Monzo: The First Truly Digital Bank [with Tom] - FinTech Insider podcast 📻


(Alex Sherwood) #1

You can listen to the latest in depth interview with Tom here.

Edit - the new link above has a video of the interview, as well as a transcript of some of it. Nice to see that he dressed up for the occasion :wink:

@tom talks about…

  • What he expected to be when he grew up - a lawyer & why he decided to do be an entrepreneur instead

  • His first job, experience working with technology & founding GoCardless before FinTech was a buzzword

  • “Last week Monzo grew about 6% or 7% week on week”

  • How Monzo’s just getting to the starting line & the next goal of 1m customers - which is when the big banks will sit up and start to take notice

  • The record breaking CrowdCube crowd funding round

  • “Hopefully we’ll be doing the next crowdfunding round in the next couple of months.”

  • What Monzo’s average customer looks like & how this has changed

  • The features Tom finds the most useful - budgeting & the fee free overseas transactions but it’s the feeling of visibility & control and the reduction of anxiety that’s most valuable :point_left:

  • When the overdrafts are launched, “you will not go overdrawn without saying; yes I want to do this”

  • Monzo’s approach to product design & striving to be customer centric first, rather than product centric

  • Trying to build the first bank with network effect

  • How the application process for a banking license has gone & why the “rigorous process” has been positive

  • Are we in the golden years of challenger banks? “N26 & Nubank are a year or so ahead” but “it feels like the race hasn’t yet started”

  • Reducing fraud with rules & machine learning

  • How the company is structured, reorganising the Monzo team & empowering people, as much as possible. Encouraging risk taking and not punishing failure.

  • Monzo testing the new spending report, which was broken, with a smaller group of users & then rolling it out to all users

  • Maintaining the pace of growth & the how getting the bank ready has slowed Monzo down, for now

  • “The community forum is incredibly heavily trafficked, by about 5% of our user base” :blush:

  • Not building everything that the ‘power users’ in the community request, as it would be too hard for the other 95% of users to get to grips with

  • Ambitions to bring sneak peeks into the app

  • Out of the challenger banks - Tandem, Starling & Monzo - who’s going to win?

  • The implications of the government’s changes to regulation

  • How will Monzo break out & gain mainstream adoption - “product”

  • “We did try some tube ads, they don’t work.”

  • Viral growth, with Nubank as an example

  • Banks bribing customers to switch their accounts

  • Tom “not really doing the work anymore” :wink: & delegating aggressively

  • The golden rule - “make something people want”


Competition? N26
My disappointment as an almost new user (living in Europe)
Monzo, hurry up and announce fundraising
Our Approach to Overdrafts
Our Approach to Overdrafts
Competitor update
Competitor update
Number of Monzo Users
(system) #2

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