Hussein Badakhchani’s Post

🎉 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

A business delivering scale, growth and profitability. Impressive, indeed.

What's next for Monzo Bank to retain (and improve) this level of profitability? Is it entering a new market, seeking both geographic and product expansion. The UK market is very consolidated, a difficult market to break in. What are the countries and/or segment available for Monzo to break in? #financialservices #innovation #leadership

What a landmark year for Monzo Bank! We surpassed 9m personal customers and 400,000 business customers, launched game-changing new products, closed a ~£500m capital raise, delivered very robust and diversified revenues - with 2.5x growth! - and, as planned, reported our first year of profitability. I’ve never believed in the idea that a company has to choose between being either mission-oriented, or focused on business outcomes. FY2024 proved Monzo is doing both - and that our strategy of placing the customer at the heart of everything we do is working at scale. Over the past few weeks we’ve had many questions about our recent capital raise. What did investors see? What were they saying? They saw a business delivering scale, growth AND profitability. And alongside all of that - they saw the huge opportunity that is ahead of us, and the conviction that we can win it at scale. This is our biggest and best year yet and sets us up brilliantly for future success. https://https://lnkd.in/etf6T5A4

🍑 Money never felt so Monzo 🍑 Monzo Bank launched its first above-the-line campaign in five years and I LOVE it. Why?... It shifts a traditionally left-brain, rational thinking sector into the right-brained realm of intangible 'feelings'. It's rare to see a banking brand equate financial decision-making with emotions, but Monzo does it exceptionally well. 💡 INSIGHT: Money management doesn't make people feel good. The campaign highlights the pain points, stress, tedium, and friction commonly associated with money management, positioning Monzo as the solution—effortless, exciting, and positive. The ad features a series of beautifully shot vignettes juxtaposing love and hate, anger to warmth, to the terrifying and enjoyable. (TV ad in the comments)

For my international colleagues curious about how Monzo Bank has deployed their latest price plan offering to customers, I've made you a screenshot walkthrough. I was an existing premium Monzo customer so the experience that I've been able to record is the upgrade path one - but it will give you a good idea of how one of the best teams in the business has deployed their top tier price plan for customers. Some points to note: ➡ See how they compress normally complex, detailed terms & conditions into easy-to-understand sentences. ➡ As I'm upgrading, they've prepared a clear set of outlines showing what I am getting (new) and what I will be losing - note the way they've used colour (black vs green) to clearly signal to the customer. ➡ They've worked hard to drive a compelling buying experience on the handset - I really did feel 'valued' as I walked through the process. ➡ The buying bit was seamless too, as you might expect for a neobank. Tap, tap. Paid. ➡ There's a bit more detail on how the Greggs treat works too! ➡ Right at the end of the experience, I then got an email summarising it all. Very smart, very connected.

Day fuck knows... of dealing with Monzo Bank Their 2 -4 weeks to give me my money back expired yesterday. When asked basic questions, I got vague upon more vague answers. Top hits include - Im pausing this conversation as it's going around in circles. (This is when I challenge their copy paste KBA responses) - No one can speed up the return of your money The CEO's executive complaints team answers are just as bad. - Your complaints handler is away - We don't know when she is back. Monzo Bank must think i'm going to roll on the floor and roll over. Wrong. These fuckers need dealing with and the bullshit they are operating under, is such a faceless environment & their attitude is "tough shit" deal with it. More fun to follow tomorrow.

Some of my teams have been doing a lot of work recently on challenger banks, their challenges around growth, and what makes for a scalable customer experience. Reports suggest Monzo is expanding its current fundraising round to £500m. But will this round of fundraising signal a new direction for Monzo? On the one hand, this fundraising round represents an opportunity to continue its market share battle with the UK’s incumbent banks, leaning into its competitive advantage as a user-centric, digital-first bank. It should fuel Monzo’s second attempt at US expansion — a significant boost to those product managers and designers from the UK and US who have been entrusted with Americanising the Monzo proposition 🇺🇸 On the other hand, investors and executives will be wary of an IPO that is almost certainly just around the corner. If the bank prioritises maximising profitability, there is a good chance we could see the app offerings and, significantly, customer experience change dramatically. As Monzo enters this transformative phase, it will be fascinating to see how it balances growth ambitions with the quality of service customers have come to expect. #Monzo #Fintech #DigitalBanking #CustomerExperience

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

I moved to London around two months ago from Sydney. I was not looking forward to the single most dreaded life admin task when moving to a new country... Setting up a new bank account. I scrambled together all the necessary documents and was bracing myself to go through leaps and bounds just to get that magic piece of plastic. Fortunately though, I arrived at a time where companies like Monzo Bank exist. They make it possible to be a fully fledged account holder in 5 minutes, reminding me of when I first opened my Up account in Australia years ago. Progressing financial services by providing frictionless experiences is core to the success of fintechs and challenger banks. The collections experience should be no different. It got me thinking about this sector more broadly — when giving customers control and flexibility to borrow and manage their money is now the norm, what happens when these same customers fall behind? When life happens and people enter into collections, the same level of care and thoughtfulness is key. The winners are the organisations who understand that collections is an extension of their brand, and that supporting customers at a time they need it most is a no brainer. How does your collections experience match up?