3 ms·

I think you are underestimating the tech involved with banking... Plus, I don't really understand your issue with UK banks but I had nothing but stellar servic

by vilmosi 10y ago

I think you are underestimating the tech involved with banking... Plus, I don't really understand your issue with UK banks but I had nothing but stellar service. I can do everything on the mobile app (which looks pretty good), I can switch easily, contactless is everywhere, transfers are basically instant... What would Apple bring to the table? I just find it odd to put so much trust in a consumer facing company when banks, by law, have to follow so many laws and regulations that I doubt Apple is willing to follow.

tomelders 10y ago
I do actually work for bank, but you couldn't have known that. FS is currently my area of expertise.
- vilmosi 10y ago
  It's just the impression I got from your comment. I'm very interested in knowing what do you expect Apple to offer in addition to what we have in the UK.
  - tomelders 10y ago
    I'd like to write a lot about this, but I don't have the time. So I'll rattle off some stuff without going in depth. Better software. Better integration into peoples lives. Cheaper fees. Less exploitative and predatory lending practices (as in no desire to be a lender at all so that's not an issue). Holding more deposits as capital so deposits are safer. No investment banking to put deposits at undue risk. Generally just a fresh attitude towards everything. Apple, Amazon or Google would not need to be a "bank" in the way banks operate today. I'd say that would be the biggest benefit of all. Somewhere safe to keep your money and nothing more. The speculative side of banking can be left to those people and institutions with an appetite for risk. And they can risk their own money.
    - vilmosi 10y ago
      Ah ok, I get it. When it comes to software, I don't get what complaints you might have about mobile / internet banking, as they are pretty good, in the UK at least. Maybe you are talking about the back-end of things and not consumer? The rest of the complaints I think are symptoms of the industry itself (some of which tech companies like TransferWise ARE trying to disrupt). Don't know what tech companies can do about that but one can hope :)

by vilmosi 10y ago

tomelders 10y ago

I do actually work for bank, but you couldn't have known that. FS is currently my area of expertise.

vilmosi 10y ago
It's just the impression I got from your comment. I'm very interested in knowing what do you expect Apple to offer in addition to what we have in the UK.
- tomelders 10y ago
  I'd like to write a lot about this, but I don't have the time. So I'll rattle off some stuff without going in depth. Better software. Better integration into peoples lives. Cheaper fees. Less exploitative and predatory lending practices (as in no desire to be a lender at all so that's not an issue). Holding more deposits as capital so deposits are safer. No investment banking to put deposits at undue risk. Generally just a fresh attitude towards everything. Apple, Amazon or Google would not need to be a "bank" in the way banks operate today. I'd say that would be the biggest benefit of all. Somewhere safe to keep your money and nothing more. The speculative side of banking can be left to those people and institutions with an appetite for risk. And they can risk their own money.
  - vilmosi 10y ago
    Ah ok, I get it. When it comes to software, I don't get what complaints you might have about mobile / internet banking, as they are pretty good, in the UK at least. Maybe you are talking about the back-end of things and not consumer? The rest of the complaints I think are symptoms of the industry itself (some of which tech companies like TransferWise ARE trying to disrupt). Don't know what tech companies can do about that but one can hope :)