Is this a market share issue?
I don’t think so. It’s more that there is a market for SME business accounts is quite large - particularly that for the smallest size of company - and the product is relatively close to what we already offer so it makes sense to tap into that market; especially if we are incentivised to do so!
If other neobanks (is that we we are calling them nowadays?) have a business branch then they can eclipse Monzo?
As in a physical branch or a business banking product?
If the latter, I don’t think we’d be eclipsed if we didn’t offer this but our aim is to make money work for everyone and some people who have a Monzo account also run their own company. It would be nice if they could have the same Monzo experience when they go to work, as when they are at home!
Does business banking open up certain financial channels that are synergistic (bingo!) with consumer banking?
I had to Google that word
I’d say the synergy is between our current personal offering and that of a SME business account
Is this just the inexorable capitalist march towards cartel? (there are very few UK banks at the moment).
Isn’t it the opposite? The whole point of the RBS fund is to promote the growth of other banks to ensure the market remains competitive.
Or is it a rivalry with Starling thing (we all know the history there).
Nope! Starling have an awesome product - we’re not intending to copy them! As @simonb has said before (I agree with him), Starling seem to be moving more toward the banking as a service model and offering solutions that integrate well with larger companies. I’m sure we’ll see some really cool stuff built, especially with their API!
I think this sums it up quite well We don’t yet know what this will look like or how it will work, but I can’t imagine it will be too dissimilar to “standard” Monzo