It’s the fintech success story many startups dream of…
Monzo is leading the way in the fintech revolution. Since its launch in 2015, the digital mobile-only bank has gone from strength to strength. Around 15% of new UK current accounts are with Monzo and its users (of which I am one) rack up about £4 billion on Monzo cards.
Sorry about all the stats, but that’s not all – it’s secured £212 million in funding and has its sights set on the US. Suffice to say, Monzo is the current fintech pinup. Not too shabby for such a young company.
Unlike physical high street banks, Monzo has fewer overheads, is highly digitised, incredibly automated, and has embraced APIs from the get go.
It has also built an enviable relationship with its customers. It makes the most of its tech-savvy user base and has created a buzzing online community (there were 14.5k posts in the forum last month alone).
I like the fact that, as customers, we’re encouraged to shared suggestions for new features. I appreciate the regular updates about changes to the app. And I’m happy to weigh in on Twitter discussions about the company, too.
In fact, a great example of this was when the company’s original name, Mondo, faced a trademark challenge from another business. Rather than keeping debates within the company, they put it out to customers – and Monzo and its loyal Monzonauts have never looked back.
But more than anything else, what I really love is that Monzo apologizes when they’ve not got things quite right. These apologies make me feel like I’m part of the process, and any brand that respects me enough to say sorry when things don’t go so well gets a thumbs-up from me.
Customers are at the heart of everything Monzo does. Not that surprising from a bank created (in part, at least) in retaliation to the financial crisis. This customer focus has paid off – Monzo was rated the best bank for customer service in the 2019 Which? best banks for customer service survey, pushing perennial favourite First Direct off the top spot.
As a Monzo customer, I can contact them any time I like via my mobile Monzo messenger about anything from better budgeting to a lost card. It’s a wonder it didn’t happen sooner.
I also think they’d be a great company to work for. Not only would you be part of an innovative, inclusive business, you’d also get six-monthly salary reviews, 32 days’ holiday, lunch provided twice a week, weekly yoga and pilates sessions, flexible working, health and life insurance, and much, much more.
And from a tech perspective, they boast some of the best engineering teams in the world, many of whom don’t have a computer science degree, btw. What every Monzo engineer does have, however, is a passion for working with the latest tech on the market – Go, Cassandra, Kafka, Linkerd, Kubernetes and Docker are just some of the tools and technologies they rely on day to day.
As you can tell, I’m a bit of a fan. Make the switch (bank account, job, or both) and I bet you will be, too. It’s time to go #FullMonzo!