Why I switched to an app-only bank?
Going from queues to arrays
One of the very first things I did after landing in Australia about a year ago got a bank account. And sure enough, it was with one of the largest banks in the country. But the funny thing about having done that was, I did not have a lot of money to “bank” and since that was the case I was not really concerned about the banking experience. And well they had an app, what more can you ask for from your bank right?
It was after a few months in, and a few bucks up, that I considered building up that saver balance. And the big bank “app” felt really “Uninspiring” to do anything with it, let alone save money.
Although it may seem unreasonable to wish for an inspiring banking app, hey! Since when have customers been reasonable!
*Enter Up*
Apart from the fact that I am heavily into everything tech, I am not sure if it was the quirky design or the higher interest rate that got me to download the app in the first place. It was at the end of the sign-up process that the team at Up had a fanboy in me.
Don’t believe me? Here is what my laptop back looks like!
What’s all the fuss about though?
Even if we dismiss the brilliant application design, bonus interest rate, multiple savers, roundups, and intuitive spending categorization. The following attributes set Up apart from any player in the industry.
- Banking gamified: Utterly enjoyable experience, and while you may say it does not matter for a bank, that is where they differentiated themselves.
- An open API: Yeah! You read that right. While the banks of the world are advertising how secure they are, these guys have opened up their API for hobbyists and developers alike to have a go at it. If that’s not confidence, I don’t know what is.
3. Public Roadmap: This one is for every company out there and a clear indicator of the level of transparency the company leadership wished to keep with its customers (Upsiders to be precise). Although they might not be the only ones who do this, but they sure are amongst the few who absolutely slay the way it is delivered.
As a software engineer myself, the team at up has given a fresh perspective in solving consumer problems and building products that matter. As a consumer, it's just a superb experience to have, banking or otherwise!
Fin.
