Open banking


#1

I’ve been looking at the mock-ups of the app on the website, and am particularly taken by what is (I think) the home screen with the ‘left to spend’ amounts. I’m currently using Monzo’s Summary and a bit of mental gymnastics to give me a daily spend figure, so this looks very appealing.

But given that Dozens isn’t yet a bank, I’m unlikely to use it for (all) my spending. So I was wondering do you intend to hook in other banks through open banking? I think that would be a great feature and would let us dip our toes into Dozens without going “all in”, so to speak.

Any plans that you can share?


#2

Hey Peter. Glad you like the dozens home screen! When we were designing the app we did so together with a community of 300 folks across the UK (some of whom are on here). The idea for dozens home was driven by the community, as a dashboard for all your money, so you can see it in one glance: how much is left to spend today and this week; how much money you’ve saved and whether your investments are doing well.

We did consider building integrations with other bank accounts, but decided not to do it for now: we want to encourage the journey from spender to saver, and we believe that having your money in one place helps. The tool we’ve build for budgeting - called Track - works best if you use dozens as you primary account, you can then link directly to transactions that form your budget. If you don’t, you can still use the budgeting feature, but you’ll have to list your incomings and outgoings manually.

I’m really keen to hear how you’ll get on with it!


#3

Hey Katya, thanks for updating us on this. I understand where you’re coming from, but - much as I love the idea of Dozens - its a shame as I’m unlikely to use it as a spending account initially due to, I think, a mixture of prudence (you are new, after all!) and lack of FSCS coverage.

But I look forward to the service being so irresistible it changes my mind for me!


#4

Hi Peter. Thanks for the feedback, I totally get it. Initiating behaviour change is always a challenge but we’re up for it!

Re FSCS: yes we do have a number of protections in place already (even while we are working on becoming a bank):

Your “save” and “invest” balances are covered by the Financial Services Compensation Scheme for up to £50,000 for our misselling or default, as is standard with all investment products. Your non-bond cash savings “save” balance with us has £85k FSCS deposit protection.

Your day to day “spend” balance at dozens is currently not FSCS protected as it is held under our emoney licence - this form of licence means we can’t do anything with your money, and instead we are required to deposit in a high street bank, completely separate from own firm money.

Hope this gives you more assurance! Looking forward to your feedback on the app! :relaxed:


#5

Thanks, Katya! I’m fairly relaxed with the save and invest shelves - it was more the spending one.

But looking forward to seeing the app in the flesh and evaluating it then! :+1::blush: :dozens: