Should Monzo partner with one of the Big Banks or Large Tech Institutions?

Anything like this would make me instantly close my account and move on. Which would be a shame, but those companies are scum and I don’t want my banking near them.

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They’ve partnered with NatWest for cheques and an incumbent bank for the US launch, I don’t think partnerships should be a no before looking into it properly.

Wait, what?

They have some sort of partnership with Sutton Bank in the US , i don’t know how deep the partnership is though.

As for NatWest I’m not too sure on the details why but monzo clears cheques through NatWest technically.

I think it’s a simple as cheques needing to be cleared through a ‘clearing bank’ and Monzo isn’t one.

My banking knowledge is limited…

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Monzo use Natwest as a clearing bank - as they are not one themselves.

I wouldn’t consider this a partnership as proposed in the original post though. Instead its Natwest acting as a supplier for a customer (Monzo)

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This reads a little ambiguously, but just to clarify - partnering with NatWest for cheques in the UK, and partnering with Sutton Bank for our US product, are two separate things :slight_smile:

Oh, that. The way it was worded, I was wondering if you meant NatWest got involved in the US launch, which would be a bit difficult when they don’t really do any retail banking in the US.

To answer the original question:

No, to be reassessed at they point that they start to run out of ideas. Until then I don’t see any benefit.

A sidenote but Natwest/RBS used to do retail banking in the USA as they owned Citizens Bank until the UK government made them sell their last share in 2015 to refocus on the UK

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Sorry for my missing out some words, I’ve edited.

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Oh, is that why Citizens Bank uses the RBS logo? I always wondered about that. Now I know.

No
I don’t like big tech
I want to move away from the big banks (fractional reserve, political donations, reckless lending)

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I don’t think so. Apart from speed, I don’t see what Monzo would have to gain. And I don’t see how speed would necessarily be much of an advantage. Monzo are currently improving their app, and iterating with different products and services. In my opinion, much better they get it right here, and establish a profitable business model, before considering further expansion.

Sure, other markets won’t have exactly the same needs or banking cultures. But I do think there’s an advantage in getting it right in one place, and then adapting that as they roll out further.

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No

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If Monzo partnered with Facebook, my account would be closed as soon as it was announced (7 days after CASS). :joy:

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No.

Put simply

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No… I don’t think they should! We have all left these sorts of Banks for something different and better so why would we want them to team up with one of the legacy banks we already left?

I don’t want Facebook and Google having even more information on me especially my banking information either in reply to suggestion that Monzo team up with one of them

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has starling partnered with Natwest to help form Bo?

If I am right, I think Starling have sold NatWest (RBS) their “banking as a service” product.