@OJFord shared his vision for Monzo’s acquisition & eventual demise in this topic and I thought it would be interesting to discuss whether an acquisition & integration of Monzo’s platform with a legacy bank’s systems is feasible.
OJ’s post -
It’s actually really difficult to find UK banks that have gone completely bankrupt & folded.
As for this
how would the BigBank integrate Monzo’s new technology into it’s own infrastructure?
The whole reason why Monzo exists, is because the legacy banks can’t build this functionality on top of their existing systems, if they could (& perhaps had more desire) they would have created Monzo already. This talk is pretty techy but Simon does a good job of explaining just how archaic some of those systems are here.
They couldn’t just switch their existing customers to Monzo’s platform either because those customers already rely on a wide range of banking products & those products won’t be supported by Monzo’s platform, especially as Monzo won’t be offering them itself.
The reason for many of Matt & Oliver and the rest of the development team’s sleepless nights, is they’re building Monzo using a microservices approach which is harder than creating an old school monolithic technology stack. But that should enable them to be much more nimble & continue developing new features / products & services which will keep Monzo modern.
And on top of that, the open API will enable third party developers to build creative solutions for Monzo’s users that Monzo hasn’t thought of or doesn’t have the time / desire to build.
Like most start ups, Monzo is relying on hype to attract new customers, word of mouth marketing is one of the most effective forms of marketing for any business after all. It’s the ability to adapt that will enable Monzo sustain it’s growth though
Edit - I wouldn’t usually point this out but since it makes my comments a bit more credible - Tom’s just liked this post so perhaps some of this is on the right track.