Some feedback from myself and others.
Why people will use it:
- Are already financially savvy and keep track of their finances and spending.
- An excellent means of transferring value/payment in gold, instantly.
- Are already holders of physical gold and like the easy liquidity of it.
- Don’t hold physical but know the benefits of holding gold and this is an easy alternative.
- Want to save for the long term avoiding the effects of inflation.
- Want to have exposure to the potential increase in gold price.
- Enjoy seeing their fiat balance fluctuate against the price of gold.
- The ability to easily spend any quantity on the increase of gold price.
- The ability to easily buy any quantity on the downside or hold off spending.
- Fully aware of the potential downside risk.
- Need a safe place for sums over £85 (FSCS limit).
- Like to try out new and innovative products.
- It looks cool and has great features.
- It’s interesting, educational, informative, feature rich, different to other banks, great customer service and an interesting talking point.
- The company is fully transparent, reliable, trustworthy and competent.
- Have been encouraged by an existing user.
Why people won’t continue to use it:
- Don’t understand what it is all about.
- Don’t have money to save.
- Have seen their balance shrink and don’t understand why.
- Not enough information provided to allow them to make informed decisions about their spending.
- Poor customer service.
- Buggy app
- Lack of updates suggesting a stale company.
- A competitor releases a superior alternative.
- The company and app are opaque, suggesting they are hiding something.
- The company fails to relist creating distrust and a huge surge in negative feedback across all media, social and word of mouth.
Tally is or could be the go to bank to have, to be used alongside a traditional bank, used for instant global transfers, long or medium term saving, investment, educational and informative purposes, as well as day to day spending if the exchange rate is right, seen as a special and unique bank used by those who are already financially savvy and those that are open and learning to become more financially aware. Various people want to see various things so providing all information possible will allow people to choose based on their needs and wants rather than not having enough info.
I do not see Tally as an alternative to a traditional bank and neither does anyone I know. The benefits of tally being a gold backed account also work against it on the downside price movements, as that is not a good time to spend depending on the holders buy-in prices, but can be a good time to add funds to the account. We all see it as a perfect secondary account. Many people have numerous accounts, this does not make it a bad thing, it actually makes it a good thing, from a marketing perspective it’s easier to promote Tally as the perfect companion to a fiat bank, your must have second account, rather than trying to push it as a primary account. Banks spend millions trying to poach customers from other banks and historically people never change. These days more people tend to have their traditional bank and slowly move to try the new fintechs, Monzo, Starling etc… but are cautious about going full on with the new banks. Tally should be placed next to the traditional and fintech banks as a companion, not trying to replace them, which it will never achieve and due to gold price fluctuations shouldn’t try to.