Traditional banking: are you in or out?

Traditional banking: are you in or out?

An average of 60 bank branches close every month across the UK¹. In the digital world we live in, this is daunting but not shocking. It isn’t surprising to learn that for this reason, amongst others, more and more people are switching to branchless banking.

We work hard alongside our clients to help them get the most out of life and their cash. From the little things to holidays of a lifetime, we want them to make life count. This often gets us thinking about small things that can bring big rewards, such as more spare time.

So what is branchless banking?

It’s exactly what it says on the tin, a bank that is purely mobile.

Branchless banking can save time, give you access to money on the move and meets the same security requirements as any high street bank. As with most things, there are downsides. But in case you were thinking of going down this route yourself, or maybe you already have, we wanted to highlight a few of the pros and cons² associated with banking in the modern world.

The likes of Starling, Monzo and Revolut are challenging traditional banking institutions. Some of our team have set up mobile banking accounts and found the experience to be fast, efficient, easy to use, paperless and secure.

There could be a speedy answer to banking on the go but what do you need to know before you take the leap of faith?

The Pros

• You can open an account in a matter of minutes
• Realtime information – all your transactions show up immediately, so you can keep track of your money without delay
• There are no fees for spending abroad
• Free spending trend insights and spending targets
• Quickly connect the app with a digital wallet of your choice
• Security is tight – making use of biometrics, video identification and passcodes they don’t take your concerns lightly

The Cons

• Depositing cash is done via a high street branch, Starling use NatWest for example
• You might lose your phone, regardless of whether you use branchless banking or not, you should always contact your provider to disable your banking app if you lose your phone
• You’ll always have to deal with someone over the phone if any problems arise
• As with all banking apps you may face hacking or technical issues that prevent users from accessing their accounts

We will always be focussed on breaking the mould of traditional financial advice, and as new technology emerges, we want to share that with you.

These are just some of the top-level facts and we know changing banks is a big decision but if it’s something you want to explore, just let us know.

^{1 & 2} Source: Which 2018