Online app/banking - Likelihood of an American bank introducing something in Ireland?

OU812

With the introduction of "Revolut" & "Number26" into the Irish market. What do you think the likelihood is of an American bank doing the same thing?

I'm still undecided about the Number26 accounts, I do have a Revolut one thought which is very handy. I'm also on the waiting list for Atom which will be sterling with online banking (I believe).

I think it'd be more valuable to have a sterling and US account (along with the regular home grown euro). The American banks have a lot more innovative developments with their banking than the Irish ones.

Jim2007

OU812 wrote: »

The American banks have a lot more innovative developments with their banking than the Irish ones.

Really care to give us some examples? From my point of view the lag Europe by about 10 years for example:
- No chip & pin
- No contactless payments
- limited ability out side the major banks to handle international transactions
- Settlement environment still dependent on settlement banks...
- ...

OU812

Sure.

Depositing cheques is easier because you can just photograph it through the app & it credits to your account.
Transactions show up instantantly (generally) on the account & each month you can generate a report on where/what you're spending your money on (e.g. Starbucks $22)
Interfaces are more open allowing for other apps to run through them - Square/Paypal Here/Cozy etc
Photo bill pay - similar to depositing cheques, photograph the bill, state how much you want to pay & it's done
Register deposits - works the exact opposite way to cash back, you can deposit money to your account at the register (e.g. walmart/costco)

Yggr of Asgard

As to £ you could look at monese , however they only have an android app with a visa debit card issues by contis so they are not really bank.

As to US bank offering products to Ireland, I think the Patriots Fools Act is going to make that very difficult

JTMan

OU812 wrote: »

With the introduction of "Revolut" & "Number26" into the Irish market. What do you think the likelihood is of an American bank doing the same thing?

I'm still undecided about the Number26 accounts, I do have a Revolut one thought which is very handy. I'm also on the waiting list for Atom which will be sterling with online banking (I believe).

I think it'd be more valuable to have a sterling and US account (along with the regular home grown euro). The American banks have a lot more innovative developments with their banking than the Irish ones.

You have to be UK based to use Atom Bank.

Very few American banks allow non resident accounts thanks to lots of regulation and US extraterrestrial powers with all USD transactions.

There is a lot of innovation in FinTech right now but Europe is leading the way with app based banking, not the US.

Jim2007

OU812 wrote: »

Depositing cheques is easier because you can just photograph it through the app & it credits to your account.

Have you actually done this with a European cheque??? The reason i ask is that the paying bank requires cheques to be presented for payment and no a photo is not acceptable...

OU812

Jim2007 wrote: »

Have you actually done this with a European cheque??? The reason i ask is that the paying bank requires cheques to be presented for payment and no a photo is not acceptable...

No, have seen it done with a US one though

Delta2113

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