📰 The New Banking Landscape [interview with Paul Rippon]

[anon95680666]

interview published 24th May with Paul Ripon and ISG

http://www.isg-one.com/related-case-studies-detail/the-new-banking-landscape-isg-talks-with-monzo-bank-s-deputy-chief-executive?sthash.j8izLAko.mjjo

[alexs (Alex Sherwood)]

That’s a great overview of Monzo’s strategy. I thought I’d mention that it includes a comprehensive answer to this question

@JamesBell

Loot’s arguments against not holding a banking license seems quite strong to me? Are they really at a disadvantage by not being a bank? If they can build a current account experience on top of another banks current account is that a disadvantage at all?

Paul says:

Having a licence means you can take deposits, join payment schemes, and it means those deposits are protected by the Financial Services Authority Compensation Scheme, which gives people reassurance that their money is safe. It also protects Monzo from being squashed out of existence by banks that don’t like the fact that we are increasingly levelling the playing field and disrupting the market.