Apparently, British people are going off the idea of entrusting their finances to a digital-only startup bank
This gave me some fruit for thought, are people here on this community and others all things tech fans are actually living in a bubble? Have Monzo done any research on this for a long term future? Is a billion user wish by CEO @anon91821566 is even realistic?
Just to certify I donât really believe trend will slow down in long term but just want to see what people think. I believe world is only getting to know whatâs possible. There is so much potential especially in developing countries.
Obviously Iâm biased & well inside the bubble but I donât trust the research methodology. Thatâs a huge shift in the space of a year & most people still havenât heard of the challengers to make the comparison with the incumbents & decide that their services are better.
Should be easy to see whether the results are right though, based on Monzoâs growth
Very interesting. Without being overly introspective about it (and not having seen the questions or methodology) what are they actually asking? Is it:
would you bank with an app only bank?
would you move to a challenger bank?
would you trust a digital bank with your money m
do you have confidence in fintech startups?
The problem is that (aside from app only which is reasonably clear), âchallengerâ, âdigitalâ, âfintechâ and âstartupâ are difficult terms - and even those in the bubble would struggle to agree on definitions, I think.
Fintech are usually the innovators but, in my opinion, there doesnât seem to be much innovating right now. Iâve not been convinced to ditch my legacy bank as my main bank for a Fintech and legacy banks are starting (however slow) the fight back.
I expect as the customer numbers to some fintechâs grow people will get more comfortable with them after seeing their friends and colleagues use them.
I mean you only have to look at the number of times you see Monzo cards out in the wild in London being used at Oyster barriers to know a lot of people do trust them.
âMore consumers are turning to digital banking despite the findings, suggesting they favour digital offerings from traditional banks over startups.â
Sucks to be them
Edit: bet the first lot of research was done in London, second lot done in Cornwall or something (no offence Cornish people )
This is what I find rather sad right now: I was quite excited when this all started: finally something new. But over the last half year or so nothing has happened. Sure, starling offered current accounts, then monzo, etc, but they are all rather underwhelming. None of them offer any features that I miss (with possibly the exception of instant notifications, which I was originally excited about, but now find just annoying and superfluous), while they all miss features that I need, and that my existing banks offer.
If all that the challenger banks are going to offer is interest free (or near free) savings with a cute interface, and emojis, then Iâm going to be disappointedâŚ
maybe if they paid interest on savings pot would be something good because why save money with a bank with no kind of incentive you might as well put it under your bed
When I read this article it did make me wonder about what could have changed for people since the original polling (if youâre to trust the poll) thatâs influenced the lower interest.
Potentially a lower level of peer recommendation of a new style banking to traditional bank customers?
With an interest in new tech it was easy to get caught up in last yearâs excitement and interest around fintech and challenger banks. This spilled over to non-techy people easily; Iâm sure most of us were recommending Monzo to everyone that would listen. I know for myself that level of peer recommendation has plummeted. If the Community tone is an accurate barometer of similar recommendations to challenger banks, then there are a lot less excitable advocates, and more users with the hangover of their Current Account switch and missing expected features.
So Iâd say maybe not so much a bubble, but for now more the trough in a wave of recommendations and interest, climbing to itâs next peak.
Why do you feel Revolut is a taboo word in this conversation?
I actually agree with most of what you said. Revolut indeed has introduced very original and innovative features and they seem to be doing well. The proof is their massive customer base.
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Anarchist
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Why would Monzo not expect praise to potentially make its users life easier by giving them added services. Of course Monzo will make money as well. Same applies to Revolut. We can argue when Monzo have features like Revolut about whoâs offering is better.
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but I know what you mean.