I think it’s great that Monzo are so transparent with the direction the company is going in particular around the product and its features. But as I transition towards using Monzo as my main account, there is a little cloud looming in the distance around how Monzo is going to drive future profit and pay its way rather than relying on outside investment. I mean that money has to dry up at some point and a failing bank is no good to me.
There of course is this proposed strategy of open banking where Monzo provide third party firms access to its data in order to provide tailored products and services to Monzo customers, however as far as I am aware, this ia is both untried and untested.
What I would like to know is when will we begin seeing the first of these ‘open banking revenue driving’ initiatives, what should we expect from these in regards to how this will effect users, our personal data and the user experience from within the monzo app? I.e popups, ads, marketing emails etc
How confident are Monzo these initiatives will work and what will happen if Monzo fails to drive a profit for its stakeholders / Investors.
Finally what’s the deadline.
Just curious just cautions, just interested.