Jason Bates is one of Monzo’s Co-Founders & as Chief Customer Officer, he led product and proposition while the bank was getting set up. He says that
I knew that I didn’t want to just digitise banking, I wanted to find the new paradigm, an approach that delivered digital banking rather than just digitising what had come before.
& here’s his summary, based on his work on Monzo, of -
What are the virtues of digital that make it different? What are the differences that make something a truly digital service as opposed to just a digitised product?
His answer is that truly digital propositions are:
& he explains why in more detail in this blog post