I’m not a smartphone user, only have it because I don’t have a choice for some things. The app is really good, very easy to use, clean, very well done. Only it’s really slow to start the app and log in. Maybe it’s for having a budget smartphone, Gigaset GS190, from a sale. And by slow I mean slow.
Everything is made easy and I easily can recommand it to others. Nash Earnings is very interesting in these days. In Belgium there’s 300 billion of euros on saving accounts. Most banks offer the legal minimum interest of 0.11%, some online banks give 0.40% which is still low. So a financial product that can give +3% interest would be fantastic. Many people would be interested in that to get a little interest. Politicians and economist are always pushing to “activate” those savings but most don’t because our money on saving accounts is safe. Not all want to risk their money in investing. Each saving account in Belgium is secured for 100.000 euro in case banks fail.
This brings me to Nash Earning. How safe is your money? Is their a risk on 100% loss? The worst thing is not being open about it, that could kill the brand instantly. If there’s a total loss it need to be in your face. If I recommand it to relatives and to move money to Nash they will think it’s the same as with a regular bank. If they would loose all funds this might jeopardize our relationship and people will take legal steps tainting the brand Nash if such thing happens. So I really think it needs to be very clear what risk you are taking, in such a way anyone would understand it. In Belgium alone their is 300 billion euro potential but people want their money 100% secure.
After traditional banking we had onine banking and now the next step is crypto banking. The ultimate goal is to become a persons primary bank (many have only 1). But offering banking services is a long road and I hope we can take that road by doing everything right. The easiest step would be familiarity. In the EU each country has it own IBAN starting DE, FR, NL, BE,… Having the same national regulation. How you log in (softkey, cardreader, smartphone). For many it’s a big step, just like when leaving your traditional bank for an online one. I still see people being skeptical when hearing crypto. People are also hesistance on signing up for a second or third bank. When I tell others about Nash I don’t it to be a novelty but a real working product that they can use, that’s safe. And Nash earning can be a good start and challenge online banks. One of my banks is giving 5 cent per transaction, they pay me. That worked to attract me.
Difficult probably, but I’m impressed by how easy Nash is making it for everyone. But I think I’ll wait a little longer before showing it to others.