One thing that draws me to the idea of a new bank is that you guys can start fresh in terms of ethics and transparency - something banks generally are not famous for.
Pretty much every major bank has been fined or accused of helping criminals, laundering money, getting involved in the arms trade, negative investments etc… We don’t like banks, for a reason.
The last time we had an ‘ethical bank’ in the UK (smile / co-operative) there was no transparency and it turned out the bank was incompetent all the way to the top - and the ‘morality’ was just marketing.
Does Mondo have a commitment to keeping things simple / ethical? If so that would absolutely draw me to switch from my high-street-bank once your banking is up and running.
For the future to be good, we need financial institutions that do not facilitate negative forces in the world… Please tell us how you intend to stick to a code of ethics in the face of investors / shareholders and other pressures in the future?
I would really like to see Mondo’s future ethical positions laid out, and how you intend to stick to them if there’s influence from funding down the line or similar pressures to make money in unethical ways. It would be very disappointing if Mondo ended up being another Wonga.
Hi guys. I was reading some topics on the forum and saw someone suggest Mondo could help grow small businesses that have a social impact. There are a few social businesses in the UK worth checking out, but one that you should consider is Fair Finance. It’s a social enterprise aiming to fight financial exclusion in the UK and they do personal loans as well as business loans. If you do decide to go this way, you should definitely consider being one of their investors.
I think it’s unfair to say the Co-op Bank is unethical. People working for them maybe were, but their ethical policy still stands and as far as I’m aware hasn’t been broken.
