Watch out Monzo, NCR are coming for you!

(Tom Lynch) #1

Or maybe not…

NCR has managed to make a machine which appears to do all of the same functions existing machines do in branches, checks, cash, etc… so I am not sure what is new here, but isn’t it funny how the two approaches differ.

Monzo builds a bank from the ground up as an app, while NCR and existing banks try to squeeze the bank into an app, or in this case a multi-ton safe with an iPad on the front.

(Patrick) #2

I don’t really get why this is any different to anything we’ve had for years?

We have had ATMs (made by NCR half the time!) where you can pay bills and pay money in since back in the 90s, in the 24 hour bank foyers. Only difference that it has a modern interface and video chat.

Barclays branches are already pretty much just rows of similar machines already.

Is this another case of the US being backwards at technology and not realising the rest of the world takes this for granted?


Not comparing like with like

I can’t deposit cash easily with Monzo, if at all
My cheque can get lost in the post, I get a receipt with my deposit in an ATM
I can’t video chat with Monzo if the need arises as per the video

I’d also say lots of existing banks have apps that offer basic functionality that is still not quite there yet with the current app

I would see these as an addition to Monzo rather than competition

(Tom Lynch) #4

Cheques really are already dead for the majority of people, most stores haven’t taken them since around the times of Chip & Pin’s introduction, the majority of banks don’t issue books by default, and it’s easy to see them becoming a discontinued service by most banks with services like faster payments having really replaced the need for these. Bankers drafts/checks could hold on longer as a fall back solution IMO.

When you look at the roll out period for those new ATMs (7 + years) and you look at how contactless and mobile payment devices like Android, Samsung and Apple Pay have come about in just 2-3, it’s easy to see that over the next 7 years we’ll see a major swing towards these electronic cash services.

If cash is really an issue for Monzo in future there are options to use the existing store based counter services at Pay Point, Western Union, Co-op, Tesco, M&S or Post Office some of which already service multiple banks.


Fair points.

But I think I’ve had 3 cheques in the last year resulting in the hassle of deposit. Another year or so and hopefully those paper based purveyors of pain will disappear from my day to day.

Having to go to a physical space to “bank” is just hassle.


Witness the death throws of a dated approach to services.


The Cheque and Credit Clearing Company would disagree with you.

Use of Cheques

  • 477 million cheques were used for payments and to acquire cash across the UK
  • The value of the cheques written in the UK in 2016 was £551 billion.
  • 275 million cheques were written by individuals.
  • 202 million cheques were written by businesses.
  • The average value of a cheque written by an individual was £306.
  • Individuals received 121 million cheques last year (42 million from other people and 79 million from businesses).

In research undertaken in spring 2017:

  • 87% of charities said they had either made or received a payment by cheque in the past month
  • 53% of charities said they receive donation income by cheque
  • 29% of charities said they receive over half their donation income by cheque
  • 75% of UK businesses said that they had either made or received a payment by cheque in the past month
  • 55% of UK personal account holders said that they had either made or received a payment by cheque in the past year


The fact of the matter is that it has taken ten years for Contactless to become an overnight success.

Stats from an organisation with a vested interest.

(Tom Lynch) #9

I didn’t say contactless was an overnight success, I said that mobile payment devices have come about in just 2-3 years.

Imagine where they’ll be in 7, imagine what improvements to faster payments and services like Apple Pay Cash will do to cheques.

Stats for faster payments alone are more than double cheques:


I didn’t say that you did say that. I was making a point that these technologies can take longer to attain mass-market adoption than we might like.

Contactless has been 10.5 years, not the 2-3 that you say.

I’m looking forward to Apple Pay Cash. Blue bubble friends are in luck. But if I owe you money and you’re a green bubble friend…

(If there's the wrong end of a stick, you'll find me holding it.) #11

Green bubble friends are not true friends.


I don’t discriminate against green bubble friends …but that might change when it comes to Apple Pay Cash and IOUs :wink:

(Brian Hunter) #13

Wait, what are green and blue bubbles? Which am I?


(Brian Hunter) #15

Ahhh, lol. Thanks.

Doesn’t everyone just use Whatapp these days? :thinking:


I prefer Telegram, but most people seem to use WhatsApp, yes.

(Brian Hunter) #17

I’m in a couple of Linux telegram groups, but in my head I have them as different tools - WhatsApp for messaging friends and family, and telegram for communities.

Do you use Telegram for messaging friends / family? That’s interesting if you do, never really thought of it that way.

(Jonathon) #18

Maybe, but stats are stats. That’s how many cheques are being used. How do you see that as biased to them?