I don’t think those features are as essential for them at the moment as it would seem at first thought.
Many people before switching to a new main current account would want to test it out before fully switching or have some decent reviews. To test a banking app out, you definitely don’t need to use the CASS service and you don’t really need to use DDs as you can just use your normal account for these.
The things that are missing aren’t important for people testing the app out, which is what most people will be doing at the moment.
I can’t see many people switching fully to them this soon to it opening, even with CASS and DDs, so I doubt they are losing that much.
Obviously it would be more useful to have the normal CASS system and DDs, but for Chase, they won’t be necessary straight away.
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Anarchist
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Smacks of Monzo. Who still haven’t fully integrated joint accounts into their offer.
At the time Monzo were still pursuing their community-led, iterative approach. And there was a lot of noise about joint accounts when I didn’t feel like Tom really wanted to do them (at least in the classic way).
Whatever we collectively think about Monzo’s offerings, Chase feels more “traditional bank” - and it feels odd to me that they’ve only launched part of the product (but the bit they have launched is super polished).
I’m not trying to knock Chase here: it looks much better than I thought and they’re bringing some real innovation. I’m just trying to work out the play.
I like the numberless card and as many current accounts as you want in the app. The cashback looks interesting too
I’m afraid monzo is far too superior for me to even try chase. I was excited but monzo has too many features and I don’t want loads of bank accounts again. I’m giving it a miss and will watch from the sidelines
I hope that this nudges a bit more innovation in core banking features across the market as a whole.
For example, I could see Starling moving in this direction (numberless cards, accounts instead of goals spaces etc), but I don’t think they’re give up their £2/month second account fee without a nudge from the competition.
And imagine Monzo providing a numberless card as a different tier (Premium without the insurance) that could be used for any of the (virtual) card numbers that you have in your app…
I can’t speak for starling, but Monzo - here, at least - are still seen as a bank to avoid for large purchases (house, car, etc) so there is scope for a “serious” bank to enter the market and offer something different.
For me, one big test will be the app. Is it smooth and fast like Monzo, or will it have countless passwords and phrases, link me to webpages to get stuff done, and generally feel slow and clunky? If they’ve got the tech right, they have a good foundation on which to build.
For what it’s worth, the “play” seems to be to drive engagement and active usage.
Anyway. More importantly, how long is this bloody wait list?
I’d love it if you could then have a, say, grocery account, and a transport account, and then pop in your required amounts each month and change depending on which you were spending on.
Sure, there might be some faff involved but it would be good to just change to “Transport” as you pop onto the tube, knowing that it’s ring-fenced money.
I’m now talking to Google Play support to try to see what the issue is. We are going through some troubleshooting to see if anything works. All they know so far is nothing is wrong with my Google account.
I also emailed Chase UK but who knows if their customer services are even operational yet.
EDIT: This Google Play support has to be some of the best support I’ve ever had. They’ve fully understood what I’m talking about, kept me informed about what they are doing, and are constantly thanking me for waiting.
They have now asked me about Play Protect so they certainly must know that is a requirement.
