A penny for my thoughts...
A few weeks ago I ‘lost’ my purse in GAP on Oxford Street. Reluctant to immediately cancel my cards and be card-less for a week, I searched up and down for over an hour before officially declaring it stolen. Then on to the arduous task of cancelling it – phoning HSBC, listening to some irritating music, verifying various passwords, talking to an operator…only to be told that my most recent logged payment was over two days prior. Good to know that whichever thief nicked my card had a free pass to go on an hour’s spending frenzy with my money without being traced!
Traditional banks seem so backward and inefficient, particularly in light of a new wave of extremely smart, digital banking. Over half the people at Razor own a Monzo card. For those of you who aren’t familiar, it’s a startup mobile-only bank that allows you to track your purchases via an app, create budgets, transfer money at the click of a button and freeze your card temporarily if you misplace it. Honestly, it’s amazing!
Although Monzo has yet to launch a current account (they say it’s in the offing), the fact that people are experimenting with new ways of banking goes to show consumers are ready to say goodbye to traditional banks and welcome modern alternatives that will offer them a superior experience.
I’ve also just discovered Curve. It’s essentially a money hub; a personal card which is controlled by an app that holds all your credit and debit cards so you can select which card you want to use and when. I love the idea of one day not needing to own a purse and having everything in one place.
The landscape is changing. I don’t know about you, but I’m excited by this new, seamless way of banking. I wonder how traditional banks are going to react to these emerging companies and whether they will even exist in years to come.