There have been online-only banks before, but never one with quite the openness of first direct, HSBC’s out-of-the-box banking subsidiary. When first direct’s Banking on the Go iOS and Android apps released just before last Christmas failed to hit the mark with its customers, CEO Mark Mullen posted an apology video on YouTube and the bank’s website. Mullen told customers, “I just wanted to make sure that you understood that we were listening to what you were saying.” Mullen had the app updated on Jan. 31. (That the app is garnering just one out of five stars is another matter.) First direct, based in the United Kingdom, has already let its customers take part in designing its credit cards, and now it is offer a satisfaction guarantee: 200 pounds if you don’t like the bank. We like the bank.

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