'Monzo' is an Online Bank That is "Built for Your Smartphone"
Laura McQuarrie — June 6, 2017 — Tech
References: itunes.apple & monzo
Monzo is an online bank that calls itself "the bank of the future," as it is built in a forward-thinking way that eliminates many of the outdated features from financial institutions.
Even though many banks offer online banking platforms and apps, Monzo believes that there is a still a better way for customers to manage their finances. As the company's site notes: "We started Monzo because we think that banking should be better. In a world where you can use an app on your phone to order food or a taxi, it’s ridiculous that your bank still takes days to update your balance when you make a card payment.
Since Monzo is smartphone-friendly, it offers a range of ways for customers, particularly Millennials, to review their spending overviews, transfer money and instantly see their updated balance.
Even though many banks offer online banking platforms and apps, Monzo believes that there is a still a better way for customers to manage their finances. As the company's site notes: "We started Monzo because we think that banking should be better. In a world where you can use an app on your phone to order food or a taxi, it’s ridiculous that your bank still takes days to update your balance when you make a card payment.
Since Monzo is smartphone-friendly, it offers a range of ways for customers, particularly Millennials, to review their spending overviews, transfer money and instantly see their updated balance.
Trend Themes
1. Instantaneous Banking - Disruptive innovation opportunity: Creating banking apps that provide real-time updates and instantaneous transactions for customers.
Industry Implications
1. Online Banking - Disruptive innovation opportunity: Developing online banking platforms that are user-friendly and built for smartphones.
2. Financial Technology - Disruptive innovation opportunity: Creating innovative financial technology solutions that streamline and enhance the banking experience for customers.
3. Mobile Payment - Disruptive innovation opportunity: Designing mobile payment apps that offer instant balance updates and seamless transaction capabilities.
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