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Bank accounts are one of the lowest "customer churn" services out there. People typically open a bank account and use it for years and years (which turns into d

by cj 4y ago

Bank accounts are one of the lowest "customer churn" services out there. People typically open a bank account and use it for years and years (which turns into decades on decades). Until someone like Apple comes in with a one click UX to open a bank account and set everything up, existing banks have no incentive to make existing clients happier because they're extremely unlikely to move banks (or even to open a better yielding type of account)

rchaud 4y ago
One click setup isn't going to do it. If Apple is providing banking-type services, they're going to need to have support available at the Apple Store. If they don't, banks will beat them every time. Customer support for noney is not something that can be left to a chat window.
- petesergeant 4y ago
  Having trouble squaring that with Wise, Revolut, Monzo, Starling, etc. I also don’t think I’ve ever visited Barclays — where I have my primary UK current account — in person ever, other than setting up the account ~10 years ago
  - rchaud 4y ago
    Monzo is the only one in the list that has a banking license, i.e. legal right to take deposits and make loans. Not everyone is a digital native, even today. So when it comes to money matters, there will be a time when interacting with a virtual assistant is not going to do. I don't visit my bank either in most cases. However, I can if I need to. That's a different kind of peace of mind compared to a e-bank that has no customer-facing physical location.
    - johneth 4y ago
      > Monzo is the only one in the list that has a banking license Starling also has a banking license.
- yardie 4y ago
  My bank, Capital One, is a glorified cafe and co-working space. If I try to do any "banking" there they will literally redirect me to use the app. You can definitely do banking completely online. You simply need to have the systems and employees in place to maintain or exceed expectations. I stopped using BoA because the in branch experience has declined. I never used Wells Fargo for obvious reasons.
paulmd 4y ago
And everyone hates messing with payroll, even if your employer has a good system it's an opening for problems. My previous employer had at least two different Ceridian installs, one was for W2s and the other was for regular payroll, they used different passwords, half the time they'd expire out by the time you logged in and you'd have to get HR to reset it, etc. And even if you want to go back and mess with it, when does it take effect? A lot of people don't have a cushion sitting in a bank account and can't afford to have a paycheck disappear and then spend a couple days pairing their credit card payment to the new bank account etc. That's why you can get those $600 promos or whatever if you open a new checking account and turn on an auto-deposit. Most people will set it and leave it.

by cj 4y ago

rchaud 4y ago

One click setup isn't going to do it. If Apple is providing banking-type services, they're going to need to have support available at the Apple Store. If they don't, banks will beat them every time. Customer support for noney is not something that can be left to a chat window.

petesergeant 4y ago
Having trouble squaring that with Wise, Revolut, Monzo, Starling, etc. I also don’t think I’ve ever visited Barclays — where I have my primary UK current account — in person ever, other than setting up the account ~10 years ago
- rchaud 4y ago
  Monzo is the only one in the list that has a banking license, i.e. legal right to take deposits and make loans. Not everyone is a digital native, even today. So when it comes to money matters, there will be a time when interacting with a virtual assistant is not going to do. I don't visit my bank either in most cases. However, I can if I need to. That's a different kind of peace of mind compared to a e-bank that has no customer-facing physical location.
  - johneth 4y ago
    > Monzo is the only one in the list that has a banking license Starling also has a banking license.
yardie 4y ago
My bank, Capital One, is a glorified cafe and co-working space. If I try to do any "banking" there they will literally redirect me to use the app. You can definitely do banking completely online. You simply need to have the systems and employees in place to maintain or exceed expectations. I stopped using BoA because the in branch experience has declined. I never used Wells Fargo for obvious reasons.

paulmd 4y ago

And everyone hates messing with payroll, even if your employer has a good system it's an opening for problems. My previous employer had at least two different Ceridian installs, one was for W2s and the other was for regular payroll, they used different passwords, half the time they'd expire out by the time you logged in and you'd have to get HR to reset it, etc. And even if you want to go back and mess with it, when does it take effect? A lot of people don't have a cushion sitting in a bank account and can't afford to have a paycheck disappear and then spend a couple days pairing their credit card payment to the new bank account etc. That's why you can get those $600 promos or whatever if you open a new checking account and turn on an auto-deposit. Most people will set it and leave it.