Neobanks are a sort of direct bank that solely conducts business online, lacking conventional physical branch networks. They are sometimes referred to as online banks, internet-only banks, virtual banks, or digital banks. In the UK, several fintech banking businesses that appeared after the 2007–2009 financial crisis are referred regarded as “challenger banks”. Clients can use their PCs or mobile devices to access their services. Neobanks’ service offerings are not as extensive as those of their conventional competitors. Neobanks earn most of their money, in contrast to incumbent banks, from transaction fees collected when clients use their debit cards to make purchases.
The goal of Dozens is to improve access to and fairness in the financial realm. Something that, although it seems clear, is uncommon when you closely examine the sector. Many have been constructed extremely differently. This is evident in everything they do, including their personnel, company strategy, fee schedule, and products.
An ethical business strategy
Dozens, unlike the majority of other financial institutions, do not wish to benefit from consumer debt, including overdrafts and credit. Instead, their business strategy is centered on assisting you in growing and saving your money. because they are just as dedicated to generating value for their clients as they are to their staff and shareholders. Additionally, they want to guarantee that it is shared by everyone.
Customer services of Dozens
Sending an email to complaints@dozens.com is the easiest approach to filing a complaint. The staff will be able to handle your issue quickly if you include the details of your complaint in the email. To reach customer assistance via phone, dial 0808 164 1020 or +44 (0)1234 982424 from a foreign country. The complaint’s specifics can be noted by the customer care team and forwarded to the complaints team. The team attempts to communicate complaint decisions to you within 3 to 15 business days, while the investigation process for complaints can vary. Complex complaints might occasionally take up to 35 business days to resolve.
Security of client money
Unfortunately, it’s not a bank. They have received approval from the Financial Conduct Authority (FCA) to operate both as an investment firm and as an e-money institution (FRN 900894). (FRN 814281). As a result, they can provide a variety of financial products with varying degrees of protection.
Existing account
According to the rules of the FCA and the 2011 Electronic Money Regulations, your current account funds that are displayed in the Spend part of the app will be safely maintained in a segregated client account at a UK bank. Your current account, which is an electronic money account, is not covered by the FSCS, although it does have different holding requirements than bank accounts for the money there. It must be held in an entirely separate account, which prevents Dozens from using your money for its gain. Your money would continue to be kept safe for you inside the bank even if Dozens (or any of its service providers) went bankrupt.
Money savings
Separately, the Financial Services Compensation Scheme will protect your cash savings of up to £85,000, which are displayed in the app’s Grow area (FSCS).
Investments
There are two main things to think about before investing in any type of investment product:
- Whether the business with whom you invested can fulfill its financial obligations.
- Whether the investments you made will change depending on the state of the market.
Your investment is subject to market fluctuations when you invest in a strategy through the Invest section of the app, which means that its value could go up as well as down and that you might not get back the amount you initially put in. Dozens do not offer financial advice; if you have questions about investing, consult a professional.
