Starling and Monzo etc

Murmansk
Murmansk Posts: 921 Forumite
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in Budgeting & bank accounts
I've got accounts with Starling and Monzo as well as Nationwide, and until recently I had one with Lloyds.

Monzo and Starling both send a notification to your phone instantly as soon as any activity takes place on your account such as a purchase on the debit card, money being paid in, a direct debit going out etc. Clearly the technology is in place for real time information but the older banks don't seem to be changing.

I use my Nationwide debit card and it takes a day or two to show up on my account. If I'm really lucky I might get a text from them to tell me my balance has gone below a certain amount.

Are the legacy banks going to up their game and bolt on some extra features or are they dependent on a teetering tower of ancient software built on layers of older software that nobody can amend!?
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Comments

  • BoGoF
    BoGoF Posts: 7,100 Forumite
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    I suspect the latter......I'm sure you are aware of the fiasco when TSB tried to migrate their systems.

    TBH what incentive is there for any existing bank to spend millions on new systems. Is the demand actually there for such features? It wouldn't be a major selling point for me.
  • Chino
    Chino Posts: 2,029 Forumite
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    Murmansk wrote: »
    Monzo and Starling both send a notification to your phone instantly as soon as any activity takes place on your account such as a purchase on the debit card, money being paid in, a direct debit going out etc.
    Don't you find this annoying and tiresome?
  • Murmansk
    Murmansk Posts: 921 Forumite
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    Chino wrote: »
    Don't you find this annoying and tiresome?

    That's a very good point actually and I might have thought I would, but in practice I don't, probably because most of the notifications in respect of outgoing DDs happen at night and so I find them in the morning, the other ones happen as soon as I've made a purchase so I'm kind of expecting them.
    The ones I really like are those informing me of a credit when I've been paid (I'm self-employed) so this is always reassuring!
  • worried_jim
    worried_jim Posts: 11,631 Forumite
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    It and more is coming across all Lloyds banking group products soon.
  • SnowTiger
    SnowTiger Posts: 4,458 Forumite
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    Murmansk wrote: »
    Monzo and Starling both send a notification to your phone instantly as soon as any activity takes place on your account such as a purchase on the debit card, money being paid in, a direct debit going out etc.
    Chino wrote: »
    Don't you find this annoying and tiresome?

    I found the novelty wore off quite quickly.
  • Stuart_W
    Stuart_W Posts: 1,722 Forumite
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    If you like instant notifications for purchases, getting a free Curve card would allow you to receive notifications for spending on your nationwide debit card, if that's of any interest. It's a debit card that you "link" to all your existing cards and via an app set which card payments will come from. Search forum for info.
  • Mr.Saver
    Mr.Saver Posts: 521 Forumite
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    Chino wrote: »
    Don't you find this annoying and tiresome?
    I don't check my phones often, and I found the piled up notifications irritating, so I had them turned off.
  • Armorica
    Armorica Posts: 866 Forumite
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    The older banks don't have the newer technology...although it varies.

    For HSBC, I get notifications by text if there is a particularly high value transaction or if approaching overdraft, that works for me.

    Some old banks show card transactions immediately - more often than not as a 'pending' transaction. This become possible for contactless a couple of years ago. Some banks wait for the merchant files...but if the merchant is slow to submit, then this isn't so much your banks fault.
  • eDicky
    eDicky Posts: 6,564 Forumite
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    Chino wrote: »
    Don't you find this annoying and tiresome?
    It's easy to switch off notifications in the app, both Monzo and Starling. But they don't bother me and I prefer to feel confident that I will learn of any fraudulent activity immediately.
    Evolution, not revolution
  • System
    System Posts: 178,090 Community Admin
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    It isn't new technology.

    It's just using an on-line debit card (a la Visa Electron) and putting authorisations as actual transactions.

    Armorica wrote: »
    The older banks don't have the newer technology...although it varies.

    For HSBC, I get notifications by text if there is a particularly high value transaction or if approaching overdraft, that works for me.

    Some old banks show card transactions immediately - more often than not as a 'pending' transaction. This become possible for contactless a couple of years ago. Some banks wait for the merchant files...but if the merchant is slow to submit, then this isn't so much your banks fault.
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