I was listening to Radio 4 on the way home tonight, (in my van, I’m not dead posh or anything but the ariel got snapped off, so I have limited reception) and there was an item about traditional banks closing branch, leaving communities in the lurch. I’m sure even the most rabid of us Monzo fans would admit sometimes it’s really handy to be able to go and do a cash transaction.
This got me thinking, why would future branches be limited to one bank when the new API system is introduced? Could an independent, (looking at you Monzo) open a high street branch looking after multiple account providers? Charge fees to the other banks that use the service to make profit, but capture all the local trade too, possibly converting them to the Monzo brand
Wish I had an appetite for entrepreneurial risk. I’d be all over it!