Iām not sure that people think like that. I assume that people feel entitled to āfreeā banking because (almost) nobody charges for it. So they donāt see any charges as being offset by the remaining services being free. But I could be wrong!
I think you could take a completely different approach to 3d-secure - Iād quite like a version which just prompted you in the app to confirm the purchase with a notification - this would mean you need your phone for transactions which require 3d secure, but thatās fine. This would be much more secure than yet another password to remember (which many people probably reuse with other stuff), and would set Monzo apart. Eventually Iād quite like the option in Monzo to always require in-app approval of transactions over Ā£1000 say made by the card which could tie in to this quite nicely.
Whilst I agree with you, I think you and I do have to accept that Monzo doesnāt want to be āmobile firstā but āmobile onlyā.
If you think that you may ever need access to your money in situations where your phone is unavailable (and you canāt use your card) I would strongly advise to have meaningful amount of money in a 2nd current account that doesnāt have such limitations.
I agree. I really would love a mobile 2FA based 3DS but it needs to have fall back that doesnāt require your phone. Now to avoid that fallback being a security hold then itāll probably need to more annoying ask you for some additional info
Yes, thatās exactly what I was thinking of Alex.
As to not having your phone, donāt try a 3DS transaction when your phone battery is flat I guess? Iād be fine with that tradeoff as it is such a rare situation. There have to be some tradeoffs in order to make the account work better than traditional offline banks, and if you want a bank which functions without a mobile, you should probably use a different one as well as monzo, because they are definitely focussed on your phone being with you (as an example see their location security feature, which you canāt use without the phone).
Iād ask then: If itās mobile only, isnāt 3DS requiring the mobile the logical and perfect solution? If you can use 3DS without mobile, it wouldnāt be mobile only anymore.
The way I see it is no bank is perfect and no bank ever will be. However think how long the traditional banks have been around and how much money they have to invest in R&D.
Now compare that to what Monzo has achieved in three years, starting from scratch and making every penny count. Personally I already think the Monzo mobile banking experience is far superior compared to HSBC for example, so am really interested to see the great features a year from now.
That said I donāt put all my eggs in one basket. I get paid in to my traditional bank account, then transfer so much of my salary in to Monzo that iām allowing myself to spend each month.
I use Monzo for my day to day spending and online purchases, then my traditional accounts for saving as itās simply not an area Monzo targets.
That works for me and I believe i get the best of what Monzo currently offers and the best of traditional banking.
I understand how Monzo feels that is has become rather stagnant as back-end changes rarely ever seem to change the user experience, but are definitely needed if Monzo is to go anywhere beyond just another cash app.
That being said, comparing Barclays to Monzo seems a bit redundant as the Barclays app is a mess, designed to just upsell other financial services e.g. loans etc. Having a banking app that actually saves me money? Yes, please!
Hopefully, 2018 will introduce more intelligent spending metrics and pot rules. Once thatās done, then Iāll look to move one of my brick-and-mortar banks to Monzo on a permant basis.
HSBC might be a bit old-fashioned in some manners but they have their strengths too - no other bank provide expat services and assistance in so many countries, which is of a value to many people.
Have not used their app, but I have an account with their subsidiary - First Direct, which I think does the job (the website however is a bit meh, even if I understand their minimalist approach).
I feel some what the same and that is why Iāve not made it my main account. I get cash back for my DDs coming from my other account but just because an exciting new feature hasnāt come out, doesnāt mean Monzo hasnāt been hard at work this year.
Remember they only got their banking licence in 2017 and their bank account isnāt even a year old yet.
People need to be patient (even for Apple Pay) but still give the feedback so they can build the bank in our image.
Is it? I donāt know as I donāt use HSBC, but the stuff Iāve read on this community about them is rarely positive. For instance HSBC's new mobile banking app
The HSBC app is awful. It takes ages to load up, followed by numerous other loading screens within the app, extremely limited functionality, and the digital secure key is messy to use (partially because of the above).
I will not switch or hold any funds in the account until I can see some security bugs ironed out.
First of all I have to say I had the prepay card and loved it, the app for it also worked in a way that the current account appears to have regressed.
So here are the things that need addressing in the CA app
The log out option on the menu doesnāt log you out, it unlinks your device from your account so that you have to generate an email link to get to your account again
The Touch ID option for log in doesnāt work, it just allows free access to the app unless you have āforce closedā the app previously
There is no automatic time-out from the app if left unattended for a period
All a bit basic in terms of security, suggest you sort this over other āfeature ideasā