I think one of the core differences between Mondo & Atom is that Mondo is building their full technology stack themselves and will be in full control of their costs. A “bank with an API” makes you go “so what?” at first but it does mean a diverse ecosystem with Mondo providing the best products and smoothest sign-up experience for the other fintech products.
The Mondo plan seems to be realising this exact vision of a Fintech bank - http://thefinanser.com/2015/04/why-fintech-banks-will-rule-the-world.html
This slide deck is a bit hidden but very helpful in the investment decision making - https://s3-eu-west-1.amazonaws.com/mondodownloads/Mondo_Investment_Crowdcube.pdf
Keeping in mind that Mondo will have very low operating costs compared to traditional banks with branches, and that Metro is now valued in the £800M region, the future looks pretty bright for Mondo.
Customer acquisition will really be driven by what package Mondo is able to offer (freebies!) or absence of charges (international/bounced payments /…) to get people to switch accounts. Once they are with Mondo, they won’t leave.
There is already 30 000 people on the waiting list and I can bet the tech community & youth across the nation will be the first targeted by Mondo, a slice of the population with decent amounts of money in the bank and/or with no interest in old school banking which would be good for the investment plan.
Wondering now how Mondo will deal with cashing in cheques. The paperless cheque you can cash in with a photo is not far - Barclays are testing that out currently - but not sure paper submissions via mail can be done away with completely in the short term.
I’m definetely going to be investing in Mondo personally.