Is high street bank collaboration bad news for customers? - panel 📺

(Alex Sherwood) #1

This should be good - a debate between Tom & Rob Young, Senior Vice President International, OnDeck.

Tom Blomfield of Monzo said “yes” high street bank collaboration is bad for customers. This is because banks are too focused on trying to catch customers early and rely on customer inertia to cross-sell products later on in their lives. He says banks do not have the best interests of their customers at heart. Nonetheless, he adds, ‘marketplace banking’ will soon arrive and further revolutionise expectations. Expect a half trillion dollar Facebook to emerge, he predicts.

Rob Young of OnDeck on the other hand says, in fact, fintech firms and banks have a lot to add to customer satisfaction when collaborating and that large banks will always be beat the newer players on price.

The audience, after an initial early lead on the “No” side, steadily moved to a narrower victory for “No” of 59 per cent vs 41 per cent.

There’s a great quote from Tom (at 16:48) in this video -

We’ve identified about 10% of our customers who use contactless TFL & they use it enough so that buying a season ticket would save them approximately £250 each.

And so we as a bank can proactively go out to these people & even now with new debit cards, there’s enough storage on the chip with a new debit card to load a season ticket onto the debit card. So we can go to our customers & say, you’re overspending on your TFL travel, click here to save £250 - one click.


Link TfL Travelcards to Monzo
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