benaj
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Post by benaj on Dec 4, 2018 16:18:46 GMT
There are advantages being a bank. Selling insurance products like PPI for example, travel insurance, packaged bank accounts for monthly fees, unauthorised overdraft fees, etc, credit cards atm / transaction fees. Fees for receiving money overseas and sending overseas, margins on currency exchange. Business banking fees.
I don't think Zopa will ditch p2p lending after all, but it will be interesting to see what changes in the p2p products after Zopa offer FSCS saving accounts.
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aju
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Post by aju on Dec 4, 2018 16:25:27 GMT
There are advantages being a bank. Selling insurance products like PPI for example, travel insurance, packaged bank accounts for monthly fees, unauthorised overdraft fees, etc, credit cards atm fees. Fees for receiving money overseas and sending overseas, margins on currency exchange. I don't think Zopa will ditch p2p lending after all, but it will be interesting to see what changes in the p2p products after Zopa offer FSCS saving accounts. I'm guessing that Zopa Bank will not be providing savings products that are much better if at all than the mainstream banks if I'm honest. After all the rates we get on Zopa does seem to be driven down by the overall market and Zopa does not seem to be the best prospect amongst P2P offerings so why would it be the best in the Banking Sector. Let's face it if they are banking on a decent web/mobile to give them an edge with users then they might want to bring in a different set of developers and designers. Just my personal viewpoint as an ex developer/design lead in a very large comms company of course. 
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benaj
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Post by benaj on Dec 4, 2018 16:30:19 GMT
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aju
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Post by aju on Dec 4, 2018 16:32:06 GMT
Thanks, I noticed that one a while ago, sadly I've been retired for more than 10 years now and quite happy making money a different way. Never really took to doing things without adequate documentation and proper design (Agile management didn't really cut the right way with me I'm afraid) I had another look and I'm not sure they really mean to be doing all those QA things unless most of those new people will be working on Zopa P2P side but QA is definitely not an area that Zopa technology could take much credit for ff the last 6 months is anything to go by. Mind you perhaps most of the new people in the last year have come from Microsoft updates teams judging by Win10 updates calamities over the last 2 years - and they have moved to Zopa to add a bit of variety....
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Post by newlender on Dec 4, 2018 20:47:05 GMT
Re. the CSV files....It's impossible to see defaults in date order (of default) in the web Loan Book - you have to go into the CSV file, find the correct column and then re-order in descending or ascending date order as you choose. You then need to allow re-formatting to get the data to line up. That's just one example. I'd like this to be possible in the mail Loan Book (with fewer steps).
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benaj
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Post by benaj on Dec 4, 2018 21:01:10 GMT
Once Zopa starts offering FSCS saving accounts, the saving account holders won’t have have to look at the zopa loan book for sure.
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Post by gravitykillz on Dec 4, 2018 21:39:20 GMT
Fscs backed accounts will have a much lower rate of interest.
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gg
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Post by gg on Dec 4, 2018 21:54:09 GMT
I bailed out of Zopa when the p2p lending platform got progressively less interesting.
I really don’t think the Zopa bank will be very different for long. Zopa was started up by bankers so it isn’t surp I sing that they have steered thems lives back into their comfort zone.
gg
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aju
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Post by aju on Dec 4, 2018 23:52:17 GMT
Re. the CSV files....It's impossible to see defaults in date order (of default) in the web Loan Book - you have to go into the CSV file, find the correct column and then re-order in descending or ascending date order as you choose. You then need to allow re-formatting to get the data to line up. That's just one example. I'd like this to be possible in the mail Loan Book (with fewer steps). Oh I see what you mean and I agree on that. You could perhaps use the text "Set to default" but sadly thats not very helpful either. I thought you meant the data was not much use in there or flawed and Zopa might have to fix/change it. I seem to remember the old loanbook online was much more flexible and allowed quite a few searches, statements as well on a per loan basis as well but that long been gone sadly. I have quite a few spreadsheets for different things but in my case I'm usually not too concerned about defaults in detail that i need them in date order (I have a default spreadsheet that isolates them in year order to allow me to compare against Zopa default expectations etc). For the most recent months I just use a date filter once i've imported the data into my loanbook sheets or in the case of statements data into my statements screens. Also If I am stumbling into defaults this month then I would just use the online loanbook and use this month to find where they are. e.g "12/2018]" will show all comments with entries for December I got one yesterday for £10 where the borrower had not paid a penny back and was now defaulted. If there are more by the end of the month I would also sort on status field to give me all defaulted ones together but it's a bit of cludge sadly.
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Post by GSV3MIaC on Dec 5, 2018 10:14:50 GMT
There are advantages being a bank. Selling insurance products like PPI for example,
That particular advantage turned out to not be so great iirc .. most banks are still paying their way back out of mis-selling claims ..
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benaj
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Post by benaj on Dec 5, 2018 10:51:42 GMT
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coogaruk
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Post by coogaruk on Dec 5, 2018 14:57:07 GMT
It's taken them just over 13 years to turn a complete full circle. Every flower blooms at a different pace. Monzo got the restricted banking license in just 2 years. But Monzo has always been a bank. Or at least had the full intention of becoming one from the outset.
The point I was trying to make about Zopa was that when they started one couldn't have found a company with a more anti-bank stance if you tried. Now they are the first to join the 'if you can't beat them join them' brigade.
Next phase for P2P (or the view which I have long held anyways) will be slowly but surely being gobbled up by the banks, one by one. Or by other institutions via, i.e. IPO a-la FC.
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beh
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Post by beh on Dec 5, 2018 16:51:47 GMT
Anyone else not able to log in currently? "Incorrect email address or password"
Their site really doesn't inspire confidence. What sort of bank do they want to be, TSB?
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Post by erniec on Dec 5, 2018 16:57:12 GMT
Yes, unable to logon again.
Is anyone going to trust a bank that can’t even maintain the simplest of functions, like allowing logon or giving an acceptable message if the service is down?
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benaj
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Post by benaj on Dec 5, 2018 18:29:09 GMT
Yes, unable to logon again. Is anyone going to trust a bank that can’t even maintain the simplest of functions, like allowing logon or giving an acceptable message if the service is down? I tried the Zopa app on iOS. Logged in OK with TouchID. The Zopa app is not useful to me because I am a lender of non active loans and waiting for bad debt repayment.  . So I am used to the "Nothing to see here" home screen. App ratings is currently 3.8 out of 5. It's going to take more time to build the bank and the banking app I suppose.
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. So I am used to the "Nothing to see here" home screen.