Thereâs not a lot of new insight into Monzo the business here but itâs good to hear a very skeptical author list their concerns & how Monzo answered each of them. As usual, Tom doesnât hold back with his quotes either 
Blomfield says he and his team created Monzo because they are âhugely frustratedâ with the state of traditional banking. âIâve banked with NatWest for 16 years and I feel like Iâm trapped in an abusive relationship⌠we want to do something that actually works for people.â
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The app also uses your phoneâs geolocation chip to process when youâve gone abroad and inform you of exchange rates. âEvery time I go abroad with my traditional bank card it gets blocked for fraud,â says Blomfield. âWe want to use the technology to remove a lot of the painful edges of banking.â
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âWe actually donât hire that many people from banks because they seem to have been brainwashed,â he says. âWhen we interview our new job candidates we always talk about customersâ problems and how you might solve them and people who donât work in banks come up with all these amazing solutions to really help people. People who have worked in banks typically come and say âAh for that problem you need a credit card, for this other problem you need a fixed term loanâ, they donât think about what customers are really pissed off about and how to fix that.â
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When it comes to a more traditional theft, Blomfield says services within your phone, such a thumbprint scanners, can protect the app. âIf someone chops your thumb off then yes, they can steal your money.â
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Yet Monzo still has to earn consumersâ trust. âDonât switch from day one,â he says. âThatâs like asking someone to get married on the first date. Put ÂŁ100 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.â