Very interesting to compare the simplicity of the sign up process for Mondo with another ‘digital’ challenger. Mondo is of course app based and fully online including identity verification and whilst that’s for the Alpha I’m sure that @tom and team will not add anything onerous into the process. Compare that with Fidor (who have been around a while in Germany and are a full bank) where the sign up was via their website (no mobile app yet!!!), with upload of ID and address verification docs, then a letter posted to home with a verification code. I’m still waiting for confirmation the account is open so I can request a debit card. Just like a legacy bank. Very bizarre. And despite claiming to be keen on social media my tweets have been ignored.
Is it actually going to be as simple as now also in the moment when we are going to open the real current account?
As now part of the authentication is based on the connected-debit card we need to use to topup mondo.
We’re aiming to keep the signup flow very similar. The only thing that changes is that we’ll probably start asking people to take a photo of an ID document and a selfie.
Once we’ve got the nod from the regulatory, we’ll start sharing these onboarding flows for your feedback.
That sounds okay when it’s part of the sign up flow in app. Please avoid asking for a ‘utility bill’. These days most of us transact online and struggle to find them. Doing as much of the verification process electronically is important, especially as there are verification companies that do so much more than just check identity to 2+2, e.g. Sphonic.
Agree, no need for asking for a utility bill. I loved the sign up process and my card arrived in two days - simple and likely quicker than a high street bank.
Saying that, what’s the process for opening a high street bank account and how long does it take? My guess if they need a utility bill, proof of ID and it takes 5 working days to setup?
How does Mondo compare to that?
It’s up to each bank to define their onboarding processes, staying within their risk appetite and the law.
You can see more detail here http://www.jmlsg.org.uk
We’ll hopefully be able to share our onboarding processes & screenshots for your feedback in the next few weeks
We (Cuvva) actually have a very similar onboarding flow, and we have some tooling which supports this.
One bit of that is a Tinder-style app which lets us visually verify the person’s selfie against their photo ID. 
In today’s Independent:
HSBC allows customers to use selfies to open new bank accounts