Monzo vs the Retail Banks - Analysis from Orange Digital Ventures

That’s a good point.

They’ll try but…

Tom has pointed out that they’re earning a lot of revenue from things like punitive charges too. We’ve seen Lloyds move away from those but it might put people off using their overdrafts now. So to disrupt their business model, the banks will have to take a loss in the short term & that’s very hard to do if you’re a public company & have a large cost base etc. Tom does a much better job of explaining the challenge than me of course, at 16:39 in this podcast, for example.