Banking is re-inventing itself as it always has
“Help us build the kind of bank you want to use” – That’s what Monzo says to its customers. Monzo is a UK based banking app with no usage fees, no branches, no mortgages and zero charges for spending abroad. While few of the banks in the UK might have a similar offer, but where Monzo has gained grounds is how it emotionally connects to its users. It auto-budgets your expenses, highlights where you are spending more, helps in finding the best deal e.g. it puts the money in the best savings accounts. They have formed a partnership with Google and Amazon to ensure real-time banking. For generations of users who spend a considerable amount of their time on their smartphones, it’s more than a conventional bank. Not surprising, they are termed as the new “wonder kid” in the banking industry and are aiming to have a billion-user base in next 5 years (ref: www.thegaurdian.com).