Are we the average customer


#1

Who do we think is choosing to bank with Starling Bank?

Is it tech savvy people or people just looking for something new and exciting.

Give me your thoughts guys.


#2

I’d assume that most of us are tech savvy; I’ve heard others say that Starling have helped them to join the digital age which is a lovely thing to hear. :slight_smile:

I think from looking at the forum and especially the welcoming thread Starling have a varied range of customers from all walks of life.

As for myself, I’m fairly tech savvy. I joined looking for a better current account after I found the IT at my old legacy bank lacking to say the least.


#3

Another way of looking at this is the statistics that show a high proportion of the over 55 buying smartphone and using apps

I remember my parents visiting the bank for cashing in cheques or drawing out cash

Cashpoint didn’t exist never mind credit cards or even cash back

But at the same time a pint of beer was less than a £1

Are we tech savvy or just moving with the times

Have a look at your tv in the house ?


#4

I would think many of us are either (1) tech savvy or (2) have an interest in the modern banking.

Many people I know don’t see banking as anything extending beyond the names of Barclays, HBOS, HSBC and RBSG. They’ve been with their bank since the dawn of time. They wouldn’t dream of opening a bank account online. Some don’t believe in contactless: it’s just witchcraft. And they’re the same people that run around each month trying to find a post box and stamp in order to send off their monthly cheque to pay their credit card bill.


#5

I think the majority will be younger people who have no interest in going into a bank and also not keen on using a phone to get things resolved and would prefer to use chat as its like texting a mate.

Unfortunatley I think Monzo may already have attracted a large chunk of this due to their product and people thinking they are “cool”. They have a really strong brand.


#6

I like monzo too, but I feel feel the Starling brand is a bit smarter. Monzo seems a bit more ‘fun’, whereas Starling seems more serious as a company. Whether the product is more stable, idk. I only say this from a branding and communications observation from the marketing and app designs.


#7

For me was the ability to have a bank with mobile only and able to edit without going on to a web browser as well as the instant notifications and real time for balances. I like tech so wouldn’t call myself the average customer. I think we are all different and Starling covers quite a few tick boxes.


#8

I would describe myself as semi tech savvy. I’m not super adventurous with tech, but enjoy new ideas and like to see where they’re heading. If I like the direction, then I’ll go with it, if not I’ll close it and look for something new.

No one I know or anyone in my phone contacts list has either Starling or Monzo. Some still think of Starling as a bird, and have no idea what Monzo are/is?!

My Wife will (unfortunately) bank with Nationwide until she dies. She has no good reason for this, but she just will. Me, I personally like Starling over what I’ve seen of Monzo, but I don’t have their current account yet, so maybe not a fair comparison. Starling seems more professional, Monzo a bit more light hearted, but each ultimately similar in many ways.

I still look forward to n26 and maybe Tandem launching a current account and whatever else they can muster.

Atom are written off for me, they’re just off the wall (Will.i.am)??? The worst mobile app ever, and zero ideas/interest. Customer communication is zero, and little to no interest in what their customers think.

So I guess I like innovation and am probably an average customer at heart, but someone who wants to try new things to see if they’re any better.


#9

71 year old early adopter if no longer very tech savvy. In the 70s did some COBOL app design and coding but things are very different now.

I like the immediaye access provided by the new breed of banking apps. Will keep at least one heritage account and some time next year will choise between Starling and Monza, at the moment they are level pegging but I do love the Coral card.


#10

I concur.

(Did agree with fewer characters, however, couldn’t post it :exploding_head:


#11

My main reason for signing up was that it was new and exciting but it seems Starling is mainly aimed at people that are not too financially savvy and don’t want to hold accounts with multiple banks.

The reason I say this is that the Goals feature will be used by people who are happy to receive only 0.5% on their savings and the budgeting tools will be used by those who are on a tight budget and do all their spending through the one account (e.g. don’t use credit cards).

So as this is the direction they are going in I think young people will be their main market and those of us who signed up for other reasons will probably drift away eventually.


#12

I still have cash in savings accounts away from Starling, mostly in a one year lock or with so many withdrawals allowed per year.

Goals provide in my case a separate place to have a rainy day pot away from my current account funds that’s instantly accessible without any penalty.

You can be rate savvy and still use goals. :wink:


#13

Agreed - if you’re rate savvy then in all likelihood you’re not going to have money in any kind of traditional savings account almost regardless of the interest rates on offer via banks. You’ll be managing your own investments via stocks, shares, bonds etc. In order to generate the greatest returns whilst keeping a chunk of emergency cash available and accessible.


#14

Not all the time though. GPS dependent at the moment.

But I know what you mean :smiley:


#15

I am definitely not rate savvy then, based on that definition. :smiley:

With the amount of money I have, interest anywhere with easy access is only pennies.

Life is not that tight that I need to worry about pennies . . . yet :money_mouth_face: