“We’re giving them the tools to feel like they’re in control,” says Blomfield. A interesting comment, as feeling in control is not necessarily being in control. Was that deliberate? Or am I just over thinking things on a boring Sunday afternoon…
Overthinking a bit I recon, I never even felt in control at my previous bank. The budgeting tools have definitely made me feel incontrol more, even by only paying the same set of bills.
The important thing here is Bingo.
Dogs make everything better.
Without going into the psychology of it, there’s a difference between being in control and feeling that you’re in control. For companies like Monzo, I’d imagine they aim for both - is usually harder to create the illusion of control than just to give it to you. And it’s pointless to give you control but for you not to feel like you’ve got it…
My point being, not all under 30 are millennials - GenZ are those born after 1995 (so 23)…
“Like it or not, he is going to have to get used to hearing about unicorns. The 33-year-old is chief executive of Britain’s biggest start-up digital bank. Monzo is about to seal a deal for a £100m cash injection from a clutch of venture capitalists and crowdfunding investors that will make him the boss of Britain’s latest financial technology business with a value of more than $1bn.”
Have I missed something?
In Blomfield’s opinion, it is a case of when, not if, his idea of a new kind of bank succeeds — and he says the prospect of somebody else doing it before him keeps him awake at night. “I worry that someone has figured out this hub-and-spoke model and gets to 10m or 20m customers really quickly.
Us boomers have seen it all before. It was called the dot com boom then. I would have thought that the ‘hub and spoke’ model has been used many times before ie Google, Facebook, Yahoo etc. The trick is to bring in the revenue before the investors dry up.
Did they spell millennials wrong in their headline?