Over the last few years a new breed of digital-first, mobile-only banks that operate through an app has emerged to challenge traditional financial institutions. It seems like a start of a significant transformation of the existing banking landscape for everyone. Paul Rippon, Co-Founder and Deputy CEO of London banking startup Monzo, told us about their innovative business model, financial products, and the key issues shaping the industry. Welcome to app-only banking!
A few highlights
- Smartphone penetration in the UK [has risen] from 50% to over 80% in the last 4 years
- 220,000 people … have registered to get a Monzo account.
I think that there is going to be an explosion in discreet services and offerings that blur the boundaries between traditional banking products and other areas of our lives, like diary management or even health and fitness.
Any guesses on what Paul’s thinking of there? Adding travel time to your diary, based on a pre-booked taxi…logging trips to the gym in the Health app, when you pay entry or something more ambitious?