# Competitor update **URL:** \ **Category:** Fintech Chat\ **Created:** [7 September 2016 18:03 UTC](https://community.monzo.com/t/competitor-update/5861 "2016-09-07T18:03:52Z")\ **Posts on this page:** 20\ **Page:** 13
**Author:** ![anon4468526](https://avatars.discourse-cdn.com/v4/letter/a/4491bb/32.png) [@anon4468526](https://community.monzo.com/u/anon4468526)\ **Post date:** [30 December 2016 22:11 UTC](https://community.monzo.com/t/competitor-update/5861/249 "2016-12-30T22:11:51Z")
If Monzo can keep the ‘small bank’ feel as they grow I’m sure that’ll be the golden ticket. People just want a decent service from a bank. Very seldom does it happen, but Monzo have captured that so far. I have every faith that customer service can only grow as Monzo grows. Live chat coupled with a human voice is what’s best I think. They’ll always be times that you want to speak to a human voice to solve the issue or to ask advice etc. From what I read, Monzo sure seems to be heading in the right direction. Good luck, and I look forward to the current account. ---
**Author:** ![anon44204028](https://avatars.discourse-cdn.com/v4/letter/a/ed655f/32.png) [@anon44204028](https://community.monzo.com/u/anon44204028)\ **Post date:** [30 December 2016 22:34 UTC](https://community.monzo.com/t/competitor-update/5861/250 "2016-12-30T22:34:16Z")
Good customer service is important but so is an easy to access app. Too many types and levels of security and that is a huge turn off. So while the app could do with a screen lock and simple 4 or 5 digit pin unlock to give it the security it lacks now, biometrics, 2FA and 3FA could potentially be overkill. Customers should have options as to weather they toggle on or off certain additional security choices, having just one for ease of use or all possible choices if downright paranoid 😀 ---
**Author:** ![anon4468526](https://avatars.discourse-cdn.com/v4/letter/a/4491bb/32.png) [@anon4468526](https://community.monzo.com/u/anon4468526)\ **Post date:** [31 December 2016 07:11 UTC](https://community.monzo.com/t/competitor-update/5861/251 "2016-12-31T07:11:29Z")
So true. My Atom app is a real pain and when my phone crashes, I have to start the security again,which never works (facial) and results in a phone call to sort out. Just overly complicated. It accepts my pin code but wants me to ‘blink’ to activate the facial security, but this hasn’t worked the previous 2 times I’ve needed it. It’s massively annoying and stops me from wanting to use the app. Not a path for Monzo, unless it works first time, every time. The toggle on and off for the extra layers of security could work. ---
**Author:** ![alexs](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/alexs/32/2443_2.png) [@alexs](https://community.monzo.com/u/alexs)\ **Post date:** [1 January 2017 14:53 UTC](https://community.monzo.com/t/competitor-update/5861/252 "2017-01-01T14:53:45Z")
There’s nothing that Monzo users don’t already know in this story so I don’t think this needs a dedicated post but **Monzo** is the Guardian’s pick of the challenger banks to watch for 2017 🎉 > > **[Tech startups to make your life more slick, secure and stylish in 2017](https://www.theguardian.com/technology/2017/jan/01/tech-startups-to-make-your-life-more-slick-secure-and-stylish-in-2017?CMP=twt_a-technology_b-gdntech)** > > Our tips for the companies set to make waves in the new year, from a disruptive banking startup to the budget smartphone taking on Samsung and Apple ---
**Author:** ![rarther](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/rarther/32/11565_2.png) [@rarther](https://community.monzo.com/u/rarther)\ **Post date:** [1 January 2017 17:06 UTC](https://community.monzo.com/t/competitor-update/5861/253 "2017-01-01T17:06:41Z")
> **[House of Fraser to invest £35m in challenger bank Tandem](http://www.telegraph.co.uk/business/2016/12/29/house-fraser-invest-35m-challenger-bank-tandem/)** > > House of Fraser is planning to invest as much as £35m in digital challenger bank Tandem as part of a tie-up that will see the upstart lender offer services to shoppers at the department store chain. ---
**Author:** ![anon14264796](https://avatars.discourse-cdn.com/v4/letter/a/ba8739/32.png) [@anon14264796](https://community.monzo.com/u/anon14264796)\ **Post date:** [1 January 2017 17:10 UTC](https://community.monzo.com/t/competitor-update/5861/254 "2017-01-01T17:10:34Z")
I Feel loyal to Monzo??? Your point is?? Many people have more than one financial product?? 👎 ---
**Author:** ![anon14264796](https://avatars.discourse-cdn.com/v4/letter/a/ba8739/32.png) [@anon14264796](https://community.monzo.com/u/anon14264796)\ **Post date:** [1 January 2017 17:19 UTC](https://community.monzo.com/t/competitor-update/5861/255 "2017-01-01T17:19:02Z")
Atom? Thought you were loyal to Monzo 😭😭 ---
**Author:** ![anon4468526](https://avatars.discourse-cdn.com/v4/letter/a/4491bb/32.png) [@anon4468526](https://community.monzo.com/u/anon4468526)\ **Post date:** [1 January 2017 17:42 UTC](https://community.monzo.com/t/competitor-update/5861/256 "2017-01-01T17:42:27Z")
Loot are already offering pretty much a current account. I was merely saying that if they were overly similar, what would make me come back and change my account again? I like the Monzo story, the card and it seems it would offer more medium to long term. Atom are already offering savings, and a market leading rate at that. Monzo aren’t. I was referring more to current account type matters more than anything else. Remember Monzo is still in beta, so yes I have other accounts. ---
**Author:** ![alexs](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/alexs/32/2443_2.png) [@alexs](https://community.monzo.com/u/alexs)\ **Post date:** [3 January 2017 12:41 UTC](https://community.monzo.com/t/competitor-update/5861/257 "2017-01-03T12:41:54Z")
@nicholas-c shared this today…looks like it’s fundraising season for the challenger banks - > **[Monese raises $10M Series A for its banking app targeting immigrants and expats](https://techcrunch.com/2017/01/03/monese-series-a/)** > > Monese, the London-based fintech startup that offers a mobile banking app for immigrants and expats who might otherwise find it difficult to open a bank.. ---
**Author:** ![alexs](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/alexs/32/2443_2.png) [@alexs](https://community.monzo.com/u/alexs)\ **Post date:** [4 January 2017 21:47 UTC](https://community.monzo.com/t/competitor-update/5861/258 "2017-01-04T21:47:53Z")
Plenty of foreign banks (future competitors, once international expansion gets underway?) listed in this story > **[“Simple banks” across the world raised $269M](https://medium.com/@slavasolodkiy_67243/simple-banks-across-the-world-raised-269m-71ff596b7f41?source=linkShare-cdcaf66c026a-1483566384)** > > Read full story in the new issue of Money Of The Future 2016\\2017 report Interesting to compare some of the UK banks fundraising efforts with challenger bank’s from around the world too. > Blomfield says in the release: “For a pilot programme, the response has been incredible — we’ve seen more than £45 million spent by 50,000 people in over 150 countries. What’s more, over 60% of the Beta accounts are being used actively.” 😍 ---
**Author:** ![anon44204028](https://avatars.discourse-cdn.com/v4/letter/a/ed655f/32.png) [@anon44204028](https://community.monzo.com/u/anon44204028)\ **Post date:** [4 January 2017 21:54 UTC](https://community.monzo.com/t/competitor-update/5861/259 "2017-01-04T21:54:55Z")
Thanks for the interesting article alexs ---
**Author:** ![warriner](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/warriner/32/39318_2.png) [@warriner](https://community.monzo.com/u/warriner)\ **Post date:** [6 January 2017 12:56 UTC](https://community.monzo.com/t/competitor-update/5861/260 "2017-01-06T12:56:16Z")
Where Loot is concerned - their card and packaging is quite something but I don’t quite understand how they plan to make money. They don’t have a banking licence and so can’t invest users’ money to make money that way. They therefore (I think - correct me if I’m wrong) can’t offer overdrafts or loans. So how do they plan on making money with just that product? I know Monzo is losing money at the minute but that’s just until the full banking licence is granted - it doesn’t look like Loot are going for the full banking licence. ---
**Author:** ![anon4468526](https://avatars.discourse-cdn.com/v4/letter/a/4491bb/32.png) [@anon4468526](https://community.monzo.com/u/anon4468526)\ **Post date:** [6 January 2017 14:48 UTC](https://community.monzo.com/t/competitor-update/5861/261 "2017-01-06T14:48:18Z")
I asked the question of them the other day as I was hoping that as they don’t have foreign loading on their cards it might have done for my boy who is travelling this year. They are currently the same as Monzo in that they are prepay but will soon offer direct debits etc? They can also give you an account number now. I don’t know if offering direct debits means that they’ll have a full licence then?? ---
**Author:** ![alexs](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/alexs/32/2443_2.png) [@alexs](https://community.monzo.com/u/alexs)\ **Post date:** [6 January 2017 14:52 UTC](https://community.monzo.com/t/competitor-update/5861/262 "2017-01-06T14:52:10Z")
> [@anon4468526](#): > > I don’t know if offering direct debits means that they’ll have a full licence then?? Since they’ve said that they don’t plan to apply for a banking license, I assume that they’ll have an e-money license at that point (if they don’t already). ---
**Author:** ![anon44204028](https://avatars.discourse-cdn.com/v4/letter/a/ed655f/32.png) [@anon44204028](https://community.monzo.com/u/anon44204028)\ **Post date:** [6 January 2017 14:57 UTC](https://community.monzo.com/t/competitor-update/5861/263 "2017-01-06T14:57:15Z")
> [@anon4468526](#): > > I don’t know if offering direct debits means that they’ll have a full licence then? e-money companies like Monese can provide direct debits without having a full bank license ---
**Author:** ![anon4468526](https://avatars.discourse-cdn.com/v4/letter/a/4491bb/32.png) [@anon4468526](https://community.monzo.com/u/anon4468526)\ **Post date:** [6 January 2017 20:55 UTC](https://community.monzo.com/t/competitor-update/5861/264 "2017-01-06T20:55:22Z")
They can keep their account. I’m waiting the Monzo current account!! ---
**Author:** ![alexs](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/alexs/32/2443_2.png) [@alexs](https://community.monzo.com/u/alexs)\ **Post date:** [9 January 2017 09:32 UTC](https://community.monzo.com/t/competitor-update/5861/265 "2017-01-09T09:32:06Z")
They’re still a long way from doing anything remotely similar to Monzo’s strategy but… #### Facebook Payments Registered as E-Money Entity in Spain [& already have a license in Ireland] [http://bitcoinagile.com/A5E91F/facebook-payments-registered-as-e-money-entity-in-spain-and-ireland\_stream](http://bitcoinagile.com/A5E91F/facebook-payments-registered-as-e-money-entity-in-spain-and-ireland_stream) ---
**Author:** ![anon4468526](https://avatars.discourse-cdn.com/v4/letter/a/4491bb/32.png) [@anon4468526](https://community.monzo.com/u/anon4468526)\ **Post date:** [9 January 2017 21:06 UTC](https://community.monzo.com/t/competitor-update/5861/266 "2017-01-09T21:06:27Z")
I don’t care at all for any Facebook product, I want nothing to do with them. I’ll wait and see what Monzo comes up with, but rest assured I don’t want anything facebook related, especially money. ---
**Author:** ![alexs](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/alexs/32/2443_2.png) [@alexs](https://community.monzo.com/u/alexs)\ **Post date:** [10 January 2017 18:44 UTC](https://community.monzo.com/t/competitor-update/5861/267 "2017-01-10T18:44:02Z")
I’ve just come across this article which details the suppliers of the various challenger banks, along with details about their pricing, business model etc. I’ve checked & the details on Monzo’s suppliers is correct, alothough they’ve not got the technology stack right (Priyesh works for Monzo) ![](https://cdck-file-uploads-global.s3.dualstack.us-west-2.amazonaws.com/monzo/original/2X/a/a70e9f95085c789c209b49b5e4a7e9c425e90784.PNG) It looks like the article’s being kept up to date so I thought I’d post this as a starting point for future reference. It’s a long list too! 👀 - Card production & personalisation: Thames Card Technology - Processor: GPS [http://www.bankingtech.com/570702/uk-challenger-banks-whos-who-and-whats-their-tech/](http://www.bankingtech.com/570702/uk-challenger-banks-whos-who-and-whats-their-tech/) ---
**Author:** ![anon4468526](https://avatars.discourse-cdn.com/v4/letter/a/4491bb/32.png) [@anon4468526](https://community.monzo.com/u/anon4468526)\ **Post date:** [10 January 2017 19:38 UTC](https://community.monzo.com/t/competitor-update/5861/268 "2017-01-10T19:38:01Z")
They seem very positive about Monzo which is good. It seems that the idea of building your own tech is the way forward, if a little pricey at the outset, at least means you can do what you want with it. Let’s hope that it turns out as well as everyone hopes, I’m sure it will. [Previous page](https://community.monzo.com/t/competitor-update/5861.md?page=12) [Next page](https://community.monzo.com/t/competitor-update/5861.md?page=14)