The three things I hate about all the banking apps I’ve used (NatWest, Halifax, Nationwide, First Direct) and banks in general are the high security, lack of customisability and the lack of real time.
The security makes me annoyed to use the app. I appreciate that I would rather have an annoying experience than have my money stolen, but banking apps don’t interest me they annoy me. The worst app for me in this respect is First Direct which I have had for about 2 years but can not even use properly because it needs to verify that I am on the same phone I registered with (which I’m not) and asks me to generate a code on the app or enter a code they once sent me. It has so many layers of annoyance that instead of ringing their helpful customer advisors and sounding like I don’t have a clue (which I have already done a bunch of times… what’s the point of an app if it always leads back to making phone calls), I just stopped using their app/bank and they are meant to be the best bank so I was pretty fed up with the market. The best app on security for me is Nationwide because I can enter with a simple passcode. You still need to use card readers to do anything important on nationwide, which is still annoying, but if all I want to do is check up on my balance (which I sometimes do a couple of times a day) it is much better than the other apps asking for code generation and layer upon layer of security.
On customisabiity, I would like to be able to include assets and liabilities which are not with the bank. I realise none of the banks offer this because they want to sell me everything themselves, but I would really appreciate if this was possible. Example of what I am talking about - if I have £250 cash in my house, a share certificate worth £750 and I owe a friend £500, why can’t I tell my bank app and then it can show me I have the £500 in my current account, plus £250 in cash, £750 in shares and a £500 debt (total £1000). This seems so simple but I cannot find any app that does this?
On real time, this is what really bores me about banking and generally about the internet. I have always been drawn to live markets (trading) because things are always moving and it’s interesting so I appreciate I am not a typical bank customer, but I don’t understand why money needs to be at a fixed point in time and for a fixed amount, and in between that time it is just static data, it’s so boring for me - why can’t a bank account be in motion rather than still?. Example: Why do people get paid £2000 once a month and feel anxious in between when they could get paid 5p per minute (or £3/hr, £72/day, £504/wk) and all have their bills going out at 3p per minute or whatever it translates to? Why is digital money a solid object when it could be liquid? I know monese or one of your other competitors is doing a drip savings account with money coming out each day (but what about the other 23 hours 59mins where nothing is going on?). Why can’t I have a bank app where all my planned income and expenses are constantly moving and it is interesting to use?
Does mondo have any plans to incorporate any “drip” features into the app?
I apologise if any of this is already in your app. I am still waiting for your android app to get on board so I have yet to be enlightened.