Competitor update


(Alex Sherwood) #489

Even if that is the case, the best savings bonds (according to Money Supermarket) are all paying less than 2.2% interest so it looks like there’s more to this than that…


#490

Atom just sent an email today saying “Because we’ve had lots of savings customers join us over the past few weeks, we’re now reducing our rates for a while to ensure we’re taking a balanced approach to managing our business.”


(Tom Warren) #491

#492

^ If a tree falls in the forest and no one is there to hear it, does it make a sound?

Personally think they’ve already lost to Monzo because they took the approach of product first then customers later whereas monzo have built both together.

It’s like taking off 10secs late in the 100m sprint because you wanted to do some good stretches. :laughing:


(Marcel W.) #493

It depends. If their full product has really amazing features than thry might outrun :mondo: But then even with legacy banks there is not that one bank that everyone goes to.


(Alex Sherwood) #494

It’s far too early to call who will end up with the most users. Tom’s said that Monzo needs at least 1m users to be considered significant in the UK market.

I expect Starling launching the current accounts to the public first will generate quite a lot of press but obviously it’s going to take them a while to catch up now.


Here’s a glowy screenshot of what looks like the home page of their app &…they’re displaying your daily transactions in a pie chart :grimacing:

https://www.starlingbank.com/wp-content/uploads/2017/03/homescreen01.mp4

I guess this was designed to look futuristic. I wonder what it’s like in bright light / for accessibility :thinking:

Also, it looks like there’s lots of options in their menus -


(Andy Little) #495

I really like that pie chart tbh. I’ve been thinking of building an app with pie chart spending breakdowns.


(Alex Sherwood) #496

They’re great in theory but you tend to run into issues when there’s lots of data points or dis-proportionally large segments.

Here’s what happens in practice -

& here’s Hugo’s comments on the challenges with them -


(Sacha) #497

Looks like a smart central heating control app, not what I expect to see when I login to check my finances.


(Alex Sherwood) #498

I thought I’d share some of the background behind the details in this story -

the “Starling Pulse,” a real-time feed that displays all your account activity.

I wonder where they got that name from :thinking:

“We decided to go straight to build the full current account rather than go on a side trip to build a pre-paid card first,” Starling Bank founder Anne Boden told me in a call yesterday

Given that Starling had a head start (most of the original Monzo team left Starling to start Monzo) & Monzo’s due to launch the current accounts within the next couple of months, developing the pre-paid functionality doesn’t seem to have slowed Monzo down.

It has enabled Monzo to attract more than 10x as many users, who’re engaged & have provided lots of feature suggestions for Monzo to build…

Also, I think that one of the great things about the Monzo team is they don’t make these kinds of comments about the other challenger banks. It sounds a bit defensive.

“Plus lots more things we can do because we built our technology ourselves.”

As Anne knows, 95% of Monzo’s software is built on in house & they’ll be dropping GPS (reportedly their processor) & Wirecard, when they launch the current accounts later this year so it’s almost impossible that Starling’s ahead in this area.

Also -

[You’re] asked to provide a 6-10 digit passcode [to secure the app]

Android beta to follow at the end of the month


(Bruce) #499

Some interesting investment news on other fin tech world wide

http://paybefore.com/finance-and-strategy/investment-roundup-fintech-financing-heats-up/


(Andy Little) #500

I can see the points there, the main one being your rent / mortgage taking up too much space. I think the solution to that is to allow people to switch on / off each category, that way you can compare only your disposable spending, or only your travel related stuff etc.


(Alex Sherwood) #501

Sounds good, I hope you prove me wrong with your app :slight_smile:


#502

I was just taking a look at the Starling Bank website and noticed a link to their status page.

Their card processor went down on March 5th, same day all the others went down. Looks like they may be using GPS to process their payments.


(Andy Little) #503

I’ve got a lot to learn first, so it won’t be soon.


(Andy) #504

My only issue is that they are not as transparent as Monzo, even down to how they are choosing beta users… Will be interesting to give them a whirl, and see how it works…

But my heart i think is with Monzo


(Brexit Day Is Gonna Be Shamayzing.) #505

I like the green and glow effect but I hate pie charts, I also like the purple card.


(Andy Little) #506

Starling are definitely losing to Monzo in the communication stakes. I’ve been on their waiting list since October, while I haven’t actively tried to find out, it’s disappointing that I still don’t really know what their offering is / when I can get a card etc.

I’ve actually learned more about them on this forum than I have from them.


(Bruce) #507

Likewise, tandem are in the same situation


(Andy) #508

Same here been on since september and was told the same, crap comms from them tbh