App review: ipagoo

“Accounts designed for the 21st century” is the main strapline of ipagoo, a Fintech startup that offers multi-country and cross-currency accounts. I was intrigued by this concept and decided to download ipagoo’s new iOS app and write a quick review:

My quick summary of ipagoo (before using it) – I expect ipagoo to offer services similar to the World Account that World First, the company I work for, launched a few months ago. The World Account makes it easy for customers to open accounts in specific local currencies, making it easy to receive and pay out in difference currencies.

How does the app explain itself in the first minute? – When I open ipagoo’s iOS app, the first screen is a login one. I’m somewhat thrown by this as I don’t have an ipagoo account and the calls to action aren’t as clear as they could have been.

After finding and tapping on “new to ipagoo?” I land on a screen which explains the different services that ipagoo offers:

  • Accounts – Open and manage multiple accounts in different countries from your smartphone.
  • Payments – Keep payments under control and manage counter parties from the app.
  • Money Transfer – Move money between accounts instantly.
  • Currency Exchange – Switch funds between currencies in real time.

Despite looking a bit clunky, the app does a good job in letting its users know at the start of the onboarding process about the documents required for a successful registration. There’s a clear explanation as to how take a geotagged selfie, and that users need to make sure their phones are enabled for geolocation (complete with short videos for both Android and iOS users). The two-factor authentication process ipagoo applies feels relatively straightforward and seamless; I validate my email address on my desktop, after which a “complete my credentials” screen appears on my mobile app.

However, I’m slightly daunted by the 6-step registration process and the proofs of my ID that I need to upload. The look and feel of the form isn’t compelling, and fields like “previous name(s)” make me wonder why these are necessary in the first place. I do upload my passport, but give up on the registration process when asked for a recent proof of address, a picture of myself with my ID and detailed info about my financial status. I realise that I simply don’t know enough about ipagoo and the benefits of using its services, so I decide to explore things further before deciding whether or not sign up.

 

Perceived benefits of ipagoo – I understand that ipagoo uses traditional banking services to provide its users with a single portal to all their bank accounts, standing orders, debit cards, etc. The ease of accessing multiple accounts and data through a single app should make life a lot easier for customers. Currently, people like me – with accounts and debit cards in different countries – are currently constrained in account access, and having to have multiple logins.

Points of differentiation (existing and future) – Whilst I believe the frictionless aspect of ipagoo will soon become a ‘hygiene factor’ (given that the likes of Curve and Varo Money offer a similarly seamless experience) in future, I expect ipagoo become more of a ‘financial hub’ for customers, using APIs and the opportunities that PSD2 offer. I wouldn’t be surprised if ipagoo do more to address cross-border payments, as well as traditional standing orders, bank transfers, etc. I was therefore pleased to see that some of these aspects are represented on ipagoo’s roadmap. What I didn’t see on ipagoo’s roadmap was predictive analytics and recommendations, being able to understand customer profiles and recommend other financial products accordingly.

Main learning point: I really like ipagoo’s proposition and see plenty opportunities for ipagoo to make the (financial) life of their customers easier. However, I do believe there’s a need to improve the onboarding and user experience of the app, before integrating new services. As it stands, there’s scope to simplify the app experience, making ipagoo a truly ‘sticky’ proposition for its customers.

Related links for further learning:

  1. https://www.ipagoo.com/services
  2. https://moven.com/solutions/
  3. https://about.holvi.com/
  4. http://www.bankingtech.com/277222/new-entrant-ipagoo-targets-businesses-with-pan-european-current-account/
  5. https://marcabraham.com/2017/05/22/how-psd2-is-set-to-change-banking-up-as-we-know-it/
  6. https://ibsintelligence.com/ipagoo-brings-borderless-banking-app-uk/
  7. http://www.thebanker.com/Techvision/Ipagoo-joins-the-EU-dots-to-beat-the-regulators

App review: Receipt Bank

It isn’t often that one of the apps that I use on a regular basis attracts a large round of funding but it happened recently with Receipt Bank, a London based started which “makes your bookkeeping, faster, easier and more efficient.” Last month, Receipt Bank received a Series B investment worth $50 million from New York based Insight Venture Partners.

Receipt Bank, which started in 2010, targets accountants, bookkeepers and small businesses. It offers them an online platform through which users can submit their invoices, receipts, and bills by taking a picture and uploading it through Receipt Bank’s mobile app (see Fig. 1), desktop app (see Fig. 2), or an email submission. Receipt Bank’s system then automatically extracts relevant data, sorts and categorises it. Apart from viewing your processed expenses online, Receipt Bank also publishes everything to the user’s accounting software of choice, FreshBooks or Xero for example.

Fig. 1 – Screenshot of Receipt Bank iOS app

 

 

Fig. 2 – The entry in Receipt Bank for one of my receipts

Given that I’ve been using Receipt Bank for a while now; instead of just reviewing existing functionality, I’ve also had a think about how I’d use a $50m war chest to further build out the Receipt Bank product:

  1. Faster! Faster! Faster! – When I started using Receipt Bank last year, I emailed the customer support team enquiring about the wait between submitting a picture of a receipt and it being “ready for export”. I got a friendly reply explaining that “we ask for a maximum of 24 hours to process items, but we are usually much faster than that.” The customer support adviser also explained that “the turnaround time also depends on the number of items waiting to be processed by the software and also their quality.” I’m sure Receipt Bank uses some form of machine-learning, algorithms to automatically interpret and categorise the key data fields from the picture of a receipt. As the field of Artificial Intelligence continues to evolve, I expect Receipt Bank to be able to – eventually – process receipts and invoices within seconds, with no need for the user to add or edit any info processed. Because I envisage machine learning to be the core driver of Receipt Bank’s proposition, I suggest spending at least half of its latest investment on AI technology and engineers specialised in machine learning.
  2. Not just tracking my bills and invoices – Yes, everybody is jumping on the chatbot wagon (and some of the results are frankly laughable). However, I do believe that if Receipt Bank can learn a sufficient amount about its customers and their spending and accounting behaviours, it will be able to provide them with tailored advice and predictions. For example, if I pay my supplier in China a fixed amount per month to keep my stock up, I’d like to ask Receipt Bank’s future “Expense Assistant” how my supplier payments will be affected if there’s massive volatility in the exchange rate between the British Pound and the Chinese Yuan. Similarly, when I look at most of today’s finance departments, the people in these teams seem to spend on matching the right payments received to the relevant invoice(s) sent out. I realise that the machine learning around multiple invoices wrapped into a single payment is easier said than done, but I don’t think it will be impossible and the $25m investment into AI (see point 1. above) should help massively.
  3. What if the days of paper bills are numbered!? – Now that I’ve effectively spent $25m on AI technology, I’ve got $25m left. The first thing I’d do with this remaining money is to prepare for scenarios where invoices or receipts are no longer issued on paper but provided orally. At the moment, capability like Alexa Expense Tracker is mostly used for personal expenses, but I do envisage a future where people use Alexa or Siri to add and track their expenses. Given that voice technology is still very much in its infancy, I suggest restricting Receipt Bank’s investment into this area to a no more than $1m.
  4. Integrate more (and please don’t forget about Asia) – If I were Receipt Bank I’d probably use about $10m of the remaining fund to enter new geographies and integrate with additional systems. For example, I like how Sage’s Pegg hooks into any expenses you record on your mobile, whether it’s via Slack, Facebook, Skype, WhatsApp, etc. I don’t know whether Receipt Bank is looking to enter the Asian market, but I feel there’s great opportunity to integrate with messenger apps like WeChat and Hike, without spending more than $2m on development and marketing. Also, integrating with payment processors, like Finsync did recently with Worldpay, is an integration avenue worth considering! 
  5. But don’t forget about the current product! – I feel Receipt bank would be remiss if it were to forget about improving its current platform, both in terms of functionality and user experience. For example, I can’t judge how well Receipt Bank does in retaining its customers, but I feel there are a number of ways in which it can make the existing product ‘work harder’ (see Fig. 3 below). In my experience, some of my proposed improvements and features shouldn’t break the bank. By spending about $1m on continuous improvements over a number of years, Receipt Bank should have at least $20m left in the bank, as a buffer for difficult times and any new opportunities that might arise during the product lifecycle.

Fig. 3 – Suggestions to make Receipt Bank’s existing product work harder:

  1. Some touches of gamification – I’d argue that the longevity of the relationship between Receipt Bank and an individual user is determined by how often the users uploads bills onto the platform. I assume that most users will most probably not view managing their expenses as fun, I think it would be good to look at ways to make the experience more fun. For example, I could get a gold star from my accountant once I’ve successfully synced my month’s expenses into my accounting system. I feel that there’s plenty of room to reinforce the current gamification elements that Receipt Bank uses. For example, the message that Receipt Bank managed to save 27 minutes of my time doesn’t really do it for me (see Fig. 4 below). Instead, the focus could be on the productivity gain that I’ve made for billable work (if I’m a freelancer for example).
  2. Better progress and status updates – Even if it does continue to take up to 24 hours. to categorise and process my expenses, it would be great if Receipt Bank could make its “in progress” status more intuitive and informative.
  3. Clearer and stronger calls to action – For example, I can see that I’m not making the best use of my Receipt Bank subscription (see Fig. 5 below). However, there are no suggestions on specific actions I can take to get more value from my Receipt Bank plan.

Fig. 4 – Screenshot my Receipt Bank usage

Fig. 5 – Screenshot of my Receipt Bank “Usage summary”

Main learning point: Having thought about Receipt Bank’s current product offering, and my understanding of their target market, I suggest investing a good chunk of the recent investment into optimising the machine learning algorithms in such a way that both processing speed and accuracy are significantly increased. By doing this, the customer profile and behavioural data generated, will create additional opportunities to further retain customers and offer adjacent products and services.

Related links for further learning:

  1. http://uk.businessinsider.com/receipt-bank-raises-50-million-from-insight-venture-partners-2017-7
  2. https://venturebeat.com/2017/07/20/receipt-bank-raises-50-million-insight-venture-partners/
  3. https://itunes.apple.com/gb/app/receipt-bank-business-expense-scanner-tracker/id418327708?mt=8
  4. https://play.google.com/store/apps/details?id=com.receiptbank.android&hl=en_GB 
  5. https://www.forbes.com/sites/bernardmarr/2017/07/07/machine-learning-artificial-intelligence-and-the-future-of-accounting/#49bb42ac2dd1
  6. https://hellopegg.io/
  7. http://uk.pcmag.com/cloud-services/87846/feature/23-must-have-alexa-skills-for-your-small-business
  8. https://www.accountingweb.co.uk/tech/accounting-software/case-study-receipt-banks-rapid-growth
  9. https://www.finextra.com/pressarticle/70263/finsync-connects-with-worldpay-us
  10. http://www.bankingtech.com/520502/symitars-episys-core-system-integrated-with-amazon-echo-baxter-cu-an-early-taker/

App review: Curve

I recently heard Shachar Bialick – Founder and CEO of Curve – talk about how the new Curve app will make it easier for small businesses to manage their financial lives. It prompted me to have a first play with the Curve app in iOS, which is currently available as a Beta release. This is what I learned:

  1. My quick summary of Curve (before using it) – I expect Curve to be able to aggregate all my (business credit and debit cards – and related account / transaction data – into a single place.
  2. How does Curve explain itself in the first minute? – When I open the Curve app, I’m presented with two key messages: “Welcome to Connected Money” followed by “Curve combines all your cards into one smart card and smart app”. When reading these messages, “data” is the first thing that comes to mind. How will Curve combine and display all my bank data into a single place (and in way that lets me understand at a glance what’s going on)?
  3. Getting started, what’s the process like (1)? – When I tap the “Get Started” button on the app’s landing screen (see Fig. 1), I then need to enter my email address. By continuing through the rest of Curve’s onboarding journey I automatically agree to its terms and conditions as well as its privacy policy (see Fig. 2). I like the sound of the “magic link” – Curve sending me an email which lets me sign in with one click – over having to add yet another password (see Fig. 3).
  4. Getting started, what’s the process like (2)? – The screen which shows me the different Curve packages to chose from is great. It’s a clear overview, no frills (see Fig. 4). However, I’m unsure whether I’ve got sufficient data or information to decide which package is most appropriate for me. Also, can I switch from one package to another? If so, how easy is that?
  5. Getting started, what’s the process like (3)? – From providing more detail about my business to entering my card, the user experience feels very seamless and intuitive. I did, however, wonder why I did not need to enter then name of my business after stating that I’m a business owner. I expected some link to the Companies House details of my business, similar to Tide Bank’s onboarding process. Overall, the Curve app does a good job in trying to keep the onboarding process as simple as possible and the process of adding my first card feels straightforward too (see Fig. 5-6).
  6. Getting started, what’s the process like (4)? – The messaging around the card verification process is ok, but I’m nevertheless not entirely as to why my card issuer needs to provide security and I’m unsure as to how long this will take (see Fig. 7). I wonder what I can (not) do whilst I am waiting for my card to be verified? Will I need to go through a similar process when I enter an additional card that has been issued by the same provider?
  7. Getting started, what’s the process like (5)? – I’m massively intrigued by Curve’s new “Go Back in Time” feature (see Fig. 8). Curve lets its users swap purchases paid on one card to another. It lets users select the purchase(s) that they want change the payment method for. By tapping “Go Back in Time” under “Transaction Features” to bring up the menu, users can choose their preferred card for that purchase. This feature is available for any purchase under £1,000 with the Curve Mastercard within 14 days from purchase. I’m not 100% sure how long Curve will be able to hold one to this feature, as I can imagine the different credit card schemes getting up in arms about e.g. delayed payments or not being able to recoup initial payment transaction costs.
  8. Did Curve deliver on my expectations? – Yes. Although I haven’t yet been able to add multiple cards and see a combined view of transaction data for those different cards, Curve does a great job at explaining the onboarding process at every step of the way and uses some simple, but nice UX practices along the journey.

Fig. 1 – Screenshot of Curve’s iOS opening screen

 

Fig. 2 – Entering my email into Curve and agreeing to Curve’s T&Cs and privacy policy

 

Fig. 3 – Screenshots of Curve’s sign in process

 

Fig. 4 – Screenshot of ‘Which Curve are you?’ screen on Curve iOS

 

Fig. 5 – Information to enter during the onboarding process on Curve’s iOS app

 

Fig. 6 – Adding my first card in the Curve iOS app

 

Fig. 7 – Card verification steps on Curve’s iOS app

 

Fig. 8 – Welcome screen and Curve’s ‘Go Back in Time’ feature

 

Related links for further learning:

  1. https://breakingbanks.com/episode/removing-mystery-money-movement/
  2. https://www.imaginecurve.com/
  3. https://techcrunch.com/2017/07/03/back-to-the-future/
  4. http://blog.imaginecurve.com/go-back-in-time-with-curve/
  5. http://www.wired.co.uk/article/curve-time-travel

 

How PSD2 is set to shake banking up as we know it …

Fig. 1 – A prophetic vision by Bill Gates!? – Taken from: https://www.slideshare.net/patrickpijl/how-square-is-disrupting-banks/6-Bill_GatesBANKING_ISNECESSARYBANKS_ARENOT

“Banking is necessary.  Banks are not.”  Yep. Bill Gates said it. Back in 1994. And 28 years later, it’s it’s set to become reality. From the 1st January 2018, banking will no longer be the exclusive domain of banking institutions because PSD2 is going to drastically alter the way in which we bank.

The biggest consequence is that more than 4,000 European banks will need to open their legacy (mainframe) data stores to Third Party Players (‘TPPs’) and allow them to retrieve account information (‘AIS’) or initiate payments (‘PIS’). Both capabilities will be facilitated through APIs. I wrote about the scope and ramifications of PSD2 a few months ago, and I’ve been thinking ever since about the implications for existing banks and whether they’ve got reason to be scared.

It would be surprising if some of the traditional banks weren’t nervous about the extent to which they’ll have to open their kimonos under PSD2. And even if the Facebooks, Googles or Amazons of this world don’t become banks overnight, I expect the traditional, lifelong bank-customer relationship to slowly evaporate as a result of PSD2 (and subsequent versions of PSD).

Fig. 2 – PwC: PSD2 providing third party access to data and payments via APIs – Taken from: https://www.finextra.com/finextra-downloads/newsdocs/catalyst-or-threat.pdf

Facebook could easily decide to become an AISP (Account Information Service Provider – see Fig. 2 above), which would enable them to offer an aggregated view of a user’s bank accounts. As a result, they would be able to analyse spending behaviour, understand their users’ financial profiles and personalise a user’s banking experience. This isn’t that revolutionary, as virtual assistants like Cleo and Treefin have already starting offering this functionality, and I believe it’s highly likely that we’ll see it roll out across Facebook Messenger or WeChat in the near future. If you need more convincing, Facebook made their first move two years ago by appointing David Marcus, former CEO of PayPal, to head up Facebook Messenger, so watch this space. Similarly, US bank Capital One integrated with Amazon’s virtual assistant Alexa last year. This integration enables Capital One customers to pay their credit card bills and check their balances, by talking to their Alexa devices.

Fig. 3 – PwC: Six API-powered banking business models – Taken from: https://www.finextra.com/finextra-downloads/newsdocs/catalyst-or-threat.pdf

In addition, any remaining doubters about the power of APIs are likely to be converted as a result of PSD2. In the current Fintech landscape, there already are large number of banks that are either using APIs to hook into existing banking infrastructures (e.g. Varo Money) or offer additional services (e.g. N26). PwC recently conducted a study into the strategic implications of PSD2 for European banks and they listed no less than six API-powered banking business models (see Fig. 3 above).

Main learning point: It will be interesting to see what the actual impact of PSD2 will be, but if I were a traditional European bank, I’d be working as hard as I could to open up my APIs from today and start working on the creation of strong alliances with 3rd parties and their developers. As Nas once rapped on “N.Y. State Of Mind”, “I never sleep cause sleep is the cousin of the death.” If I were a traditional bank I’d follow Nas’ advice and give up on sleep completely …

Nas, lyric on “N.Y. State of Mind (Illmatic, 1994) – Taken from: https://uk.pinterest.com/MrConceptz/hiphop-101/

 

Related links for further learning:

  1. https://www.finextra.com/blogposting/14101/psd2-is-fast-approaching-dont-bury-your-head-in-the-sand
  2. https://www.finextra.com/videoarticle/1469/data-is-a-key-legal-issue-for-open-banking
  3. https://techcrunch.com/2017/01/12/what-facebooks-european-payment-license-could-mean-for-banks/
  4. http://www.ibtimes.co.uk/apple-facebook-amazon-primed-psd2-demolition-card-networks-1606188
  5. https://www.siliconrepublic.com/enterprise/fintech-banking-psd2
  6. http://www.bankingtech.com/675841/psd2-and-the-future-of-payments/
  7. https://www.evry.com/en/news/articles/psd2-the-directive-that-will-change-banking-as-we-know-it/
  8. http://www.sepaforcorporates.com/single-euro-payments-area/5-things-need-know-psd2-payment-services-directive/
  9. https://techcrunch.com/2015/07/12/the-future-of-finance-is-in-real-time/
  10. https://www.finextra.com/finextra-downloads/newsdocs/catalyst-or-threat.pdf
  11. http://www.pymnts.com/news/b2b-payments/2015/task-force-launches-eu-instant-payment-plan/.VYpo1rnhBTI
  12. https://venturebeat.com/2016/06/05/say-hello-to-messenger-banking/
  13. https://www.finextra.com/newsarticle/28602/capital-one-integrates-with-amazon-alexa-for-voice-powered-payments

 

App review: Vipps

I’m always on the lookout for new payment apps and I recently came across Vipps. Vipps is a Norwegian peer to peer payments app, currently only available to Norwegian users.

Fig. 1 – Screenshot of Vipps – Taken from: https://www.vipps.no/

These are the main things I’ve learned about Vipps:

  1. Use the recipient’s mobile number – Similar to the way the likes of Monzo and Uber work, with the Vipps app all you need is the mobile number of the recipient. If you need to send money to someone else, your friend needs to download the Vipps app and the amount will be sent to his/her account registered with Vipps. Select the person you want to pay from your phone’s contact list or enter their mobile number.
  2. Use Vipps to split bills – For example, when you’re eating out with a group of friends, you can ask your friends for money when splitting the bill. Create a group name – e.g. Nando’s on Friday – and add the names of the group members. Now people in your group can enter all expenses that are to be shared between the group members. Once all the amounts have been entered and everyone has confirmed that there are no more outlays, it is easy to see who owes what.
  3. Personal account registered with Vipps – Vipps doesn’t have it’s own current account. Instead, users can send money through Vipps from any Norwegian bank, provided that they have a bank debit card and a bank account with the bank in question.
  4. Getting started with Vipps – To be able to use Vipps, users need to enter a Norwegian national identity number, a Norwegian mobile number, the details of their payment card (Visa or MasterCard), their Norwegian bank account number and an email address. Once you’ve created a four digit code, you can start paying or receiving money. When logging into Vipps, you can use your personal code or Touch ID.
  5. Vipps’ charges – Vipps doesn’t charge for amounts below NOK 5 000. For payments of NOK 5 000 or above, the charge is 1 per cent of the total amount. There is no charge for receiving money.

Main learning point: Love how apps like Vipps are making it easier and easier for people to pay and receive money. The splitting bills functionality is very welcome!

Vipps 3

Fig. 2 – Vipps’ peer-to-peer payments – Taken from: http://anti.as/news/vipps-by-dnb

Vipps 4

Fig. 3 – Screenshot of Vipps’ Android app; making a payment – Taken from: https://play.google.com/store/apps/details?id=no.dnb.vipps

Vipps 5

Fig. 4 – Screenshot of Vipps’ iOSapp; selecting a contact or a company that you want to pay – Taken from: https://www.appannie.com/en/apps/ios/app/vipps-by-dnb/

Related links for further learning:

  1. https://www.vipps.no/
  2. https://itunes.apple.com/us/app/vipps-by-dnb/id984380185?mt=8
  3. https://www.finextra.com/newsarticle/30131/dnb-spins-off-vipps-mobile-payment-service
  4. http://anti.as/projects/vipps-by-dnb
  5. https://en.wikipedia.org/wiki/Vipps
  6. http://www.lifeinnorway.net/living/money/mobile-payments/
  7. https://play.google.com/store/apps/details?id=no.dnb.vipps&hl=en_GB
  8. https://www.youtube.com/watch?v=_Mx5lsfs2d0
  9. https://www.vipps.no/vilkar.html
  10. https://www.microsoft.com/en-gb/store/p/vipps-by-dnb/9nblgggz9jv1

App review: THEO

Fig. 1 – Screenshot of THEO – Taken from: http://fintechnews.sg/3137/roboadvisor/robo-advisory-services-asia/

I recently came across THEO, a mobile, Japanese investment service offered by Money Design. THEO acts as a ‘robo-advisor’; enabling users to invest using their smartphone, and applying machine-based learning to offer users investment suggestions. The service allows users to start investment from 100,000 JPY. By answering nine questions (see Fig. 2 below), Money Design’s proprietary robo-advisor’s algorithm selects an optimum combination from about 6,000 Exchange-Traded Funds (‘ETFs’) in about two minutes and provides discretionary investment management to the user.

Fig. 2 – Screenshot of questions asked to THEO users to create their investment profile 

The user’s answers will trigger THEO’s underlying algorithms to deliver the most optimal money management plan for the user (see Fig. 3). At this point, we’ll need to consider the artificial intelligence aspect of THEO. This is where the accuracy of the proposed plan, as generated by THEO’s algorithms, comes into play (see Fig. 3 below). As one Japanese investor commented: “I am an aggressive investor with a long timescale so I was surprised to see how conservative the allocation ended up.”

 

Fig, 3 – Screenshot of sample diagnosis results based on answering THEO’s questions

Main learning point: The key point with apps like THEO is going to be the accuracy and personal fit of the investment plan its algorithms will suggest to investors. I wonder whether any manual ‘tweaking’ is involved in assessing investment profiles and subsequent recommendations.

Related links for further learning:

  1. http://jftoday.com/THEO,+the+robo-advisory+investment+app,+exceeds+5,000+users+for+100days/
  2. https://www.bloomberg.com/news/articles/2016-07-12/hedge-fund-founder-turns-robo-adviser-for-japan-s-cash-hoarders
  3. http://fintechnews.sg/3137/roboadvisor/robo-advisory-services-asia/
  4. http://www.retirejapan.info/blog/japan-robo-advisor-theo
  5. https://theo.blue/
  6. http://www.investopedia.com/terms/e/etf.asp
  7. http://fintechnews.sg/3137/roboadvisor/robo-advisory-services-asia/
  8. http://www.theasianbanker.com/updates-and-articles/robo-advisors-poised-to-take-off
  9. http://uk.reuters.com/article/us-china-wealth-roboadvisors-idUKKCN10S2GT
  10. http://finovate.com/drivewealth-brings-robo-advisory-china-new-partnership-creditease/
  11. https://medium.com/@Mosaic_VC/trust-in-a-robo-advisor-world-62397cbe75fe
  12. http://www.wired.co.uk/article/how-ai-is-transforming-the-future-of-fintech
  13. https://en.wikipedia.org/wiki/Artificial_intelligence

App review: Tide

How did Tide come to my attention? – I vaguely recall receiving an email from Tide a while ago about signing up for Tide, and a chance to learn about this new service before launch.

My quick summary of Tide (before using it)? – I expect a bank account exclusively geared towards to small to medium size businesses. A bit like Varo Money or Simple, but aimed at SMEs.

How does Tide explain itself in the first minute? – When I googled Tide, the top search result has “the Business Current Account that saves you time …” as its byline (see Fig. 1).

screen-shot-2017-03-06-at-08-02-34

Fig. 1 – Screenshot of top search result for Tide Banking

When I then go to Tide’s website, the homepage’s key messaging explains how Tide provide a small business current account (see Fig. 2). Speed and costs are the main things I take away from looking at Tide’s homepage at a first glance. I’m immediately intrigued to learn more about Tide’s “powerful tools that save you time and money.” This perception is reinforced by a “Sign up in 5 minutes” call to action button, just below the fold on Tide’s homepage.

screen-shot-2017-03-06-at-12-39-34

Fig. 2 – Screenshot of the homepage of https://www.tide.co/

Getting started, what’s the process like? – I click on the “Sign up in 5 minutes” button and a popup appears, telling me that Tide is available on Google and Android (see Fig. 3). I (wrongly) assumed that Tide’s services would also be available on my desktop, but I’m happy to go the App Store and download the Tide app.

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Fig. 3 – Screenshot of Tide’s popup message, directing me to Google Play and the App Store to start creating a Tide account

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Fig. 5 – Screenshot of the opening screen of the Tide iOS app

I click on the “Get started” button and land on a delightful screen that shows me upfront what I need to open a Tide account. I like how the app informs me upfront of the documents and information I need to open a Tide account (see Fig. 6). As a user, there’s nothing more infuriating than starting the account creation process and learning halfway through that I don’t have the right documents.

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Fig. 5 – Screenshot of the second screen of the Tide iOS app

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I use the camera to take a picture of my driving license. Doing this makes me realise again how my passport is still registered to my old address, and I wonder if and how that’s going to impact my application for a Tide account.
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Clearly, something isn’t right and I see a popup message which explains how Tide was unable to verify my details automatically. I now expect a phone call or an email from Tide about my identity verification. The good thing is that I can still continue with the account creation process, by simply clicking on the “Continue” button.

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The bit where Tide links to Companies House feels very seamless and it automatically picks up my company.

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This is the point where I hit a spanner in the works as the app doesn’t seem to accept the security photo that I’ve taken of myself. There’s a circular type button which enables me to take my picture again … and again … and again. Meanwhile, I’m unclear as to what I’m doing wrong and there’s no tooltip to explain what I need to ensure my picture meets Tide’s criteria. Clicking on the “next” button in the top right hand corner of the screen doesn’t help unfortunately, so I feel a bit stuck here.

After contacting Tide, the issue gets resolved and I continue the onboarding process. “Terms And Conditions” is the next step I’m presented with. The calls to action are clear and I like how I can easily read through Tide’s “Member Terms” and “Account Agreement” if I wish to.

 

After clicking both tick boxes, I receive a notification stating that my account has been opened, but that Tide needs to do some extra checks before creating a sort code and account number for me. I suspect this is due the fact that my driving license is still registered to my old address and doesn’t correspond with my company address.

The additional checks get carried out pretty swiftly and I can see a confirmation screen within the app, containing my account number, sort code and balance.

 

Did Tide deliver on my expectations? – Yes, apart from the issue with my security photo, onboarding with Tide felt intuitive for the most part. I believe that the app and the overall user experience would benefit from some simple tooltips (e.g. when submitting security details) to further simplify things.