Monzo Bank Ltd by https://padlet.com/zftm215/bkaqalljcx6o Aim: More than a bank or "butler in the background" en-us 2019-10-28 10:04:23 UTC 2025-02-28 08:12:02 UTC hello@padlet.com https://padlet-uploads.storage.googleapis.com/417818407/1a885d256f786f8d93bbfeb69594ec6e/Mondo_logo_2.png What is digital banking? zftm215 https://padlet.com/zftm215/bkaqalljcx6o/wish/403262275 "Transaction not done through human presence" 
Internet/mobile/phone/ATM
]]> 2019-10-28 12:16:42 UTC https://padlet.com/zftm215/bkaqalljcx6o/wish/403262275 Dominant economic features on industry zftm215 https://padlet.com/zftm215/bkaqalljcx6o/wish/403266935
  • Capital availability due to economic recession or upswing
  • Spending habits (Monzo)
  • Interest rates
  • FDI
  • Exchange rates (Monzo)
    • ]]>     2019-10-28 12:27:02 UTC https://padlet.com/zftm215/bkaqalljcx6o/wish/403266935     7Ps Marketing Mix zftm215 https://padlet.com/zftm215/bkaqalljcx6o/wish/403278125 Place (mobiles)
    Price (free of charge app) £5 referral
    Promotion (community meet-ups, hackathons & word of mouth)
    Physical evidence (debit card)
    People (few departments)
    Product (banking service)
    Process (innovation focus)]]>     2019-10-28 12:49:18 UTC https://padlet.com/zftm215/bkaqalljcx6o/wish/403278125     Why Monzo is unique? zftm215 https://padlet.com/zftm215/bkaqalljcx6o/wish/403281105 No physical presence (brick & mortar). Purely digital services

    Instant notifications for your spending, with payments removed immediately from your bank balance so it's always accurate

    Monzo also includes easy ways to send money to friends who also who also use the service

    https://www.youtube.com/watch?v=99i3Y_Y44kY]]>     2019-10-28 12:54:47 UTC https://padlet.com/zftm215/bkaqalljcx6o/wish/403281105     Market Statstics zftm215 https://padlet.com/zftm215/bkaqalljcx6o/wish/403295408
  • Digital banking to cross $9 trillion by 2022
  • 2/3 of banking customers say they plan to convert fully to a digital bank
  • Just over 1 in 10 brits (12%) fully switched to a digital-only bank
    • ]]>     2019-10-28 13:18:04 UTC https://padlet.com/zftm215/bkaqalljcx6o/wish/403295408     What is Monzo? zftm215 https://padlet.com/zftm215/bkaqalljcx6o/wish/403478461 2019-10-28 17:38:39 UTC https://padlet.com/zftm215/bkaqalljcx6o/wish/403478461 Competitive Analysis zftm215 https://padlet.com/zftm215/bkaqalljcx6o/wish/403485988 Comparison of the Top 3: Monzo/Revolut/Starling

    3 Areas of Comparison:
    -Travelling
    -Saving
    -As a Current Account

    Direct competitors (challenger banks): Revolut & Starling

    Indirect competitors (legacy banks): Lloyds & Barclays

    https://www.finder.com/uk/revolut-vs-monzo-vs-starling

    ]]>     2019-10-28 17:49:38 UTC https://padlet.com/zftm215/bkaqalljcx6o/wish/403485988     Porter's Five Forces zftm215 https://padlet.com/zftm215/bkaqalljcx6o/wish/406510854 Threat of New Entrants:
    V. high - due to nature of industry e.g. Starling
    Threat of Substitutes:
    Low - unless extreme technological change
    Bargaining Power of Buyers:
    High - users can easily switch not dependant on proximity to branch (traditional banks)
    Bargaining Power of Suppliers:
    N/A
    Rivalry Among Existing Competitors:
    V. high - all offer similar services ]]>     2019-11-04 20:15:11 UTC https://padlet.com/zftm215/bkaqalljcx6o/wish/406510854     Background information on Monzo zftm215 https://padlet.com/zftm215/bkaqalljcx6o/wish/406726468
  • Valued at more than $1billion
  • Raised £20m in crowdfunding
  • Focus on innovation, Product development & customer engagement fuelling growth
  • Has more than 2.2m users
  • Adding more than 100,000 customers a month
  • 550 employees 
    • ]]>     2019-11-05 09:04:13 UTC https://padlet.com/zftm215/bkaqalljcx6o/wish/406726468     Consumer Trends zftm215 https://padlet.com/zftm215/bkaqalljcx6o/wish/406754538 3 Main trends
    • In a study 39% say they prefer to do banking via an app
    • Prefer omnichannel experience that emerging technology is enabling
    • Less cash payments or deposits (cashless society)

    ]]>     2019-11-05 10:31:51 UTC https://padlet.com/zftm215/bkaqalljcx6o/wish/406754538     Industry Trends zftm215 https://padlet.com/zftm215/bkaqalljcx6o/wish/406759059 Simplification
    -User experience
    -Functionality
    -Language
    Convergence of Physical & Digital Experiences
    -Audio, video-chat and co-browsing solutions integrated
    -Digitization of branch experiences
    Lifestyle Banking
    -Focuses on delivering non-financial experiences to customers that help enhance their life e.g. help to buy home apps

    ]]>     2019-11-05 10:44:19 UTC https://padlet.com/zftm215/bkaqalljcx6o/wish/406759059     SWOT Analysis zftm215 https://padlet.com/zftm215/bkaqalljcx6o/wish/406759665 Strengths:
    Fast paced innovation
    Weaknesses:
    Offering too many features can reduce simplification
    Opportunties:
    5G connectivity will improve speed and keep less data on apps - improved security
    Threats:
    Competitors catching up on current features (no patent available or copyright)]]>     2019-11-05 10:46:23 UTC https://padlet.com/zftm215/bkaqalljcx6o/wish/406759665     Key Success Factors zftm215 https://padlet.com/zftm215/bkaqalljcx6o/wish/406771419
  • Monzo sees innovation as key & releases new features every week
  • Delivers a better customer experience
  • Provides superior product features
  • Provide a better value proposition 
  • Excellent marketing
  • Creates affinity among consumers
    • ]]>     2019-11-05 11:22:06 UTC https://padlet.com/zftm215/bkaqalljcx6o/wish/406771419     Future plans: Expansion zftm215 https://padlet.com/zftm215/bkaqalljcx6o/wish/407983696
  • Monzo cards will have contactless which many US banks do not support
  • There is a bank called Simple which is a potential competitor
  • Needs to obtain a US banking license 
    • ]]>     2019-11-07 11:04:54 UTC https://padlet.com/zftm215/bkaqalljcx6o/wish/407983696