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If you think high street banks are slow and cumbersome and can’t catch up you are (probably) wrong; I know enough from being a contractor in London to know they
by JofArnold 9y ago
If you think high street banks are slow and cumbersome and can’t catch up you are (probably) wrong; I know enough from being a contractor in London to know they very much are catching up. They are changing every aspect from internal APIs and tech stack to customer-facing apps and sites. I definitely wouldn’t bet against them. Monzo has a clear lead but I can’t see that being sustained long enough to counteract the strength of existing brands once they start to release their new products.
- cjrp 9y ago> ...counteract the strength of existing brands Hmm, apart from being widely known (thanks to marketing), I'd argue existing banks don't have a very strong brand. Mention the word Natwest, HSBC or Santander and most people's first response will be "I hate them, they took forever to open my account/incorrectly charged me/have closed all their branches".
- JofArnold 9y agoFair. And especially HSBC who are pretty much universally hated. But I know that at least a couple of others are making huge improvements. Plus by “brand” you need to include “trust” (wither or not that’s misguided!)
- secfirstmd 9y agoOr in Ireland: "I hate banks because they helped destroy our economy in 2008"