catherine firmin’s Post

Monzo Bank Tops 10 Million Personal Customers TS Anil, CEO of Monzo, said: ‘What a milestone to add to an already brilliant year! In just under 12 months, two million more customers have chosen Monzo, which means that now one in five UK adults is a Monzo customer. Welcoming more than ten million people to Monzo is an amazing opportunity and ensures more people than ever can experience the Monzo magic. Our uniqueness is in our connection with our customers - and it’s something we’ll stay laser-focused on as we continue to grow and build more game-changing products that transform peoples’ financial lives. We’ve done so much already but we’re just getting started - I’m so excited about what’s next for Monzo.’ https://lnkd.in/eX4vi5RK Cherry Tam Brunswick Group Irina Sukhikh AJ Coyne Fernando Fanton Mike Bray Matej Pfajfar Dr Greta G. Sujata Bhatia Harry Ashbridge #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

📲 Monzo tops 10 million UK personal customer mark and has more personal customers in the UK than Starling and Revolut Monzo Bank, one of the UK’s most well-known challenger banks, has topped the 10 million personal customer mark in the UK, it announced yesterday. It was only in February this year, that Monzo said it had reached nine million personal customers in the UK. With over 10m customers, Monzo, founded in 2015, said it means that one in five adults in the UK are using Monzo. The challenger bank says it also now has more than 450,000 business customers in the UK. By comparison, rival challenger bank Revolut says it has more than 45 million customers, with over nine million in the UK, while another high-profile UK challenger bank Starling has around 3.6 million UK customers, in the year ending March 2023. Monzo has been busy this year, with a major funding round of $600m led by Alpahbet’s CapitalG, and new product launches including Monzo for under 16s and Monzo Pension. Source: Tech.eu #fintech #banking #UK #Monzo https://lnkd.in/d33CMfQ9

What a HUGE 2024 Monzo Bank are having 👏 🏦 🇬🇧 The digital bank have hit the 10 MILLION customer milestone in the UK after a slew of massive announcements including their first full year of profitability, a bumper funding round AND multiple product announcements which included an entrance into family finance and pensions 🤯 🚀 This means Monzo now serves one in FIVE adults in the UK* – and more than 450 THOUSAND business customers while announcing their plans for expansion in the US and Europe, with Ireland acting as a gateway 👨💻 TS Anil, CEO of Monzo, said: ‘What a milestone to add to an already brilliant year! In just under 12 months, two million more customers have chosen Monzo, which means that now one in five UK adults is a Monzo customer. Welcoming more than ten million people to Monzo is an amazing opportunity and ensures more people than ever can experience the Monzo magic. Our uniqueness is in our connection with our customers – and it’s something we’ll stay laser-focused on as we continue to grow and build more game-changing products that transform peoples’ financial lives. We’ve done so much already but we’re just getting started – I’m so excited about what’s next for Monzo.’ Read more on the link below! 👇 Cherry Tam Brunswick Group Irina Sukhikh AJ Coyne Fernando Fanton Mike Bray Matej Pfajfar Dr Greta G. Sujata Bhatia Harry Ashbridge #monzo #personalbanking #fintech #fintechnews #digitalbank #banking #businessbanking #mobilebanking #neobank #familyfinance

Couldn’t absolutely any banking app/bank stick their logo on this ad and still have it work? To my knowledge, you can save with Monzo, Revolut, Starling, Lloyds, Natwest, HSBC etc.  All of them would lead you to a family holiday, if you saved up.  The saving up has nothing to do with the bank, but the wage you get and whether it leaves you with enough money to save for that ‘dream holiday’.  That’s not to do with your bank. It’s to do with what you earn (set by your employer) and what your monthly bills come to.  Saving is hardly an ‘exclusive feature/benefit’. 

💡 Rethinking Banking: The Power of Money Pots💡 I often wonder why high street banks haven't adopted the facility to create ‘pots’ of money. Since I started using Monzo, I’ve noticed a significant improvement in how I manage my finances. The ability to lock away money in a pot to curb impulsive spending is truly groundbreaking! For anyone navigating financial management, especially those of us living with impulsivity, time blindness and memory issues, this feature offers a practical solution to a challenge I’ve faced my entire life. That said, it's essential to ensure that any banking service is financially right for you; I don’t take responsibility if things don't go as planned! Here’s to finding innovative ways to take control of our finances! 💪💰 #FinancialLiteracy #Monzo #ADHDAwareness #PersonalFinance https://lnkd.in/e8QYg_hH

So I bank with Monzo Bank. And their rise to being a successful bank tells us a lot about disruptive brands. 1️⃣ Be Distinctive Separate yourself from the bunch and stand the f⚠️k out. Monzo manages this in communication, just check out their excellent social media game, and physically, in that you can tell a Monzo card from the other side of the room. 2️⃣ Meeting users where they are rather than where you think they should be Banking was clearly a building, a cash point, a badly made digital experience. Monzo being mobile-first in approach was a winning move, as the established banks were (and in some cases still are) a few years behind. 3️⃣ Solve user problems that are minutes, hours, or days in timeline, not weeks, months or years. I've been pitched a lot of ideas, and while an idea can be good, it is hard to get traction if the problem you are solving only delivers value in the long term. When I went to create a business account with Barclays, they gave me a massive form to fill out; I didn't get around to it. Monzo, on the other hand, in the app, just asked me for my name, my business name, and my company number, and I was up and running.

Monzo Bank is the best-performing bank in the Open Banking UK Production category with monitored AISP (non-consent) endpoints this week with a CASC score of 9.63. Only one endpoint had an outlier percentage of >0.7% with a percentage of 1.7%. All but two endpoints had 100% availability. This is an excellent API with latency of all monitored endpoints being 307 ms or less.

"I just came out of my house and my purse was snatched. It had my phone & all my bank cards." 😨 Another episode of me thinking of random (but possible) scenarios. I thought of this situation and then wondered about the most important things I would do. "Run after the thief and then maybe track the phone and freeze cards" was my first thought. I am a frequent Monzo Bank card user in daily transactions. So I attempted to freeze/block my card via their website since they're an ONLINE BANK. To my surprise, such an important action is not easily findable. It took me ~10 mins (considering I was not panicking right now) to find the option to log in & access my details. I ran a similar experiment with 2 of my friends. One of them (Friend-1) has been a frequent Monzo user for the past 2 years and the other (Friend-2) is new to Monzo. Observations from Friend-1: 1. First reaction - Thought of getting someone's phone and calling their helpline. 2. When prompted to look at their website - Spent ~20 mins hunting around the website and finally searched on Google "monzo lost phone and card" to land on their login screen. Observations from Friend-2: 1. First reaction: Run after the thief. If failed, quickly run back into the house and access the account from their laptop. 2. Took ~4 mins within the help section to search a section for lost phone. As of June 2024, Monzo had over 9.3 million customers and yet something as basic as this is buried in the footer. These experiments did not include the "panic" factor. Yet, in my opinion, these numbers are large. Monzo Bank and its design team should improve the discoverability and findability of such vital actions. #experiments #observations

📝 Feedback Matters........ Here at acceptcards® Independent Payment Experts, we take immense pride in helping businesses navigate the often-complex world of payments. But sometimes, the greatest validation isn't from the accolades we receive from our partners (although we do love that 😁), but from the direct impact we have on their clients. Recently, Jason Hewitt, Director at @The Clearance Zone shared his experience of working with us. His kind words perfectly capture the essence of what we strive for every single day. 😱Shocked to Relieved 😁; Jason's story began with a concerning development – his payments company instructed they would be implementing a rolling reserve, essentially holding onto a portion of his funds. This unexpected hurdle could have significantly disrupted his cash flow and day-to-day operations. "We didn't know where to turn," Jason said. Thankfully, Jason's Relationship Manager at Metro Bank connected him with us as we have been the bank’s payment partner since 2014. 💳 Taking Control; Enter Jenny Barraclough, one of our dedicated payment experts. Jenny took the time to understand Jason's needs and their business model, including how they accepted payments across multiple channels. With this in-depth understanding, Jenny was able to craft a solution tailored specifically to The Clearance Zone needs. 🧮 Beyond Solving a Problem; The results speak for themselves. Not only did we successfully address the rolling reserve issue, but Jenny also secured them significantly lower processing rates. This translates to real savings that can be reinvested back into The Clearance Zone. 🚀A Lasting Impact; Jason's story is a testament to the power of personalised service and a deep understanding of our clients' needs. It's a reminder that our partner network is a strength, together we not only solve problems we forge lasting relationships built on trust and mutual success. 🙏 Jason, thank you for your kind words, your feedback fuels our passion of always putting the customer at the heart of what we do, to exceed expectations and deliver exceptional service. Do you have a similar story about how acceptcards® Independent Payment Experts helped? We'd love to hear from you! #acceptcards #independent #paymentexperts #paymentsolutions #strongertogether #TheClearanceZone #MetroBank #collaboration #partnership

FLAGSHIP REPORT - UK Financial Services 2024: Inflation's Impact on Consumers, Mortgages & SMB Banking Tesco Bank has grown its app presence over the last couple of years to reach 500K Monthly Active Users (MAUs) While searches for ‘credit cards’ in general exceeded 18M last year, it’s reward credit cards that are front and center - American Express has nearly 1M monthly active app users Consumers expect more flexibility from their purchases - airlines that used BNPL in 2023 saw over 70% YoY growth Digital innovation is the key to success as online brokers and banks with mobile-first features saw the most significant growth in the last 12 months Businesses are also feeling the financial pressure of finding the right banking and credit fit, and challenger banks like Monzo Bank are slowly pushing out the top players with slick user experiences and technology-first products Comment 👇 to get your free copy