker

Deleted_User said:

At the moment they do, but Chase will have buckets of cash to change that. Likely more money that Monzo or Starling have. I assume based on a few articles I have seen that Chase want to target professionals who are going to pay their wage into accounts, and not people that use the cards just for show so to speak.  So there is perhaps room for all three, but only one would seem to be sustainable in the long term.

That's a bold prediction (no pun intended!) - personally I'd see there being room for plenty of players, especially when the concept of a digital-only bank is essentially a marketing gimmick to try to generate interest, i.e. there isn't much that these can actually do for current account customers that 'dinosaur banks' fundamentally can't, even though their agility and innovation is seen as an advantage, as is a certain absence of historical baggage.

That said, the specifically digital offshoots from the major players haven't been conspicuous successes thus far, but I certainly wouldn't see the entire digital space condensing to just one any time in the foreseeable future, which would be something of a problem for competition authorities apart from anything else....

adamp87

Deleted_User said:

adamp87 said:

Deleted_User said:

Zanderman said:

Deleted_User said:

adamp87 said:

After the hype their app is going to have to spank Starling and Monzo to succeed.

Offering credit products is going to set them apart from the two above admittedly 

Well I think people are far more likely to trust a big American bank than a small outfit.

Not sure why you think that.  Big American (and European) Banks have not been particularly trustworthy in the last decade or so.

Yes but it's about people thinking because a bank is big their money is safe (I am not saying that's true but that is the general belief) . It is evident that in most of the digital banks, very few people actually use the accounts for real day to day banking. One of the reasons for this is because people don't really trust the digital banks as much as they do the traditional ones. Chase while not a brand known in the UK, people may know who owns it, and believe their money is safe, so will be far more likely to use it.

Monzo and Sterling may end up being crushed like a bug, especially when the big boys catch up as well. An ethical digital bank, may just survive but we don't have one really. 

I think Monzo/Starling have a much bigger reputation and brand awareness in the U.K. than Chase, especially with younger adults under 50 I’d wager

At the moment they do, but Chase will have buckets of cash to change that. Likely more money that Monzo or Starling have. I assume based on a few articles I have seen that Chase want to target professionals who are going to pay their wage into accounts, and not people that use the cards just for show so to speak.  So there is perhaps room for all three, but only one would seem to be sustainable in the long term.

What do you mean use them for show? I can't see why anyone would look with the lack of branding Chase has currently a Chase Card for show. Amex is the only card I've ever read or seen people 'show' so to speak.

Starling Monzo work well for many because of the instant notification and app, if the issue with these banks is that people aren't paying their main wages in, I'm not sure Chase being digital only or new name in the grand scheme of things succeed that much more at least not initially.

They are also opening at a time of multiple switching offers, and without a good incentive they perhaps may be a little slower getting off the ground with a wider audience. Certainly interesting to see what marketing activity appears. Launching next week and there's been nothing anywhere isn't a positive start - but they may be wanting to soft launch so to speak.

The rewards offer would have to somehow be above and beyond legacy banks here, and that probably isn't likely given we don't see that here to begin with. But it's interesting, especially if they do make an offer that really shakes up the market, but I'm not holding my breath there.

Zanderman

Deleted_User said:

Zanderman said:

Deleted_User said:

adamp87 said:

After the hype their app is going to have to spank Starling and Monzo to succeed.

Offering credit products is going to set them apart from the two above admittedly 

Well I think people are far more likely to trust a big American bank than a small outfit.

Not sure why you think that.  Big American (and European) Banks have not been particularly trustworthy in the last decade or so.

Yes but it's about people thinking because a bank is big their money is safe (I am not saying that's true but that is the general belief) . It is evident that in most of the digital banks, very few people actually use the accounts for real day to day banking. One of the reasons for this is because people don't really trust the digital banks as much as they do the traditional ones. Chase while not a brand known in the UK, people may know who owns it, and believe their money is safe, so will be far more likely to use it.

Monzo and Sterling may end up being crushed like a bug, especially when the big boys catch up as well. An ethical digital bank, may just survive but we don't have one really. 

Deleted_User said:

adamp87 said:

Deleted_User said:

Zanderman said:

Deleted_User said:

adamp87 said:

After the hype their app is going to have to spank Starling and Monzo to succeed.

Offering credit products is going to set them apart from the two above admittedly 

Well I think people are far more likely to trust a big American bank than a small outfit.

Not sure why you think that.  Big American (and European) Banks have not been particularly trustworthy in the last decade or so.

Yes but it's about people thinking because a bank is big their money is safe (I am not saying that's true but that is the general belief) . It is evident that in most of the digital banks, very few people actually use the accounts for real day to day banking. One of the reasons for this is because people don't really trust the digital banks as much as they do the traditional ones. Chase while not a brand known in the UK, people may know who owns it, and believe their money is safe, so will be far more likely to use it.

Monzo and Sterling may end up being crushed like a bug, especially when the big boys catch up as well. An ethical digital bank, may just survive but we don't have one really. 

I think Monzo/Starling have a much bigger reputation and brand awareness in the U.K. than Chase, especially with younger adults under 50 I’d wager

At the moment they do, but Chase will have buckets of cash to change that. Likely more money that Monzo or Starling have. I assume based on a few articles I have seen that Chase want to target professionals who are going to pay their wage into accounts, and not people that use the cards just for show so to speak.  So there is perhaps room for all three, but only one would seem to be sustainable in the long term.

I'm not sure who you think you're talking about with these generalisations.  Many people do actually use 'digital banks' (a nonsense phrase by the way) for everyday banking.  And I know no-one who uses such cards 'just for show'.

Getting back to the issue at hand, rather than odd notions of people's behaviour, it seems to me, on current evidence, that Chase are offering nothing new other than a cashback scheme.  In other words Chase are simply hoping to attract people who will use the account as their main account.  As opposed to all those (mainly traditional) banks that offer incentives (6 of them at present) who offer incentives to merely open or switch an account.  In other words they want real market share of active banking, not just some (ultimately misleading in market-share terms) stats on how many people opened or switched accounts to them. 

That's not stealing from other 'digital banks' (a better phrase would be 'app-based' - as all online banking is digital) though, as very few of those have offered switching incentives either. They (the app-based banks) rely on their apps, and not being high street-based, as an attraction.   Chase will need to be really good to compete..  

Sensory

I would like competitive in-credit interest, cashback on spending, cashback on direct debit bills, monthly/annual rewards, offers, optional packaged benefits/insurance, fee-free non-sterling spending and withdrawals, low-cost international transfers, virtual and disposable cards, instant spend notifications, money analytics/insights/management (inc. categories and pots/spaces), bill splits/pay friends...

And then I would definitely, absolutely, positively, use it as my main account.

Daliah

Sensory said:

I would like competitive in-credit interest, cashback on spending, cashback on direct debit bills, monthly/annual rewards, offers, optional packaged benefits/insurance, fee-free non-sterling spending and withdrawals, low-cost international transfers, virtual and disposable cards, instant spend notifications, money analytics/insights/management (inc. categories and pots/spaces), bill splits/pay friends...

And then I would definitely, absolutely, positively, use it as my main account.

You are an easy catch for them then 🤣

Without a free 🦄, they‘ll never be my main account

stclair

I wonder if they’ll do a switching offer they seem to have a never ending one in the US. 

Sensory

Daliah said:

Sensory said:

I would like competitive in-credit interest, cashback on spending, cashback on direct debit bills, monthly/annual rewards, offers, optional packaged benefits/insurance, fee-free non-sterling spending and withdrawals, low-cost international transfers, virtual and disposable cards, instant spend notifications, money analytics/insights/management (inc. categories and pots/spaces), bill splits/pay friends...

And then I would definitely, absolutely, positively, use it as my main account.

You are an easy catch for them then 🤣

Without a free 🦄, they‘ll never be my main account

Do you negative history with Chase to share that would outweigh more perks than any other current account widely available today?

[Deleted User]

Zanderman said:

Deleted_User said:

Zanderman said:

Deleted_User said:

adamp87 said:

After the hype their app is going to have to spank Starling and Monzo to succeed.

Offering credit products is going to set them apart from the two above admittedly 

Well I think people are far more likely to trust a big American bank than a small outfit.

Not sure why you think that.  Big American (and European) Banks have not been particularly trustworthy in the last decade or so.

Yes but it's about people thinking because a bank is big their money is safe (I am not saying that's true but that is the general belief) . It is evident that in most of the digital banks, very few people actually use the accounts for real day to day banking. One of the reasons for this is because people don't really trust the digital banks as much as they do the traditional ones. Chase while not a brand known in the UK, people may know who owns it, and believe their money is safe, so will be far more likely to use it.

Monzo and Sterling may end up being crushed like a bug, especially when the big boys catch up as well. An ethical digital bank, may just survive but we don't have one really. 

Deleted_User said:

adamp87 said:

Deleted_User said:

Zanderman said:

Deleted_User said:

adamp87 said:

After the hype their app is going to have to spank Starling and Monzo to succeed.

Offering credit products is going to set them apart from the two above admittedly 

Well I think people are far more likely to trust a big American bank than a small outfit.

Not sure why you think that.  Big American (and European) Banks have not been particularly trustworthy in the last decade or so.

Yes but it's about people thinking because a bank is big their money is safe (I am not saying that's true but that is the general belief) . It is evident that in most of the digital banks, very few people actually use the accounts for real day to day banking. One of the reasons for this is because people don't really trust the digital banks as much as they do the traditional ones. Chase while not a brand known in the UK, people may know who owns it, and believe their money is safe, so will be far more likely to use it.

Monzo and Sterling may end up being crushed like a bug, especially when the big boys catch up as well. An ethical digital bank, may just survive but we don't have one really. 

I think Monzo/Starling have a much bigger reputation and brand awareness in the U.K. than Chase, especially with younger adults under 50 I’d wager

At the moment they do, but Chase will have buckets of cash to change that. Likely more money that Monzo or Starling have. I assume based on a few articles I have seen that Chase want to target professionals who are going to pay their wage into accounts, and not people that use the cards just for show so to speak.  So there is perhaps room for all three, but only one would seem to be sustainable in the long term.

I'm not sure who you think you're talking about with these generalisations.  Many people do actually use 'digital banks' (a nonsense phrase by the way) for everyday banking.  And I know no-one who uses such cards 'just for show'.

Getting back to the issue at hand, rather than odd notions of people's behaviour, it seems to me, on current evidence, that Chase are offering nothing new other than a cashback scheme.  In other words Chase are simply hoping to attract people who will use the account as their main account.  As opposed to all those (mainly traditional) banks that offer incentives (6 of them at present) who offer incentives to merely open or switch an account.  In other words they want real market share of active banking, not just some (ultimately misleading in market-share terms) stats on how many people opened or switched accounts to them. 

That's not stealing from other 'digital banks' (a better phrase would be 'app-based' - as all online banking is digital) though, as very few of those have offered switching incentives either. They (the app-based banks) rely on their apps, and not being high street-based, as an attraction.   Chase will need to be really good to compete..  

It was posted on this very board many months ago, articles about how people were leaving Monzo and Starling and those that were at the bank not using accounts for their main affairs. 

It is also well known that a lot of people got a Monzo card for the colour and just for that, they don't actually use it as a main account. Hence the "just for show"

Digital banks means a bank without branches. Seems simple to me.

Nobody mentioned stealing. Chase is going after professionals and their wage, directly. Monzo and Starling do not seem to have really captured such people to high numbers. As I said above, there may be space for all three banks.