The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
"We'll know when we have a functioning product on its public release.
They could take it anywhere, in theory."
That's the cool thing about apps. It allows new features to be rolled out instantly and also some trial and error.
Whatever we start with, won't be set in stone and it will grow over time. It may not always be perfect but with enough feedback from customers, it'll get there.
"chris137, the gold is not held by a bank but in secure insured vaults and therefore the £85,000 limit is not applicable."
It will have to be covered. If the company goes bust, creditors will take the gold leaving customers with no money.
No, it doesn't have to have any link whatsoever to a crypto.
Tally Money has about as much in common with a potato as it does with a crypto.
The crypto market is dead, it's nonsense backed by nothing. We really do not want any link to it.
Customers do not even need to know or care about blockchain. Most people do not know what blockchain actually is and think it only applies to cryptos. That is not the case.
Anyone with any sense won't have more than £85,000 with any one bank.
How many people actually have that amount to save anyway?
85 different people with a monthly salary of £1500 passing through the account is arguably better.
Oh and one final key aspect of the Monzo card.
when I purchase anything online it sends a message to the app on my phone and i have to enter my cards PIN number to accept the transaction.
As a result, it is very difficult indeed to use the card for fraud online. You'd need my phone, PIN and fingerprint too.
If someone steals my card, when they use it I will get a notification and can block the card immediately.
These are massive advantages over traditional bank accounts. These features are arguably all more important than holding gold to the average user.
Railsbank may (I do not know this, so only a may) stem from using Ruby on Rails as the coding platform/language behind it.
Further to that, I have just opened an Anna account for my company.
Same thing (card/account/app), but for business banking. That could be an interesting space for us as business accounts tend to cost quite a bit to have. Anna is free for the first 3 years but I don't like the app so much though.
Holding business funds in gold, by default, could be an excellent way to partly recession proof a company.
I use a Monzo account as my main bank account now. I was one of their earliest customers.
My reasons for using it are :
1. It was free, ie no fees, and is accepted everywhere being a Mastercard card.
2. The app is easy to use.
3. I can use it abroad and get a very good exchange rate, with no fees. (this was my main reason)
4. Every time I use it I get na instant notification on my phone.
5. If I lose the card, I can turn the card off immediately from the app.
6. It works with Apple Pay and Android Pay. I even use it to pay for things on my Apple Watch.
Since using the card & app, 6 of my friends have also opened Monzo accounts having seen my card. It stands out as it's a pretty bright orange/pink colour.
Now most people will be more interested in similar features rather than the Gold aspect of it. Most casual users just want an easy to use bank account.
Goldbloc sound like a crypto. Even on here, investors keep referring to it like it is a crypto.
The new name gets rid of all that. The Gold factor is actually immaterial when it comes to gaining a critical mass. Very few people will understand or care about holding their money as gold. They just want a bank account that works and the benefit of holding gold will be something they learn about from using the account.
Personally, I don't think the name matters so much.
Monzo generated word of mouth, simply by having a fairly unusual coloured card. The card become quite cool in it's own right.
One other similar company (whose name I cannot recall) is doing something similar with a metal card.
Big marketing campaigns don't always help apps work (I'm an app developer), word of mouth is a far bigger sales tool. Users paying for meals/coffee when out with their friends is how Tally will gain traction, in the UK at least.
Try the same research with Monzo or Starling!
That's the sort of market we are now aiming at, the same users.
The SSL Certificate for tallymoney.com was setup on Wednesday, 7 November 2018 at 15:53:52.