Mobile Apps No Substitute For Website. Potential Campaign?

where_are_we

I use both website and app. There are pros and cons for both. I like having the choice of a number of devices to access my finances. Another advantage of having both is, it is more secure, because the 2 factor authentication process now directs you to opening your app for authorising a payment set up online via the website. Presumably this is better than a code sent by text.

Ergates

I don't believe any of the major high-street banks are going to move to app-only any time in the foreseeable future - there is certainly no evidence to support that happening.  Banks are aware that a significant proportion of their customers don't want (or are unable) to use apps.  Also, websites offer a far greater range for cross selling (there is very little room in an app to have a side bar advertising their loan rates).   Banks/CC providers promoting their shiny new apps isn't the same as only providing an app.

Whilst there *are* smaller online/app only banks - but they're still relatively niche providers so simply not banking with them if you want a website would be trivial.  With that - I don't see how legislation to force banks to do business in particular ways would stand a chance.  Take Monzo for example (I think they're app only) - that is their business model, and what all their customers have signed up for.   Who would be served by forcing them to also offer a website?

" also don't see mobile apps as necessarily being more secure. In fact, they are, I believe, actually less secure. And I can find evidence to support that assertion."

I very much doubt you can because that is pretty much objectively false.  Mobile apps are inherently more secure than online banking because they have built in 2 factor authentication and are fair less susceptible to viruses/spyware.

"I don't understand the big push towards using mobile apps for on-line banking."

The "push" is because a very large portion of customers prefer using an app because it's more convenient for most things - simple as that really - which you say yourself:  "I do accept, that a lot of people, find mobile apps more convenient or at least just as useful as their now old-fashioned website cousins."

"The conclusion I reach is that mobile apps allow institutions to collect more data about their customers"

The only additional data that a mobile app allows the bank to collect is what operating system your phone uses - which isn't really of much interest to a bank.  Websites offer far more in the way of data collection - but regardless of that, banks get most of their data about you from your banking habits (they know where all your money goes - usually better than you do).

born_again

Shakin_Steve said:

Does using Apple Pay or Google Pay with a mobile phone or watch count as an app based payment? 

If you are referring to my statement. Then No.
I am talking about Banking/Faster Payments. Nothing that is linked to any card payments such as Apple/Google/Samsung pay. 👍

Brie

As someone who works in the financial industry and is, well shall we say, older than average I often bring up the issue regarding disenfranchising a large section of our customer base when we are surveyed about service changes.  And personally while I am reasonably computer savvy and happy to work online I am not in a position to have all sorts of fancy kit - like a phone that does little more than make calls and send texts.  Banking apps as well as all those store apps cannot be loaded.  

On the other hand the OH, who is both younger and more intelligent than me (or so I am told), can't even manage a plastic Nectar card let alone one on a mobile device so anything at all with banking is a no go, app or online.  And MiL isn't even trusted to carry a wallet and is incapable of using a land line or TV remote.   She had a mobile but stopped using it about 15 years back I think - still has it I believe but I doubt it still works and certainly isn't on any network/PAYG etc.

Such is the nature of people of a certain age.  Some of us are ok with stuff and can afford the kit, some aren't and/or can't afford it.  The nice thing about bank branches and cash is that it is incredibly simple from a user point of view.  Obviously the expense and logistics for a high street bank are huge and they are certainly trying to cut their costs as much as possible.  

I can only hope that as technology progresses that are fading memories might be compensated for by retinal scans etc so we don't need to remember pins etc.  Again this assumes we can afford the devices.

That however doesn't help with those of us that are otherwise "unable".  I'm in this group in having joint issues so lack some of the needed manual dexterity for a mobile.  Add to this vision issues which makes tiny screens impossible to read.  Even telephone banking is a challenge when one is trying to look at miniscule instructions on a letter and typing correctly in all the options that are presented.  Hooking one's mobile to a large monitor and keyboard is a great idea but doesn't work when you are trotting down the highstreet or wandering around the shopping mall or even on holiday!

eskbanker

Brie said:

Hooking one's mobile to a large monitor and keyboard is a great idea but doesn't work when you are trotting down the highstreet or wandering around the shopping mall or even on holiday!

But what support from your bank(s) are you expecting in order to be able to conduct banking activities in these locations?

Brie

@eskbanker - I don't know as I don't have an app and do my banking online on a pc.  I know that people wave their phone at store tills to pay for their shopping.  I know that some have had apps that will send a payment from one mobile to another.  

All I'm trying to say is that if I absolutely must use my mobile for finance transactions while out and about I'm going to be the IT equivalent of the old duffer with a coin purse counting out pennies to pay for a week's shopping.  (advice - don't try this in Aldi on a Friday payday)

eskbanker

Brie said:

@eskbanker - I don't know as I don't have an app and do my banking online on a pc.  I know that people wave their phone at store tills to pay for their shopping.  I know that some have had apps that will send a payment from one mobile to another.  

All I'm trying to say is that if I absolutely must use my mobile for finance transactions while out and about I'm going to be the IT equivalent of the old duffer with a coin purse counting out pennies to pay for a week's shopping.  (advice - don't try this in Aldi on a Friday payday)

It still seems to me to be an inversion of the central premise of this thread - being able to carry out banking activities anywhere is generally considered a positive aspect of apps, as is the use of Apple/Google Pay, etc, so nobody's forcing you to use your mobile while out and about but if you choose to do that then the form factor of a phone clearly has inherent constraints, and no obvious alternatives are available (unlike in the home environment).

Shakin_Steve

I never, ever use internet banking, I haven't owned a PC or laptop for at least five years. I can do everything from my iPad at home and my iPhone when out and about.


Incidentally, I definitely qualify as an old codger.