The employees are underpaid. The services are slow. Sales are pushed. It’s never a pleasant experience.
Yes, I am talking about banks and the typical financial services experience that consumers have had for decades.
The times have passed where people would flock to banks to take care of all of their financial needs.
Banks are truly a dying breed.
Many people, especially millennials, prefer to take advantage of online platforms.
Millennials don’t like to be pestered with useless add on services and pay extra fees for things they don’t need. We also strive to have the fastest technology, something most traditional banks don’t offer.
So what online platforms are worth more than a shot?
I have written about Ally Bank in the past as they are a great online banking system offering almost all of the services as a traditional bank. The fees are minimal to none on their services and they offer some of the most competitive interest rates on savings accounts.
Want to talk to a human? They offer 24/7 customer service.
Simple does not offer all of the services as a traditional bank, but it does offer checking accounts along with budgeting and saving tools.
Simple is an innovative company based out of Portland, OR offering some of the best technology I have seen. They are definitely worth checking out.
“Dear Robinhood team and creators,
I recently joined your movement and became a Robinhood user thanks to the mention of my good friend Pervez Soomar and I just have to say thank you.
I am currently with XXXXXXXX private banking and my family uses them as our financial advisors. You speak of avoiding $10 trades but it costs me a whopping $100 per trade through my current financial advisors with XXXXXXX.”
This was a note that was sent to Robinhood by a friend. In it’s short run so far, Robinhood is changing the investing world by offering $0 stock trades with the absolute best technology available on the market.
The company wants to encourage people of all ages to invest without having to worry about being suckered for fees. Not to mention, they are backed by some of the world’s strongest investors along with Jared Leto and Nas.
Wealthfront is another investment platform that is making a lot of noise in the marketplace. This Silicon Valley based startup builds and manages a diversified investment portfolio while charging .25% for the first $10,000 you invest.
After you give them some basic info about you and your current financials, they will build you a personalized plan.
Budgeting and Saving
Though Mint was one of the first great saving/budgeting platforms, it has still remained one of my favorites. It allows you to link all of your accounts (checking, savings, student loans etc) and track your spending while making sure that you are staying current with paying your bills on time.
It is an excellent tool for people to stay on top of their financial game.
Backed by some big name firms like Goldman Sachs and Google Ventures, Oscar is an online marketplace for health insurance. Oscar users typically don’t have health care through work and don’t qualify for Medicaid or Medicare.
They have easy-to use technology and provide several tools to find the best plan for you.
Lending club is one the biggest online marketplaces to get a loan.
While offering business and personal loans, Lending Club has made a name for themselves in the online financing world. They pride themselves in offering some of the most competitive interest rates through their fast and efficient online process.
These are just some of the awesome companies that are making noise in online financial services. It is always best to do your own research and find a platform that works best for you.