Re:Monzo Lost £6.7M Last Year: And This Should Terrify Tradi...
by rkangel on Wednesday July 12, 2017 @06:27AM
(#14751385)
The argument is:
Traditional banks need £6.7m just for toilet paper, but Monzo can (and has) built an entire banking infrastructure complete with regulatory approval for that amount.
This suggests a velocity and efficiency of the upstart that could result in significantly surpassing traditional banks in the service offered, and continuing to advance at a rate at which the banks will never catch up.
[I'm a Monzo customer and like the service, if nothing else because every transaction is tagged with your GPS location from your phone which makes identifying mystery payments much easier. I think it's a force for good in the banking industry, but inevitably the big players will respond to the threat, and that's ok by me]
Traditional banks need £6.7m just for toilet paper, but Monzo can (and has) built an entire banking infrastructure complete with regulatory approval for that amount.
This suggests a velocity and efficiency of the upstart that could result in significantly surpassing traditional banks in the service offered, and continuing to advance at a rate at which the banks will never catch up.
[I'm a Monzo customer and like the service, if nothing else because every transaction is tagged with your GPS location from your phone which makes identifying mystery payments much easier. I think it's a force for good in the banking industry, but inevitably the big players will respond to the threat, and that's ok by me]