I haven’t done any work directly on Open Banking. I think the work our teams working on Monzo Plus and Premium are doing to integrate your other accounts in Monzo is ace. We also added the option recently to prove your income via Open Banking when applying for an overdraft, which I think is a great use – not everyone gets paid into Monzo! (yet )
My frustrations are the wider banking industry’s reluctance – and delay – in realising the potential. I suppose it’s not a good thing if you’re used to “owning” customers and making easy profits for decades (or centuries!) 🤷
I reckon the teams that work with it would probably complain about all the unhelpful acronyms – it’s the complete opposite of what we’re used to …
You can read more about Open Banking and how we use it at Monzo in our recent blog post.
Regulation is a really interesting topic. Does it slow down innovation? Probably. But I don’t think it’s a bad thing. Imagine if banking wasn’t regulated – I expect there’d be some more innovation, yes, but probably an awful lot of customer harm too
I haven’t directly worked on changes that affect large numbers of customers. But there are other ways to have impact. So I think the highest impact changes I’ve made were ones that sped up onboarding and productivity of other engineers.
When I started I was surprised how many commands I had to copy/paste into the terminal to get my laptop set up. You had to waiting for each one to complete before kicking off the next, and … it didn’t feel like a good use of my time. So I wrote a simple script to automatically run them all. And as far as I can tell, new engineers still use the same script 3.5 years later
I have not – high on my to-do list is to go through Crypto Startup School which other, much more knowledgable, folk at Monzo recommend as a starting point