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Monzo / digital bank / neobank - what's the point?


spunko

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Asking this in the Basement as I would like to get a financial angle. I have seen a lot of hype about "neobanks" for a while but cannot understand why. Can anyone here please redpill me on why they are so much better than regular banks? And why are their shares so hyped up?

As far as I can tell, they let you budget things inside an app, but this is incredibly easy for a regular bank to add to their app (and many have).

The interest rate is only ever so slightly higher than high-street banks, so it can't be that either...

Is it just emperor's new clothes? A hatred of high-street banks? I don't understand.

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A bloke at work showed me his Starling bank app with which he was very pleased and it did look very good if that's what you want.

It was instantly tracking payments and you could click through them to a map to show you where you spent it, turn off your card instantly if you've lost it (and turn it back on if you find it).

I was impressed by it.  It's not what I want at all but it looked very good if that's what you do want.  I think he had it linked to his watch and he was actually paying with that.

I have seen a major bank's app on a phone and it didn't function as well as that did.

https://www.starlingbank.com/current-account/

For a whole swathe of people there is a desire to constantly upgrade to have the best and newest all the time - got to have the new phone when it comes out - and I would say that this also applies to bank apps.

Each to their own.  He was delighted with it but as somebody who doesn't like using a card and has never made a contactless purchase I'm not the target of their efforts.

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6 minutes ago, Frank Hovis said:

A bloke at work showed me his Starling bank app with which he was very pleased and it did look very good if that's what you want.

It was instantly tracking payments and you could click through them to a map to show you where you spent it, turn off your card instantly if you've lost it (and turn it back on if you find it).

I was impressed by it.  It's not what I want at all but it looked very good if that's what you do want.  I think he had it linked to his watch and he was actually paying with that.

I have seen a major bank's app on a phone and it didn't function as well as that did.

https://www.starlingbank.com/current-account/

For a whole swathe of people there is a desire to constantly upgrade to have the best and newest all the time - got to have the new phone when it comes out - and I would say that this also applies to bank apps.

Each to their own.  He was delighted with it but as somebody who doesn't like using a card and has never made a contactless purchase I'm not the target of their efforts.

Ahhh... I purposely didn't mention that I thought the real reason was to flash it around as it "looks cool" (didn't want to sound too cynical) but I suspected that was the case tbh.

FWIW I can lock usage with my Halifax app, and it also notifies me whenever a payment goes in/out.

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I was always a fan of cash and also the downside of having so much change indoors, then tried Monzo now its pretty much all i use with some cash as a backup

 

Things i like about it is mostly to do with the app

- So i have the round up feature set up so if i buy a coffee for say £1.75 its rounds it off to £2 and throws that £0.25 into what they call a pot most of the time i forget about it still don't know what to do with the rounded up change but its just a fun little feature 

- Payments online with Monzo if i have not purchased from he site before a notification on my phone pops up asking me to approve it

- using the card abroad not sure if its still the case but Monzo had a great exchange rate

- Organisation whilst i'm not fussed how much i have spent in McDonald's over the last 6 months its just a nice feature that it categorises payments automatically like groceries, entertainment, transport etc...

- Most friends have Monzo now including my partner and we split most things so i can send her a split bill notification or request money

- Card used at a petrol station in Scotland but Geo of my phone is London as an example payment will need to be approved 

To be honest its mostly the ease of use and few app features most banks seem to be catching up and adding these now

 

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TheCountOfNowhere
1 hour ago, Frank Hovis said:

A bloke at work showed me his Starling bank app with which he was very pleased and it did look very good if that's what you want.

It was instantly tracking payments and you could click through them to a map to show you where you spent it, turn off your card instantly if you've lost it (and turn it back on if you find it).

I was impressed by it.  It's not what I want at all but it looked very good if that's what you do want.  I think he had it linked to his watch and he was actually paying with that.

I have seen a major bank's app on a phone and it didn't function as well as that did.

https://www.starlingbank.com/current-account/

For a whole swathe of people there is a desire to constantly upgrade to have the best and newest all the time - got to have the new phone when it comes out - and I would say that this also applies to bank apps.

Each to their own.  He was delighted with it but as somebody who doesn't like using a card and has never made a contactless purchase I'm not the target of their efforts.

Big brother is watching you. 

 

Jesus, people are stupid. 

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2 minutes ago, TheCountOfNowhere said:

Big brother is watching you. 

 

Jesus, people are stupid. 

Not stupid as such but they like the convenience and the gimmickry.

I don't mostly use cash to avoid being tracked, though it's a plus, but because I have a basic preference for cash whereas my colleague likes to have whatever is the latest tech.

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TheCountOfNowhere
11 minutes ago, Frank Hovis said:

Not stupid as such but they like the convenience and the gimmickry.

I don't mostly use cash to avoid being tracked, though it's a plus, but because I have a basic preference for cash whereas my colleague likes to have whatever is the latest tech.

They're probably being subjected to stealth marketing and their data being sold to companies so they can analyse such data to maximise how much they can screwvout of us. 

 

Maybe not stupid but certainly hasn't thought about the. Bigger picture and what's really going on in society. 

 

There are reasons the bankers/politicians are trying to do away with cash and it's not a healthy situation. 

 

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1 minute ago, TheCountOfNowhere said:

They're probably being subjected to stealth marketing and their data being sold to companies so they can analyse such data to maximise how much they can screwvout of us. 

 

Maybe not stupid but certainly hasn't thought about the. Bigger picture and what's really going on in society. 

 

There are reasons the bankers/politicians are trying to do away with cash and it's not a healthy situation. 

 

I agree that I don't like it but the people who are adopting such technology tend to be free spenders because why else would you need an application on your phone to tell you what you spent and where you spent it?

I know what I've spent this past week and where; I don't need an app keeping track of it so there is no value for me in that happening.

As such they probably like the targetted advertising and emailed discount coupons for 10% off a pizza in a particular place.

And all that's fine.  It's not for me but great for them.

 

I certainly agree with your last sentence but there is a more suitable thread for that on OT about the push for going cashless so I will leave this on banking apps.

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TheCountOfNowhere
1 minute ago, Frank Hovis said:

I agree that I don't like it but the people who are adopting such technology tend to be free spenders because why else would you need an application on your phone to tell you what you spent and where you spent it?

I know what I've spent this past week and where; I don't need an app keeping track of it so there is no value for me in that happening.

As such they probably like the targetted advertising and emailed discount coupons for 10% off a pizza in a particular place.

And all that's fine.  It's not for me but great for them.

 

I certainly agree with your last sentence but there is a more suitable thread for that on OT about the push for going cashless so I will leave this on banking apps.

Each to their own. As you say... Not for you, or me. I know what I've spend this week too.... £0 so far 😎

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The human brain is more than poweful enough to run my financial affairs. I have no need for 'apps' (thinly disguised spying/information gathering tools).

Cash provides the near total anonymity that is so crucial.

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I got the monzo card and app few days ago as wanted to see what the fuss was about, last few months I've also started tracking my spending/budgeting so thought it might help.

I think the idea is you load it up with £xxx per month and use that as say your grocery/entertainment budget. I assume aimed at youngsters trapped in a world where they are constantly just tapping there phone dozens of times a day to pay for their mindless spending via Google/Apple Pay as it removes the psychology that they are parting with actual money.

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