Fintech - Curve, Monzo, Revolut, Snoop, ZipZero etc.

Jon

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Honestly, in the last few years, I've never seen an industry move as quick as Fintech.

Bank accounts with no real high street bank where everything is done off your smartphone.

Bank cards from the likes of Curve where you can assign ANY of your UK banks to it at the tap of a button and just pay for stuff without needing multiple cards

ZipZero giving you the chance to pay less for your direct debits

Snoop keeping an eye on your bills and telling you automatically about cheaper / better deals you can use to save money.

I think I had my head in the sand for the first few years but over the last year or so they seem to be everywhere!!

Will we even need high street banks in years to come when it comes to current accounts? I can even pay cheques in these days via my HSBC or Barclays smartphone app!

These new companies are really giving the traditional banks a bit of a run for their money.

Is anyone else taking advantage of these new fintech firms and what they offer? I have to say as a consumer it's great as you now have so much choice when it comes to what you want to do with your money!!!!
 

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I have an HSBC and a Monzo account. HSBC is my historic account and currently I'm still using it as my main account for income, and I'm keeping it as I have a good size zero % overdraft there (which I don't use at all as a rule, but it is reassuring to have to fall back on should the need ever occur!). I tend to move a portion of my income over to my Monzo and use that as my everyday account now, mostly because I like the ease of its functionality, the pots for setting aside money for different purposes, and the ability to set categorised budgets which track easily. It's just easy. I've recently started using curve too - I'm not totally convinced about it yet but maybe in time....!

For me, I wouldn't want to lose the ability to go into a high street bank. I don't mind doing most my banking online, but if I were in the market for other financial products or advice, I like being able to talk to somebody face to face. It's reassuring to be able to do that, even if it's rare you need to. So for me, I do hope they stick around. I think it depends on your bank though. I'm sure some don't share my opinion but I've usually found my highstreet bank very competent - and honest when they are unsure, at which point they refer you to the relevant professional. I value that approach. I recently had an experience trying to get advice about an ISA from another high street bank - even when talking to the person in branch that specifically handles management of those customers, I found I was explaining the terms and small print of their product to them, rather than the other way around :rolleyes:
 
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Jon

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I have an HSBC and a Monzo account. HSBC is my historic account and currently I'm still using it as my main account for income, and I'm keeping it as I have a good size zero % overdraft there (which I don't use at all as a rule, but it is reassuring to have to fall back on should the need ever occur!). I tend to move a portion of my income over to my Monzo and use that as my everyday account now, mostly because I like the ease of its functionality, the pots for setting aside money for different purposes, and the ability to set categorised budgets which track easily. It's just easy. I've recently started using curve too - I'm not totally convinced about it yet but maybe in time....!

For me, I wouldn't want to lose the ability to go into a high street bank. I don't mind doing most my banking online, but if I were in the market for other financial products or advice, I like being able to talk to somebody face to face. It's reassuring to be able to do that, even if it's rare you need to. So for me, I do hope they stick around. I think it depends on your bank though. I'm sure some don't share my opinion but I've usually found my highstreet bank very competent - and honest when they are unsure, at which point they refer you to the relevant professional. I value that approach. I recently had an experience trying to get advice about an ISA from another high street bank - even when talking to the person in branch that specifically handles management of those customers, I found I was explaining the terms and small print of their product to them, rather than the other way around :rolleyes:
Yeah I still use HSBC as my main account but I am using my curve card more and more and I do like the idea things like monzo for creating savings goals and this is the sort of functionality that traditional banks are just lagging behind on I think
 
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Peaches

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Yeah I still use HSBC as my main account but I am using my curve card more and more and I do like the idea things like monzo for creating savings goals and this is the sort of functionality that traditional banks are just lagging behind on I think
I agree. HSBC have just added something which is a nod in the direction on their app - balance after bills - but it has a long way to go. I mean, for me these functionalities are not a necessity and if I could only have one account, I'd give up the app and stick with high street personally - but when I can have both....why not!
 

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I agree. HSBC have just added something which is a nod in the direction on their app - balance after bills - but it has a long way to go. I mean, for me these functionalities are not a necessity and if I could only have one account, I'd give up the app and stick with high street personally - but when I can have both....why not!
yeah I think for a lot of 'young folk / Millenials' it will become commonplace to just have a bank account on your phone rather than drag yourself into a physical bank and having to provide 6 forms of ID to setup an account which takes 4 days for the cheque book to arrive in the post lol
 
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rninja

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Yeah, the days of 'book an appointment and come back' will surely cost the dinosaur banks some customers.
We, the customers, want a quick and easy to use banking service when WE need it, not when they tell us they're available. So more power to Monzo, Revolut, Starling et al.
 

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Yeah, the days of 'book an appointment and come back' will surely cost the dinosaur banks some customers.
We, the customers, want a quick and easy to use banking service when WE need it, not when they tell us they're available. So more power to Monzo, Revolut, Starling et al.
I think traditional banks have ALWAYS struggled to grasp that not everyone can get to them in their lunch hour during the working week. Post Office has caught onto this which is why you see them within a WH Smith or corner shop!

Even functionality-wise these apps are just leaving the traditional banks in dust. I paid on my curve card yesterday at Asda and was able to swap between two different debit cards to split the bill and just did it on my phone!!
 

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Totally agreed. And when you do finally go to a branch they try flogging random products or grilling about matched betting deposits etc.
If they don't adapt, will they survive?

Man, i couldn't get to grips with that curve card app. Seemed confusing.
 

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Well

Monzo is throwing a bit of a curveball for its customers it seems

 
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asajj

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I'm a Moneybox customer for LISA and it is app only but protected by FCA. So far so good. It was easy to open an account and I think it gives a better bonus.

I'm also a long term WeSwap customer - great rates when travelling abroad and very easy to use.
Fintech is definitely a big disrupter in the industry.
 

Tmom

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Well

Monzo is throwing a bit of a curveball for its customers it seems

I am not surprised, I expect more changes as they and other Fintech providers get more clients and patronage. Still, I think they are very good additions to traditional Banks.
I really like and have benefited from the free overseas withdrawals.
 
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asajj

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This is due to the change in FCA rules and sort of understandable. Will be not easy to find a 0% overdraft provider.
 

Kimilsung

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Monzo WAS great - until they closed my account for no reason
 

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Monzo WAS great - until they closed my account for no reason
Did you contact and speak to them? I wonder why they would do that!
 

Kimilsung

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I did and they said they can’t tell me why. But my n26 account is still open. And it’s the same company.
 

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If you take a look around other sites / communities that maybe aren't as 'tech savvy' as you fine folk this open banking stuff has got a lot of people scared. I don't think it's helped by santander dragging their heels over a lot of it so you get apps / services that work with other banks but not them!

Like it or lump it, it's the way banking is heading and the reason you can log in to Barclays and then see all your other bank accounts!
 
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Kimilsung

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You can do that with hsbc too, but i think it’its pointless logging into hsbc on another app cos it might not have some useful hsbc things in it. What I’mezcited for is this money saving/investing apps that will give you sign up bonuses lol.
 

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