Just some notes after reading the Mondo roadmap on Trello.
Clearly the objective is to become a bank so one assumes that most current development effort is going into the minimum requirements of a consumer current account. Those would be:
- Direct Debits
- Faster Payments (assuming that Standing orders are simply implemented as repetitive Faster Payments)
- Agreed Overdraft facilities (usually offered for proportionate sums agreed up front and attracting fair fees)
- International Payments
- Account Switching Service pretty near essential as not having one would be a major barrier to adoption.
Building an infrastructure capable of initially supporting a million plus account holders probably demands equal resources.
While awaiting a full banking license, then the completion of the “Android” project is clearly essential to widen the future availability of the bank to the full smartphone audience. I also feel it is important to accelerate the expansion of the trial group – as a start-up 60 thousand or so in the queue probably feels good but future viability probably demands a more infectious core to go truly viral. OK this is a balancing act but if the “toys” like budgets and bill splitting (we called that arithmetic when I was a kid) when shown off only result in frustration for new potential Mondo users then this could undermine the process as Mondo gets mentally dismissed as “not there”.
In the meantime, that which we have is very well done.