Switched from Monzo to a legacy bank (Barclays) 💫

[alexs (Alex Sherwood)]

@dinkyinki

I think many of the traditional banks would argue they orientated to a service approach a long time ago.

Maybe they would but they haven’t. Here’s Monzo’s co-founder’s explanation of what that can really be -

Are challenger banks just better legacy banks?

@dinkyinki

innovation… can l live without notifications/emojis yes l probably can.

I think we can all agree that, that’s not what the challenger banks are pinning their value proposition on

@dinkyinki

One of the real benefits of the internet is that the cost of use fell significantly and for things like Facebook, Twitter et al it’s free if l sacrifice my personal data and insights. Until fintech entrants can tap into that, they will always have an enthusiastic base but will they won’t significantly brake into mainstream.

I’m not sure what you mean by this? The challengers will be analysing our personal data to provide insights & earn revenue.

@dinkyinki

My partner and l are very similar in many ways (not looks l have them) he doesn’t get my fintech thing.

You can get used to that, it’s going to take a while for some people to see how what the challengers are doing is different

@dinkyinki

To get to a billion accounts there are many people like that to persuade and for me the easiest quickest way to influence them folk is through cost. Until cost is an issue in the UK fintech entrants won’t storm the market.

Cost is an issue (although not the only one), the legacy banks make about half their revenue from punitive fees - the fees that the challengers aren’t charging. Customers know this (even if they don’t know how the revenue models are structured) & they don’t like it.