Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • MSE Naomi
    • By MSE Naomi 19th Jul 19, 9:58 AM
    • 289Posts
    • 69Thanks
    MSE Naomi
    Monzo tops our bank apps poll as traditional banks lag behind - MSE News
    • #1
    • 19th Jul 19, 9:58 AM
    Monzo tops our bank apps poll as traditional banks lag behind - MSE News 19th Jul 19 at 9:58 AM
    Challenger banks Monzo and Starling have scooped the top spots in our latest bank apps poll, with traditional banks left playing catch-up – check how your bank did....
    Read the full story:
    'Monzo tops our bank apps poll as traditional banks lag behind'

    Click reply below to discuss. If you haven’t already, join the forum to reply.
Page 1
    • Gary_Dexter
    • By Gary_Dexter 19th Jul 19, 11:00 AM
    • 5,856 Posts
    • 3,860 Thanks
    Gary_Dexter
    • #2
    • 19th Jul 19, 11:00 AM
    • #2
    • 19th Jul 19, 11:00 AM
    A poll on "features and usability".

    Not a poll on customer service, product offerings etc.
    • eskbanker
    • By eskbanker 19th Jul 19, 11:02 AM
    • 10,838 Posts
    • 13,407 Thanks
    eskbanker
    • #3
    • 19th Jul 19, 11:02 AM
    • #3
    • 19th Jul 19, 11:02 AM
    Shock, horror: banks whose continuing existence is solely dependent on the quality of their apps have better apps than the rest!
    • EarthBoy
    • By EarthBoy 19th Jul 19, 11:29 AM
    • 2,180 Posts
    • 1,536 Thanks
    EarthBoy
    • #4
    • 19th Jul 19, 11:29 AM
    • #4
    • 19th Jul 19, 11:29 AM
    I'm surprised to see there's a 10% difference between Lloyds (49%) and Halifax (39%) when their apps are the same, -it's just a different colour scheme. Perhaps people who prefer green (Lloyds) are easier to please than those who prefer blue (Halifax).
    • glider3560
    • By glider3560 19th Jul 19, 7:10 PM
    • 3,843 Posts
    • 2,511 Thanks
    glider3560
    • #5
    • 19th Jul 19, 7:10 PM
    • #5
    • 19th Jul 19, 7:10 PM
    I'm surprised to see there's a 10% difference between Lloyds (49%) and Halifax (39%) when their apps are the same, -it's just a different colour scheme. Perhaps people who prefer green (Lloyds) are easier to please than those who prefer blue (Halifax).
    Originally posted by EarthBoy
    Same with Bank of Scotland (43%): just a different shade of blue.

    In fact, the BoS and Halifax apps can both be logged into with the same username and password!

    • SlovakianGuy
    • By SlovakianGuy 19th Jul 19, 8:11 PM
    • 196 Posts
    • 67 Thanks
    SlovakianGuy
    • #6
    • 19th Jul 19, 8:11 PM
    • #6
    • 19th Jul 19, 8:11 PM
    Speaking about apps, can anyone explain me what in the world can cost 100 million pounds in the banking app? I've heard an interview with someone from Metro bank boasting about how creating their app costed only 8 millions (or something like that) while RBS app costed over 100 millions. I must say I was a bit shocked... like, what the hell?


    Btw, what's wrong with Monzo customer service? They never asked me to call them which is a big positive to me. Whenever I had some problem, I was able to sort it out via their in-app chat or even on FB/Messenger.
    I hate when other banks just reply "Please, call our XYZ team on *** number". Last time it was Halifax, I had to call them 3x. First time I was too slow with typing my card number on my phone screen, then I pressed a wrong number by accident and was redirected somewhere else, then finally, after million safety checks and typing numbers, I managed to speak to a real person. Horrible.
    NatWest on the other hand, have an in-app chat like Monzo, and they can sort various problems without the need to call them. I tried it about a month ago and it was really nice.
    • SlovakianGuy
    • By SlovakianGuy 19th Jul 19, 8:18 PM
    • 196 Posts
    • 67 Thanks
    SlovakianGuy
    • #7
    • 19th Jul 19, 8:18 PM
    • #7
    • 19th Jul 19, 8:18 PM
    Just in case someone is interested...
    Nationwide is working on their new online banking and app, which should be showing icons, transaction times, locations, addresses, possibly notes, and finally, payment references!
    I spoke directly to their Head of Digital Propositions.
    • No_6
    • By No_6 20th Jul 19, 9:32 PM
    • 826 Posts
    • 162 Thanks
    No_6
    • #8
    • 20th Jul 19, 9:32 PM
    • #8
    • 20th Jul 19, 9:32 PM
    Never voted on this, always missed the date

    but thanks for a change, it's not FD
    • eskbanker
    • By eskbanker 20th Jul 19, 11:34 PM
    • 10,838 Posts
    • 13,407 Thanks
    eskbanker
    • #9
    • 20th Jul 19, 11:34 PM
    • #9
    • 20th Jul 19, 11:34 PM
    Never voted on this, always missed the date

    but thanks for a change, it's not FD
    Originally posted by No_6
    First Direct's abject performance here is much the same as in last year's poll on banking apps - are you getting confused with their regular polls about customer service perhaps?
    • EarthBoy
    • By EarthBoy 20th Jul 19, 11:41 PM
    • 2,180 Posts
    • 1,536 Thanks
    EarthBoy
    and finally, payment references!
    Originally posted by SlovakianGuy
    Hurray! At last! Will it also show the person's name for payments between Nationwide accounts? If someone sends me money from their own Nationwide account, the app and online banking doesn't give me their name, -all I get is the sort code and account number, which makes it impossible to tell who the money's come from unless you happen to recognise the account number.

    It's the same on the sender's statement/transactions, which means they aren't confident that they've actually sent the money to the right person.
    • SlovakianGuy
    • By SlovakianGuy 21st Jul 19, 4:35 AM
    • 196 Posts
    • 67 Thanks
    SlovakianGuy
    Hurray! At last! Will it also show the person's name for payments between Nationwide accounts?
    Originally posted by EarthBoy

    Not sure about this one but I guess it will. It should be a new system after all.
    For now, there is a small "hack" at least if you want to see sort codes and full account numbers from which you receive money to your Nationwide current account. If you have Halifax (I assume it works the same with Lloyds and BoS), just link your Nationwide account with Halifax app via Open banking in the Halifax app. Then you open the Halifax app and click on your Nationwide current account and you can see not only names but also account numbers from which you received payments to your Nationwide (this is how it works on Monzo). Funny thing is, you can't see this in Nationwide's own app or online banking.
    • IvanOpinion
    • By IvanOpinion 21st Jul 19, 7:18 AM
    • 20,022 Posts
    • 19,855 Thanks
    IvanOpinion
    Santander only got 27%??? I have been using their app for several years now and it tells me what I need to know, I don't think I have once failed to complete what I needed to do. I am numerically literate so do not need all those graphs, charts and squiggly things that tell me I have over spent on Mars bars and under spent on toilet rolls. I can see my balance and do not feel the need to have to move money from one budget to another to justify buying another pint of milk on the way home.

    And I really do not want to be programmed to be so dependent on my banking app that I get withdrawal symptoms if I have not looked at it in the last 5 minutes.

    What am I missing?
    Ivan has left the building ... but reserves the right of reply!
    Use PM to keep in touch
    • eskbanker
    • By eskbanker 21st Jul 19, 9:46 AM
    • 10,838 Posts
    • 13,407 Thanks
    eskbanker
    What am I missing?
    Originally posted by IvanOpinion
    You're missing the fact that such polls solely exist as a harmless bit of fun to enable anyone sufficiently motivated to bump their gums and express entirely subjective opinions, so can't be relied on in any way - with your username you'll probably be familiar with the well-known expression about what opinions are like (i.e. why everyone has one), so in something as unscientific as this it's unsurprising that results may differ from your own personal experience!
    • ozaz
    • By ozaz 22nd Jul 19, 12:14 PM
    • 229 Posts
    • 77 Thanks
    ozaz
    Btw, what's wrong with Monzo customer service? They never asked me to call them which is a big positive to me. Whenever I had some problem, I was able to sort it out via their in-app chat or even on FB/Messenger.
    Originally posted by SlovakianGuy
    Monzo are struggling to scale their customer service team alongside customer growth. As a result, it can be a lot slower than it was 1-2 years ago. Also, I personally don't like the dependence on chat-based support. I would like to be able to call them and have confidence the call will be answered. At the moment, that's not the case. They de-emphasize phone-based support and push you to chat-based support.

    Santander only got 27%??? I have been using their app for several years now and it tells me what I need to know, I don't think I have once failed to complete what I needed to do. I am numerically literate so do not need all those graphs, charts and squiggly things that tell me I have over spent on Mars bars and under spent on toilet rolls. I can see my balance and do not feel the need to have to move money from one budget to another to justify buying another pint of milk on the way home.

    And I really do not want to be programmed to be so dependent on my banking app that I get withdrawal symptoms if I have not looked at it in the last 5 minutes.

    What am I missing?
    Originally posted by IvanOpinion
    Some of the features I like that you have not mentioned are instant spending notifications and balance updates, rich transaction information, and budgeting tools to help you separate committed upcoming spending (direct debits, subscriptions, standing orders) from discretionary funds.

    Congratulations that you are comfortable and successful managing your spending via mental logs and perhaps excel spreadsheets. But I suspect there are a lot more people who aren't, and hence find the features offered by Monzo and Starling compelling when compared to the relatively basic traditional banking apps they are used to.
    Last edited by ozaz; 22-07-2019 at 12:16 PM.
    • cloud_dog
    • By cloud_dog 22nd Jul 19, 1:49 PM
    • 4,445 Posts
    • 2,759 Thanks
    cloud_dog
    Some of the features I like that you have not mentioned are instant spending notifications and balance updates, rich transaction information, and budgeting tools to help you separate committed upcoming spending (direct debits, subscriptions, standing orders) from discretionary funds.
    Originally posted by ozaz
    Soooo, people who are spending are unaware they are spending but receiving an instant notification helps them understand that they have just spent some money. Got it.
    Personal Responsibility - Sad but True

    Sometimes.... I am like a dog with a bone
    • ozaz
    • By ozaz 22nd Jul 19, 2:34 PM
    • 229 Posts
    • 77 Thanks
    ozaz
    Soooo, people who are spending are unaware they are spending but receiving an instant notification helps them understand that they have just spent some money. Got it.
    Originally posted by cloud_dog
    In my opinion it's the bit after what you chose to highlight which is the really beneficial bit when it comes to the instant nature of Monzo and Starling banking apps. Instantly updating your balance, transaction history and budgets (if using the budgeting features) as soon as spending occurs (instead of 2-3 days later) helps with spending awareness. Whether you keep notifications on or off is a matter of personal preference. The apps don't force you to keep the notifications on.
    • eDicky
    • By eDicky 22nd Jul 19, 3:00 PM
    • 4,837 Posts
    • 2,937 Thanks
    eDicky
    Soooo, people who are spending are unaware they are spending but receiving an instant notification helps them understand that they have just spent some money. Got it.
    Originally posted by cloud_dog
    Consider the advantage when it's not you but a fraudster who is spending your money somehow, and Instantly you are notified...
    • Yellow_mango
    • By Yellow_mango 22nd Jul 19, 6:40 PM
    • 364 Posts
    • 626 Thanks
    Yellow_mango
    In my opinion it's the bit after what you chose to highlight which is the really beneficial bit when it comes to the instant nature of Monzo and Starling banking apps. Instantly updating your balance, transaction history and budgets (if using the budgeting features) as soon as spending occurs (instead of 2-3 days later) helps with spending awareness. Whether you keep notifications on or off is a matter of personal preference. The apps don't force you to keep the notifications on.
    Instant updates are great, except when they’re not instant. I went to bed last night with a balance of c.£50 in my Starling account. Woke up to find myself £20 overdrawn. The culprit I suspect is a pay at pump transaction in France on Friday. Although that was showing in my transaction list. Another transaction appeared this afternoon that took place on Friday morning, for which I got an instant notification but it never appeared in my transaction list.

    All of which is fine, as long as you’re aware not to trust the “balance” too much. It is irritatingly difficult to reconstruct what has happened though.


    Soooo, people who are spending are unaware they are spending but receiving an instant notification helps them understand that they have just spent some money. Got it.
    Originally posted by cloud_dog

    Consider the advantage when it's not you but a fraudster who is spending your money somehow, and Instantly you are notified...
    Or when it’s a joint account and someone else is doing the spending
    • colsten
    • By colsten 22nd Jul 19, 7:04 PM
    • 10,737 Posts
    • 9,919 Thanks
    colsten
    Instant updates are great, except when they’re not instant. I went to bed last night with a balance of c.£50 in my Starling account. Woke up to find myself £20 overdrawn. The culprit I suspect is a pay at pump transaction in France on Friday. Although that was showing in my transaction list. Another transaction appeared this afternoon that took place on Friday morning, for which I got an instant notification but it never appeared in my transaction list.

    All of which is fine, as long as you’re aware not to trust the “balance” too much. It is irritatingly difficult to reconstruct what has happened though.



    Or when it’s a joint account and someone else is doing the spending
    Originally posted by Yellow_mango
    A great example of what can happen if you (ab-)use your bank account as a budgeting tool.
    • ozaz
    • By ozaz 22nd Jul 19, 10:54 PM
    • 229 Posts
    • 77 Thanks
    ozaz
    In my opinion the problem posed to instant updating by transaction amounts that can change after they take place (e.g. pay-at-pump and foreign transactions) and by offline payment terminals (which also lead to non-instant data) are relatively minor in the grand scheme of things.

    I don’t think they significantly detract from the overall benefit of instant balance updating (compared to the traditional delay everything approach) because I expect for most people these types of ‘problematic’ transactions make up a relatively small amount of total transactions (for me it’s certainly less than 5%, perhaps less than 2%).

    Furthermore the banks can mitigate against the first issue by highlighting in the transaction list or the spending notification the transactions that are likely to change before settling. Monzo have started doing this.
    Last edited by ozaz; 22-07-2019 at 11:01 PM.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,279Posts Today

6,437Users online

Martin's Twitter