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Eventually though I suspect that web access to banks will be rescinded too, much like HMRC in the UK no longer permits companies to submit their taxes through t
by dingaling 9mo ago
Eventually though I suspect that web access to banks will be rescinded too, much like HMRC in the UK no longer permits companies to submit their taxes through the websites.
In the future, everything will need an 'app'.
- dangus 9mo agoThis seems like a massive jump to conclusions.
- margalabargala 9mo agoYou should make a mat for that.
- TheGamerUncle 9mo agoIt is a massive observation of how things look already no more, no less.
- dangus 9mo agoLet me clarify my statement: one government agency’s election to use an app for a single purpose isn’t an indicator of much. It’s not like the UK sent out a mandate to private banks or any other private industry on this issue. It’s also only one small country of hundreds. I’d have to question this idea that this is how things “already look.” I can think of very few businesses that I interact with that force me to use an app.
- warkdarrior 9mo agoThis type of election to use an app by a government agency sets the tone, and more importantly tends to redefine "best practices." Would you want to be the one private entity known to not be using best practices? Would your risk officers or lawyers be OK with that decision?
- dangus 9mo agoSince when does government set trends in private industry? I’d like to know what private businesses are copying the kind of workflows and customer experience you get at the USPS or DMV.
- homebrewer 9mo agoIt's already reality in my country, where you cannot access online banking for any banks except via their mobile applications, which (of course) refuse to work on anything rooted or running non-stock firmware.
- dangus 9mo agoSo, I guess it’s a country-dependent jump to conclusions? I have had a lot of banks and credit cards, mobile payment apps like Venmo/PayPal in the US and they almost all work on mobile web and desktops. But I recognize that wealthy western countries didn’t really skip the personal computer like many mobile-first regions have done.
- acedTrex 9mo agoIt's moreso everything will need a signed hardware key of some sort. The app is just the easiest expression of that.
- tengwar2 9mo agoWith HMRC, the reasoning is that this forces the company to have an accounting package. They don't care which, they just define the API. Not unreasonable. There are more issues with MTD IT (making tax digital, income tax) due to some detailed requirement decisions such as the need to report different income streams separately.
- mothballed 9mo agoWould make a lot of sense for banks just to shut off online/mobile access and switch to in person only. That seems to be the way things are moving with KYC/AML and ensuring there is a material presence of the person in the banking jurisdiction in which they operate. Knowing the password / keys and providing a video 'proof of life' is no longer sufficient to presume you're dealing with the person you think you are and not just sold 'darks'. I've heard 3rd hand of some banks already doing this in i.e. Armenia where a foreigner can come in and open account easily but they block any online access to lock the control of funds in country to make it harder for the FATF psychopaths to find fodder to clamp down on them.
- SketchySeaBeast 9mo agoDon't like that. I'm of the "if you're going to do something important, do it on your PC" generation. I do not want a future where I lose my phone and I can no longer access my bank.
- immibis 9mo agoClaim you don't have a phone, and they'll find a solution.
- kube-system 9mo agoWhat is that supposed to accomplish? The service providers that require a phone will require one whether you have one or not.
- ryandrake 9mo agoWe need to act now, while there are still service providers that don't require a phone. If my bank said they wouldn't do business with me unless I used a phone and an app, I would immediately take my business and all my accounts to a different bank. Banks have no moat. You can pretty easily move accounts to a different one or to a credit union who won't abuse you.
- kube-system 9mo agoYou and the four other people who might do this are just delaying the inevitable.
- keybored 9mo agoOr they’re arguing with like four FUD contrarians on a website. No no no shut up, don’t speak up. No one thinks like you.
- ranger_danger 9mo agoOnly if people roll over and take it. The squeaky wheel gets the grease.
- simlevesque 9mo agoFirst it'll be apps, then it'll be one app.
- ecshafer 9mo agoChina is ahead of the curve here, the one app is wechat.
- silisili 9mo agoThat seems to be the way the wind is blowing. Most new 'challengers' I've tried in the US either have no web access at all, or limited access that lets you view balance but not do things like transfers.
- marssaxman 9mo agoI long ago decided never again to use anything but a credit union, and this makes me glad that credit unions tend not to ride the forefront of tech trends.
- pessimizer 9mo agoMe too, but credit unions are being rolled up by private equity.
- Barbing 9mo agoRecalling Venmo winding down web beginning in… let’s see… 2018! https://www.digitaltrends.com/phones/venmo-shutters-web-platform https://www.digitaltrends.com/phones/venmo-shutters-web-plat...
- drnick1 9mo agoWhy do people need these crappy fintech apps at all? Can you not give your friends cash or send a wire?
- silisili 9mo agoIn the US, in my experience, young people don't want to deal with cash at all. Older people do, but it's not always convenient to meet up. Most banks charge a fee for sending a wire. Sending an ACH is free, but most restrict that to your own account. Revolut is the only one I've seen that lets you just spam ACH to anyone. In both cases, it isn't instant. Zelle largely fixes those issues, but has its own issues, like a lot of banks not supporting it and/or arbitrarily low send limits.
- 9mo ago