Guy Olson’s Post

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.

🎉 Challenger Banks are Killing It! 🎉 Exciting times for Monzo, as it proudly announced topping the 10 million personal customer mark. As it stands, one in five adults in the UK are now using Monzo, a significant milestone since its founding in 2015.🤯 This is particularly impressive given that in February this year, they had just crossed the nine million mark. 🚀 Adding two million customers in just under 12 months, is a phenomenal achievement and a clear indication of market acceptance. This bank is a game changer, disrupting the status quo through innovation, and recognising consumers' needs for speed and convenience. My message to traditional high street banks : Innovate or perish🤖🚀 However, I am sure there have been several growing pains along the way. Are there any Monzo customers that can argue otherwise?🗣️ #FinTech #BankingInnovation #STEM Dynamic Minds Recruitment

Let's face it; getting a message from the bank isn't the most exciting - even if Monzo Bank's emoji game is pretty strong. Plus, it doesn't help if the messages are boring and full of finance jargon... Or if our online statement fills us with dread (the post-bank holiday scaries hit hard this week). 🥵 Our Banking Communications study shows there's a mismatch between the info consumers receive from banks and what they want to learn more about. Potentially due to the ongoing cost of living crisis, there's a common theme that people want to understand how to get the most out of their savings and the support available to them. Investment was the area people were most interested in learning more about. 🤨📈 We also explored: 🧠 Gaps in consumers' financial know-how 💡 Recall of recent banking communications ⚙️ Features they want to learn more about 🎓 Topics they want to learn about So, banks looking to ✨earn the interest✨ of today's consumer - look no further than this Board for excellent returns 🤑: https://lnkd.in/e7DmjvsF #AppinioUK

Monzo Bank Reaches 10 Million Users; Revolut Secures UK Banking License Exciting times for digital banking in the UK! 🚀 Monzo has hit a milestone with 10 million users, holding a 28% market share. Meanwhile, Revolut continues to strengthen its position by securing a UK banking license, enhancing its competitiveness against traditional lenders. Key highlights: 🔹Top digital-only banks added 6.5 million users in 2023. 🔹Revolut contributed 2.2 million new users, making up 33% of the total. 🔹Monzo added 1.9 million users, showcasing remarkable growth. 🔹Traditional banks like Barclays, HSBC, and Lloyds Banking Group still dominate, but digital challengers are closing the gap with innovative strategies and expanding user bases. Discover the strategies behind these players' success on our website. Stay informed and ahead of the curve with C-Innovation's insights! 👉 Learn More: https://lnkd.in/gXtv-H6 Please refer to the comments section for an updated view of this image. The traditional lenders' numbers included here are global figures, not just UK-specific ones. #DigitalBanking #Fintech #Monzo #Revolut #BankingInnovation #financecareers #CInnovation #financialservices #uk

So, some of the challenger banks have grown-up into powerful digital banks (Nubank, Revolut, Monzo Bank, Starling Bank, N26) ... but as Chris Skinner states, there is still space for new contenders (as technology and the landscape continue to shift, e.g. now by the #GenAI push - and I would add, also hopefully by #sustainability, #impactfinance, and #opensource too) https://lnkd.in/e7TS8Hzv

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.

🚀 Monzo Bank has launched three impressive anti-fraud features that are earning widespread praise! 📍 Known Locations - This feature allows customers to select specific locations, like their home or workplace, where they must be present to transfer money or withdraw savings over a certain limit. Utilising tracker technology, Monzo will detect if their phone is not in one of the chosen locations and block any attempted transactions. 👥 Trusted Contacts - Customers can invite a trusted friend or family member, who also has a Monzo account, to be notified before they send or withdraw money over a set limit. This trusted person can then review and determine if the payment seems safe or suspicious. 🔒 Secret QR Codes - For an extra layer of security, customers can authenticate a payment by receiving a “secret” QR code on a different device. They must then scan the code through their Monzo app for the transaction to be approved. 👏 These features leverage the full capabilities of mobile technology to enhance consumer security. Kudos to Monzo for these innovations! 🙌 Hope to see more advancements from them and the rest of the industry! #BankingIndustry #DigitalTransformation #ArtificialIntelligence #OpenBanking #Payments 

Monzo Bank, UK's digital banking leader valued at $5.2B, is revolutionizing finance in the US and beyond! Despite regulatory hurdles, Monzo officially launched in the US on February 1, 2022, backed by a recent $610M funding injection. Strategic partnerships and tailored products are driving Monzo's success in the US market, catering to modern consumers' needs. From basic #banking to premium services, #Monzo is reshaping the banking landscape with its digital-first solutions and seamless integrations. Monzo's doubling revenue and rising deposits signal strong growth potential, capturing the attention of tech-savvy millennials and beyond. Join us in shaping the future of finance with Monzo: https://lnkd.in/df2yzFj2 #CInnovation #FintechInsights #FintechInnovation #FinanceInsights #BankingRevolution #Finance #FinancialServices #DigitalTransformation #BankingInnovation #FinancialGrowth #Banking #NeoBanking #Fintech #BankingNews #TechInFinance #FinancialNews

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

Props to Monzo Bank! 👏 This is Monzo’s first above-the-line campaign in five years and it delivers. Everyone talks about money, but we never talk about how money makes us feel. Monzo have flipped the switch on traditional Banking adverts (there are no horses galloping on the beach!) and has produced a dramatic, fast-paced film to show all the negative stresses, and the positive rewards, that money brings. I just love it! What do you think? #abovethelinemarketing #marketing #monzobank #innovation #disruptors https://lnkd.in/g35Zd9PS