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bank that calls itself "the bank of the future," as it is built in a forward-thinking way that eliminates many of the outdated features from financial institutions.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.
What's Driving This Trend
- Instantaneous Banking
- Disruptive innovation opportunity: Creating banking apps that provide real-time updates and instantaneous transactions for customers.
Who This Affects Most
- Online Banking
- Disruptive innovation opportunity: Developing online banking platforms that are user-friendly and built for smartphones.
- Financial Technology
- Disruptive innovation opportunity: Creating innovative financial technology solutions that streamline and enhance the banking experience for customers.
- Mobile Payment
- Disruptive innovation opportunity: Designing mobile payment apps that offer instant balance updates and seamless transaction capabilities.
