I’ve been using Monzo for a few days only on android. I’ve enjoyed the experience so far and I believe the future is really promising for you.
As you’re now becoming a full certified bank, I assume that one of the future sources of revenue for Monzo would be to lend money to people/companies and profit of the interest.
As we know, in our current money system, banks have an extreme power to “create money out of thin air” by lending it to costumers. Obviously in the normal high street bank this money is mainly used for non productive investments like inflating house prices, the stock markets, etc, in search for the quick buck but also inflating the bill for the future generations to pay without living a better world for them and here is where I think Monzo can really be a game changer.
My idea is that Monzo could provide us with a set of industry sectors (clean energy, biotechnologies, green transport systems, etc) that we would select once every year in a poll for example, for the money we’ve deposit to be lend to and you would compromise to lend it to companies in those sectors rather than using it for the not so good reasons I’ve described above.
As Monzo grows, this would help putting money into productive investments that would create jobs and improve the quality of living for all of us, rather than making life even more difficult for all of us.
I know some complications can arise and I might not have all the answers, but I would definitely love to discuss the idea as I think can have a great impact. Let me know what you think.