“In the first move of it’s kind, the banking group’s customers, including those with Lloyds, Halifax and Bank of Scotland, will be able to see the precise location they made payments, along with the details of their debit card transactions.”
But I do find it amusing that a three year old company is quite literally shaping an industry
I have seen so many tv adverts recently for Barclays “new” card freezing feature in-app. The advert is actually pretty good - I imagine if Monzo had run the same sort of add that it could have been huge. I worry that the more the legacy banks add these features and do a song and dance about it, the harder it will be to convince people to put the effort into switching.
Hopefully monzo still have a lot of things up their slevee such as bill splitting.
Ultimately the legacy banks biggest struggle will be to adjust the horrible fees they charge, as a lot of it is built into their revenue.
The other thing that doesn’t worry me about these banks copying the feature set is as Monzo become more ambitious I don’t think the legacy banks with their archaic tech stacks will be able to mimic some of the new features.
Personally do feel that the more like Monzo they become the more like Monzo they will have to act. They may find themselves having to compete on terms they have not had to before and with smaller margins. On the High Street only Primark can stay viable faced with the threat of offline retailers and they have a ridiculously lean model. The bigger banks do have a cash mountain to rely on for now so they can future proof if they move in time
The irony is that they will also be habituating their customers to a faster, slicker financial world, so those customers play harder on the market and drive up competition and so on.
Ultimately, it will then be whether the backoffice figures can be pared down enough to compete in the new world, which makes it an ecosystem question!