Banks are boring. And for a long time that’s how we’ve liked it. Boring and safe. Safe and boring.
Honestly the last thing most people would want to hear from the organisation entrusted with all their money/savings/life’s work is that they’re planning a huge shake up come world takeover. Generally, you want someone who can only be described as ‘quite beige’ telling you that everything is alright in your big (or not so big) metaphorical vault of gold.
However, in recent years a seismic shift has shaken the world of retail banking. Traditional banks are now facing stiff competition from smartphone-only upstarts. They’re soaring in popularity, particularly with millennials, largely because they are more convenient, and generally offer lower fees.
Monzo is aiming for features of the future. Notably, you no longer have to wait days to find out how much money you blew at the bar last Friday as Monzo hosts a real-time log. They also make it possible to open an account without a human conversation (perfect), in under a minute. Also, to avoid feeling like you’re getting married on the first date, Monzo let’s you open an account with as much or as little starting capital as you want.
It also features quick mobile money transfers, integrations with the likes of Transport for London, Uber and fellow fintech company Nutmeg, some AI layering to better predict your banking habits, zero foreign exchange rates and possibly biometrics for security.
Here at Don’t Panic we think it’s pretty awesome. We never thought that we would hear the words ‘bank’ and ‘cool’ in the same sentence, but with Monzo it seems necessary. The next step for Monzo is to accelerate its already organic hype with a disruptive and shareable advertising campaign before the boring major banks develop similar tech, that will unfortunately dilute the Monzo effect.