📰 The Monzo question: should you ditch the high street and do all your banking on your phone? - New Statesman


(Alex Sherwood) #1

There’s not a lot of new insight into Monzo the business here but it’s good to hear a very skeptical author list their concerns & how Monzo answered each of them. As usual, Tom doesn’t hold back with his quotes either :smile:

Blomfield says he and his team created Monzo because they are “hugely frustrated” with the state of traditional banking. “I’ve banked with NatWest for 16 years and I feel like I’m trapped in an abusive relationship… we want to do something that actually works for people.”

The app also uses your phone’s geolocation chip to process when you’ve gone abroad and inform you of exchange rates. “Every time I go abroad with my traditional bank card it gets blocked for fraud,” says Blomfield. “We want to use the technology to remove a lot of the painful edges of banking.”

“We actually don’t hire that many people from banks because they seem to have been brainwashed,” he says. “When we interview our new job candidates we always talk about customers’ problems and how you might solve them and people who don’t work in banks come up with all these amazing solutions to really help people. People who have worked in banks typically come and say ‘Ah for that problem you need a credit card, for this other problem you need a fixed term loan’, they don’t think about what customers are really pissed off about and how to fix that.”

When it comes to a more traditional theft, Blomfield says services within your phone, such a thumbprint scanners, can protect the app. “If someone chops your thumb off then yes, they can steal your money.”

Yet Monzo still has to earn consumers’ trust. “Don’t switch from day one,” he says. “That’s like asking someone to get married on the first date. Put £100 on the card. Try it out, give it a go, and if stuff goes wrong, see how we deal with it compared to your traditional bank.”


(Marta) #2

Not a bad article, but it was a bit shallow. It barely touched current account thing and didn’t even mention currency exchange rates or other goodies. Feels like it wasn’t researched much?

BUT, if it did mention all good stuff (or even those very few bad stuffs, like awkward android app gap), it would feel a lot more like paid marketing. In current form it has a chance to make readers curious to find out more.