While I have nothing but admiration for what Monzo has achieved so far (even surpassing my expectations) I think Monzo needs to become more bank-ish and profitable ASAP to prove it is a viable business.
Being a Hub for financial services is a good idea, But I think it will take a while for people to trust API’s (open banking) and therefore it will hamper Monzos progress to profitability unless they have other revenue streams.
Monzo is a force for good in a banking industry that is rotten to its core - I therefore want to see Monzo succeed and become a trail blazer.
To complete their mission they need to become profitable ASAP to prove good ethics can be profitable.
I would therefore like to see Monzo offer credit cards, Loans and Mortgages in a responsible Monzo way - ASAP.
Then in 3-5 years time when the Financial hub idea is fully trusted they can be both an ethical bank filling the gap Co-Op left while also helping the British population find the best financial products for them.