I’m not necessarily talking about basic products though (in fact, I’m specifically not talking about those as ‘basic’ products are more for people with poor credit history).
I’m talking about the well paid 30 year old who’s been lucky enough to never need to get an overdraft /credit and then wants to get the new iPhone on contract. Or who wants to get an American Express card for Airmiles. If all they’ve had is a current account which they’ve kept in good condition so that if banks only reported specific ‘credit’ lines they’d show as having a very poor credit history and will likely be rejected.
But then there should be alternatives in that case. Instead of solely basing their checks on credit reports, they could easily ask for a few pay slips or even open-banking access to their bank account to perform an instant check.
Many alternatives are now available - especially when ordering online - but the industry has become reliant on centralised reporting to credit reference agencies instead.
Not gonna lie the merchant info on Chase is pure black magic.
It even got the hospital parking machine and filled it with a parking symbol.
Really, really well done.
Be interesting to see if it’ll launch with the option to ‘attach’ Direct Debits to be paid directly out of the different accounts you can setup (ie - Bill Pots).
I hadn’t even noticed that! I suppose I’ve never thought of trying to pay money directly into an account and so never spotted they had their own account numbers.
Yeah, in that case, there shouldn’t be anything stopping them having direct debits setup directly into them.
And yet I feel somewhat uncomfortable that they use email and an email link to try and activate it, when the message from most banks is don’t click the links
I do think they would have been better to have delayed that few months to get DD sorted at the time, CASS moving could wait after launching but when you launch what is claimed to be a real big bank backed project and miss out on DD its hard to take it seriously especially since they could have delayed 6 months and actually been more feature complete but I guess they work like the game industry in that regard
As they say you only get one launch and when people zero in on you missing a major feature that definitely will have deflated the hype for a fair few. I know starling/monzo didnt have it but the world has changed since then and they were more pioneers with fintech in the UK. Remeber Bo and their terrible launch with its lack of basic features…
Did the survey again after being prompted by email today… this time there’s a reason given for rejection… working in the “accounting and insurance” industry makes me ineligible. Lame
