Chase UK discussion

[Deleted User]

eskbanker said:

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....

I only mention the prediction because at when the stats came out a while back neither bank was making a profit, and they still could not work out how to make any money.  I can't find the article, but apparently Starling has taken on a lot of new customers recently. Again, how do they make the money!

crumpet_man

I do not see how "digital only" is a feature.

I have accounts with high street banks and they may as well be digital only as the local branches are shut, takes too long to get through on the phone and when I need to contact them I use the chat/message facility in the app.  It's been years since I have been in a bank or communicated with them on the phone.  

matthewdickinson

The app is available now at hxxps://play.google.com/store/apps/details?id=com.chase.intl

An invite code is needed to sign up though.

Its_just_Barry

matthewdickinson said:

The app is available now at hxxps://play.google.com/store/apps/details?id=com.chase.intl

An invite code is needed to sign up though.

Is it just called “Chase”? There is nothing on Apples App Store yet, only the chase app in the states. 

block10

I cant see this working. Sterling are relatively generous with 0% foreign exchange transaction fees. Im not expecting the chase offering to be able to compete with this.

Chase could end up like Tesco Bank (now pulling out of the current account market) or Finn - its digital bank offering in its home market which also ended in failure.

[Deleted User]

block10 said:

I cant see this working. Sterling are relatively generous with 0% foreign exchange transaction fees. Im not expecting the chase offering to be able to compete with this.

Chase could end up like Tesco Bank (now pulling out of the current account market) or Finn - its digital bank offering in its home market which also ended in failure.

It is very possible the bank may fail, but you cannot compare Chase to Tesco. Not in a hundred trillion years. Chase has 3 trillion in power backing it! They have a lot to throw at the attempt. 

Tesco's attempt was nothing in comparison.

maxximus75

You'll be able to sign up to the account using the app, from Tuesday.

[Deleted User]

I can't see the UK app on the iphone store but hopefully it will appear by Tuesday,

Nick_C

The Android App is available in Google Play - "Chase UK" - but can't sign up yet.

dr_adidas01

The app is available on Android under Chase UK, though you can’t really do much with it as it hasn’t fully launched yet. 

I can’t find anything for Chase UK in the IOS App Store yet, perhaps it will pop up on Tuesday.