Interesting article on how challenger banks have broken the mould

[Justin]

Hi all

I came across this article yesterday about what challenger banks have been doing differently - and thus how they’re likely to be changing customer expectations.

What I’m sharing is only meant to be the first chapter of a whole series to be published, but there’s certainly a lot to agree with. There have recently been quite a few posts on the Community Boards with a tone of disillusionment, and it’s easy for us to forget just how dramatic the changes spearheaded by the challengers have been - from the widely copied ability to freeze cards to viewing transactions on a map - and that’s without even mentioning the no-fee transactions abroad.

This first chapter focuses on account opening. Here’s one graphic to whet your appetite. I’m looking forward to the next few chapters being released

[j06 (Jamie)]

It was an interesting piece and I’ll tune in for the follow-ups.

Of course, it’s possible to get a working bank account in about 15 minutes by visiting a Metro Bank branch, where they’ll issue a card on the spot, but I get that to be equal he did everything online.

@Eden

unless i missed it they did not address that these numbers are not accurate as a whole.

Nationwide for example doesn’t take 22 days to have an active account

He did address that with HSBC in the article, and put it down to having to make allowances for Covid-19.

[Kristian]

Podcast with the guy behind - https://anchor.fm/thestartupvan/episodes/Peter-Ramsey-Opened-12-Bank-Accounts-In-The-UK-And-Logged-It-All-ef52ts

Pretty cool project I think.