The first “mobile only” bank

prelin —  January 17, 2013 — Leave a comment

gobank

One of America’s biggest prepaid card providers, Green Dot, has, this week, launched their mobile only bank in the United States. The new service is called “GoBank” and while it’s only launched in beta it will be live for everyone by the end of the year.

According to the company “GoBank won’t have any branches, which slashes one of the largest costs of a traditional bank. At the same time, it offers a network of more than 40,000 ATMs where customers can withdraw cash for free and deposits can be made at any Green Dot retailer, such as Wal-Mart.”

Additional features include:

  • The ability to design a custom debit card for your GoBank account. Make it personal using your own photo – even one from Facebook.
  • Scan and deposit cheques in an instant by taking a picture with the mobile app.
  • Quickly send money via your phone to friends, family and even the dog groomer. Notify them via a private email, text or Facebook notification.
  • Users have the choice of what to pay for banking fees monthly.

Green Dot is banking on the assumption that consumers are frustrated enough with existing big banks and fees to consider switching to a new institution. Tthe new bank account will likely prove less popular among an older demographic who are still more comfortable with physical branches and tellers. If you live on Facebook and your phone all the time, then GoBank is probably a great choice.

This is certainly an innovative model of banking that has a long way to go to prove its viability.

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