Should Monzo look deeper into the possibility of partnership with one of the big banks such as HSBC, Barclays, CITI Bank etc. The benefits of doing so would be to gain large exposure across the world as these banks are already on a global scale. Have access to a larger market share and thus increase customer count very quickly.
I feel that there are many incumbents entering the Industry now - everyone is giving fin-tech a try… Apple Card, Google are trying to start their own. and the various other fin-tech banks all over the world competing for market share. Would Monzo benefit from having a large institutional partner?
I am well aware that Monzo was started due to the failure of institutional banks to connect with customers properly and address their needs effectively however, now that the big banks are taking note of challenger banks and changing their approach - is this a good time to join together and potentially grow much faster?