App banks (not banks with apps)

Perspectives on our world and our universe, how it works, what is happening, and why it happens. Whether by a hidden hand or natural laws, we come together to hash it out, and perhaps provide a little bit of education and enlightenment for others. This is a place for civil discussion. Please keep it that way.
Forum rules
1) Remain civil. Respect others' rights to their viewpoints, even if you believe them to be completely wrong.
2) Sourcing your information is highly recommended. Plagiarism will get you banned.
3) Please create a new thread for a new topic, even if you think it might not get a lot of responses. Do not create mega-threads.
4) If you think the subject of a thread is not important enough to merit a post, simply avoid posting in it. If enough people agree, it will fall off the page soon enough.
Post Reply
User avatar
Deacon
Shining Adonis
Posts: 43996
Joined: Wed Jul 30, 2003 3:00 pm
Gender: Male
Location: Lakehills, TX

App banks (not banks with apps)

Post by Deacon » Thu Jun 04, 2015 2:41 am

There's a super interesting thing happening that I saw on Scott Adams' blog where he briefly breaks down his take on the idea of App Banks, inspired largely by this Wired article from early 2013.

Basically they're saying look, most people don't want to have to hassle with a bank's bullshit, having to travel to a branch in person to do most things, and brick-and-mortar banks providing a decidedly lackluster online and especially mobile experience. So we'll make an online-only bank that you interact with on your mobile device. Change you pin, check your balance quickly and easily, order replacement debit cards, etc.

Only problem I see: paper checks are still a necessity, bill pay and transfers are important, and they should really get started with credit cards as well to complete the daily banking experience. But the idea is sound: reduce burdensome requirements to wait on hold or drive in to talk to a "banker" (Wells Fargo calls anyone who works for them, from tech support to tellers a "banker"), and use whatever ATMs you want to get money.

Thoughts?
The follies which a man regrets the most in his life are those which he didn't commit when he had the opportunity. - Helen Rowland, A Guide to Men, 1922

User avatar
Cyberliger777
Crazy Person
Posts: 1903
Joined: Fri May 30, 2003 5:19 pm
Real Name: Zachary
Gender: Male
Location: Seattle, WA

Re: App banks (not banks with apps)

Post by Cyberliger777 » Thu Jun 04, 2015 2:47 am

Actually USAA is ready a online only bank. Since it started as an automotive insurance company, they never built any branches. To do anything you need the app or send it in the mail. I can scan checks, transfer money, make payments, everything from online or the app. The only thing you cannot do it deposit cash, which you send in the mail to the main headquarters.

And I love it. I deal with only checks and card already, so it is a great experience due to their superb android app.
Image

User avatar
Deacon
Shining Adonis
Posts: 43996
Joined: Wed Jul 30, 2003 3:00 pm
Gender: Male
Location: Lakehills, TX

Re: App banks (not banks with apps)

Post by Deacon » Thu Jun 04, 2015 6:31 am

Uh, sir, I've been in USAA branches before.
The follies which a man regrets the most in his life are those which he didn't commit when he had the opportunity. - Helen Rowland, A Guide to Men, 1922

User avatar
JermCool
Crazy Person
Posts: 4324
Joined: Fri May 04, 2007 2:33 pm
Real Name: Jeremy
Gender: Male
Location: Las Vegas, NV

Re: App banks (not banks with apps)

Post by JermCool » Thu Jun 04, 2015 4:34 pm

I think at some point, brick-and-mortar will always be needed. There are times when you just have to go to a branch and deal with a real person when something inevitably goes wrong. We do most of our banking with USBank, but every now and then when a payment fails or something goes screwy in the cloud, you just have to go to a branch and deal with a real live person. Taking people out of it entirely is a recipe for disaster.
Insert Banner Here
"The internet is bullcrap! And everyone on it is retarded!" - Muspar
"All threads should degenerate into the bumming of JermCool." - Rorschach

User avatar
Cyberliger777
Crazy Person
Posts: 1903
Joined: Fri May 30, 2003 5:19 pm
Real Name: Zachary
Gender: Male
Location: Seattle, WA

Re: App banks (not banks with apps)

Post by Cyberliger777 » Thu Jun 04, 2015 5:53 pm

Deacon wrote:Uh, sir, I've been in USAA branches before.
Wait, they actually have branches. Well..... fuck me for not living in Texas.
Image

User avatar
Deacon
Shining Adonis
Posts: 43996
Joined: Wed Jul 30, 2003 3:00 pm
Gender: Male
Location: Lakehills, TX

Re: App banks (not banks with apps)

Post by Deacon » Fri Jun 05, 2015 3:14 am

Yes to both.

And Jermy, as long as the call center isn't someone named "Kevin" who barely speaks English,
Getting live help should require a trip into town.
The follies which a man regrets the most in his life are those which he didn't commit when he had the opportunity. - Helen Rowland, A Guide to Men, 1922

User avatar
NorthernComfort
Crazy Person
Posts: 2745
Joined: Fri May 23, 2003 8:13 pm
Real Name: Alex
Gender: Male
Location: Brooklyn, NY

Re: App banks (not banks with apps)

Post by NorthernComfort » Sun Jun 07, 2015 2:25 am

Haaaiii I ahm Kehvihn, ow may I elp you?
"I guess I have a gift for expressing pedestrian tastes. In a way, it's kind of depressing." -Bill Watterson

User avatar
Doc Giggles
Crazy Person
Posts: 762
Joined: Fri Feb 14, 2003 8:13 am

Re: App banks (not banks with apps)

Post by Doc Giggles » Sun Jun 07, 2015 8:28 am

There are already a number of Online only banks. I can see how they would be useful for some things, but there will always be a need for brick and mortar banks as well. Go ahead and try to make a cash deposit in a online only bank and you'll see the need for both.
Disciple of Gnarr
“Let there be truth, happiness, and waffles”
-Nomad, Dark Lord & Avatar of Gnarr

User avatar
Deacon
Shining Adonis
Posts: 43996
Joined: Wed Jul 30, 2003 3:00 pm
Gender: Male
Location: Lakehills, TX

Re: App banks (not banks with apps)

Post by Deacon » Sun Jun 07, 2015 9:56 pm

You can't make cash deposits at your ATMs??
The follies which a man regrets the most in his life are those which he didn't commit when he had the opportunity. - Helen Rowland, A Guide to Men, 1922

User avatar
Doc Giggles
Crazy Person
Posts: 762
Joined: Fri Feb 14, 2003 8:13 am

Re: App banks (not banks with apps)

Post by Doc Giggles » Mon Jun 08, 2015 1:29 am

There still needs to be a bank to back up the ATM. Online banks will always need someone to service the ATMs. That's part of why there will always be Brick and Mortar locations. Granted they may become central processing centers, but it will be there. Plus, how many businesses want to try and feed their daily deposits into an ATM?
Disciple of Gnarr
“Let there be truth, happiness, and waffles”
-Nomad, Dark Lord & Avatar of Gnarr

User avatar
Deacon
Shining Adonis
Posts: 43996
Joined: Wed Jul 30, 2003 3:00 pm
Gender: Male
Location: Lakehills, TX

Re: App banks (not banks with apps)

Post by Deacon » Mon Jun 08, 2015 6:50 am

Daily business cash drops are kind of a niche thing compared to retail consumer banks, which is really what we're talking about.
The follies which a man regrets the most in his life are those which he didn't commit when he had the opportunity. - Helen Rowland, A Guide to Men, 1922

Post Reply

Who is online

Users browsing this forum: Ahrefs [bot] and 2 guests