{"id":10261,"date":"2020-02-09T14:06:49","date_gmt":"2020-02-09T19:06:49","guid":{"rendered":"https:\/\/digital.hbs.edu\/platform-digit\/submission\/monzo-a-digital-offering-that-has-traditional-uk-banks-scrambling\/"},"modified":"2020-02-09T14:06:49","modified_gmt":"2020-02-09T19:06:49","slug":"monzo-a-digital-offering-that-has-traditional-uk-banks-scrambling","status":"publish","type":"hck-submission","link":"https:\/\/d3.harvard.edu\/platform-digit\/submission\/monzo-a-digital-offering-that-has-traditional-uk-banks-scrambling\/","title":{"rendered":"Monzo: A digital offering that has traditional UK banks scrambling"},"content":{"rendered":"<p><strong>Introduction: Big-Bad-Banks<\/strong><\/p>\n<p>For many years, UK consumers have complained about traditional banks. These incumbents, per Figure A, continuously score negative or near negative customer satisfaction scores (\u201cNPS\u201d). They\u2019re known for charging excessive fees, having outdated in-person branch banking and providing lackluster digital services.<\/p>\n<p><u>Figure A\u2013Net Promoter Score[1]<\/u><\/p>\n<p><a href=\"https:\/\/d3.harvard.edu\/platform-digit\/wp-content\/uploads\/sites\/2\/2020\/02\/Incumbent-Banks.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-10257\" src=\"https:\/\/d3.harvard.edu\/platform-digit\/wp-content\/uploads\/sites\/2\/2020\/02\/Incumbent-Banks.png\" alt=\"\" width=\"888\" height=\"526\" srcset=\"https:\/\/d3.harvard.edu\/platform-digit\/wp-content\/uploads\/sites\/2\/2020\/02\/Incumbent-Banks.png 888w, https:\/\/d3.harvard.edu\/platform-digit\/wp-content\/uploads\/sites\/2\/2020\/02\/Incumbent-Banks-300x178.png 300w, https:\/\/d3.harvard.edu\/platform-digit\/wp-content\/uploads\/sites\/2\/2020\/02\/Incumbent-Banks-768x455.png 768w, https:\/\/d3.harvard.edu\/platform-digit\/wp-content\/uploads\/sites\/2\/2020\/02\/Incumbent-Banks-600x355.png 600w\" sizes=\"auto, (max-width: 888px) 100vw, 888px\" \/><\/a><\/p>\n<p><strong>Enter Monzo<\/strong><\/p>\n<p>Monzo is a digital-only bank that was founded in 2015. Unlike incumbents, it doesn\u2019t have any physical branches \u2013 and instead invests resources to improving its technology. With Monzo, customers can open an account within minutes, get instant payment notifications, automatically save into \u2018savings pots\u2019 and easily split bills with friends. Take a look at Monzo\u2019s first-ever TV ad:<\/p>\n<p>&nbsp;<\/p>\n<p><u>Figure B\u2013Monzo Ad<\/u><\/p>\n<p style=\"text-align: center\"><iframe loading=\"lazy\" title=\"You Make Monzo, Monzo - Money Management\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/vb2OmvEsI_s?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p>&nbsp;<\/p>\n<p>Monzo has caused a splash in the UK banking sector. It now has &gt;3M UK customers, meaning 1 in every 20 adults in the UK now banks with Monzo[2]. A significant portion of these customers have been acquired from incumbent banks \u2013 per Figure C: RBS, Natwest, Santander and Barclays all experienced customer contraction in Q4 of 2019, while Monzo grew significantly.<\/p>\n<p>&nbsp;<\/p>\n<p><u>Figure C\u2013Account Switching[3]<\/u><\/p>\n<p><a href=\"https:\/\/d3.harvard.edu\/platform-digit\/wp-content\/uploads\/sites\/2\/2020\/02\/Switching.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-10258\" src=\"https:\/\/d3.harvard.edu\/platform-digit\/wp-content\/uploads\/sites\/2\/2020\/02\/Switching.png\" alt=\"\" width=\"1006\" height=\"496\" srcset=\"https:\/\/d3.harvard.edu\/platform-digit\/wp-content\/uploads\/sites\/2\/2020\/02\/Switching.png 1006w, https:\/\/d3.harvard.edu\/platform-digit\/wp-content\/uploads\/sites\/2\/2020\/02\/Switching-300x148.png 300w, https:\/\/d3.harvard.edu\/platform-digit\/wp-content\/uploads\/sites\/2\/2020\/02\/Switching-768x379.png 768w, https:\/\/d3.harvard.edu\/platform-digit\/wp-content\/uploads\/sites\/2\/2020\/02\/Switching-600x296.png 600w\" sizes=\"auto, (max-width: 1006px) 100vw, 1006px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p><strong>Creating Value: Use of Technology<\/strong><\/p>\n<p><em>Convenience<\/em><\/p>\n<p>Monzo identified customer pain points with traditional branch banking and sought to address them with technology. One pain-point is account opening \u2013 where traditional banks cause significant frustration with processes sometimes taking weeks and multiple branch visits. Monzo designed a fully digital process for account opening. Customers download the Monzo app, upload a copy of their ID and then take a selfie-video saying \u201cMy name is\u2026.\u201d. For these checks, Monzo has partnered with Jumio, which uses artificial intelligence algorithms to detect fraud from the ID copy and selfie-videos[4]. As a result, a Monzo account can be opened within minutes.<\/p>\n<p><em>\u00a0<\/em><\/p>\n<p><em>Transparency <\/em><\/p>\n<p>In contrast to the incumbent banks, Monzo emphasizes openness with its customers. It has an active online community forum, with &gt;50,000 participants. Monzo uses the forums to keep customers up-to-date with new developments and to allow customers to socialize. Separately, the forum is also used to collect feedback on new feature ideas \u2013 asking customers to \u2018vote\u2019 for their favorite ideas (see Figure D). A great example of this transparency was Monzo\u2019s recent US launch: they made their product development roadmap public (see <a href=\"https:\/\/trello.com\/b\/5vfbBl1a\/monzo-us\">here<\/a> for Trello board), asking customers for feedback on what features they want to see first.<\/p>\n<p>&nbsp;<\/p>\n<p><u>Figure D\u2013Community Forum, Feedback Section[5]<\/u><\/p>\n<p><em> <a href=\"https:\/\/d3.harvard.edu\/platform-digit\/wp-content\/uploads\/sites\/2\/2020\/02\/Feedback.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-10259\" src=\"https:\/\/d3.harvard.edu\/platform-digit\/wp-content\/uploads\/sites\/2\/2020\/02\/Feedback-1024x636.png\" alt=\"\" width=\"640\" height=\"398\" srcset=\"https:\/\/d3.harvard.edu\/platform-digit\/wp-content\/uploads\/sites\/2\/2020\/02\/Feedback-1024x636.png 1024w, https:\/\/d3.harvard.edu\/platform-digit\/wp-content\/uploads\/sites\/2\/2020\/02\/Feedback-300x186.png 300w, https:\/\/d3.harvard.edu\/platform-digit\/wp-content\/uploads\/sites\/2\/2020\/02\/Feedback-768x477.png 768w, https:\/\/d3.harvard.edu\/platform-digit\/wp-content\/uploads\/sites\/2\/2020\/02\/Feedback-600x373.png 600w, https:\/\/d3.harvard.edu\/platform-digit\/wp-content\/uploads\/sites\/2\/2020\/02\/Feedback.png 1153w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a><\/em><\/p>\n<p>&nbsp;<\/p>\n<p><em>Customer Service<\/em><\/p>\n<p>Monzo has also invested heavily in customer service technology to ensure it delivers a superior experience. They built \u2018Monzo Chat\u2019 a bespoke software that allows customers to instantly chat in-app with a representative 24 hours a day, 7 days a week[6]. To support this, Monzo created a Las Vegas office to ensure it could provide out-of-hours support to the UK. This digital customer service is a major driver of Monzo\u2019s higher NPS.<\/p>\n<p><em>\u00a0<\/em><\/p>\n<p><em>Lower Cost Base<\/em><\/p>\n<p>Given its digital-only model, Monzo has a significantly leaner operation vs. traditional banks. Traditional banks&#8217; branch networks account for c.30% of their cost base, with an additional 20% for IT \u2013 a large proportion of which is spent on legacy IT systems (see Figure E). Given Monzo has no branches and is not burdened with legacy IT, they can use this cost advantage to further invest in their technology.<\/p>\n<p><em>\u00a0<\/em><\/p>\n<p><u>Figure E\u2013Traditional Bank Cost Structure[7]<\/u><\/p>\n<p><em> <a href=\"https:\/\/d3.harvard.edu\/platform-digit\/wp-content\/uploads\/sites\/2\/2020\/02\/Cost-Structure.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-10260\" src=\"https:\/\/d3.harvard.edu\/platform-digit\/wp-content\/uploads\/sites\/2\/2020\/02\/Cost-Structure.png\" alt=\"\" width=\"800\" height=\"591\" srcset=\"https:\/\/d3.harvard.edu\/platform-digit\/wp-content\/uploads\/sites\/2\/2020\/02\/Cost-Structure.png 800w, https:\/\/d3.harvard.edu\/platform-digit\/wp-content\/uploads\/sites\/2\/2020\/02\/Cost-Structure-300x222.png 300w, https:\/\/d3.harvard.edu\/platform-digit\/wp-content\/uploads\/sites\/2\/2020\/02\/Cost-Structure-768x567.png 768w, https:\/\/d3.harvard.edu\/platform-digit\/wp-content\/uploads\/sites\/2\/2020\/02\/Cost-Structure-600x443.png 600w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/a><\/em><\/p>\n<p>&nbsp;<\/p>\n<p><strong>Incumbent Reponse: Imitation, the Ultimate Form of Flattery<\/strong><\/p>\n<p>Incumbents have struggled to combat Monzo\u2019s rise. Many have tried to invest in their own technology, but their size has meant the speed of progress has been slow. Even today, nearly 50% of UK consumers say that they\u2019re dissatisfied with the digital services of their current bank[8]. In an effort to remain cost competitive, incumbents have closed one-third of UK banking branches since 2015, equating to 3,303 closures[9].<\/p>\n<p>&nbsp;<\/p>\n<p>Some incumbents have also tried to imitate Monzo\u2019s model. RBS reportedly considered an acquisition of Monzo in 2017, but scoffed at the price tag. Between then and now, RBS has spent \u00a3100m to build its own digital-only bank, B\u00f3, which only launched in November 2019 after 2 years of preparation. However, by all accounts, it\u2019s not going very well: 3 months after B\u00f3\u2019s launch, Mark Bailie, the Project Lead, left the business[10].<\/p>\n<p><em>\u00a0<\/em><\/p>\n<p><strong>Conclusion<\/strong><\/p>\n<p>Monzo is a clear winner over UK incumbents. It has disrupted the traditional branch banking model and used technology to offer a vastly superior experience to customers. I believe that incumbents aren\u2019t well-positioned to catch-up anytime soon, so Monzo is here to stay. As mentioned, Monzo has recently launched in the US \u2013 if I were a US incumbent, I\u2019d be very worried.<\/p>\n<p>&nbsp;<\/p>\n<p><em>References<\/em>:<\/p>\n<p>[1] Customer Guru. \u201cTrack Segmented Customer Satisfaction\u201d. Retrieved from: <a href=\"https:\/\/customer.guru\/\">https:\/\/customer.guru\/<\/a><\/p>\n<p>[2] Monzo Website. \u201c3,000,000 people are now using Monzo!\u201d. 16 September 2019. Retrieved from: <a href=\"https:\/\/monzo.com\/blog\/2019\/09\/16\/three-million\">https:\/\/monzo.com\/blog\/2019\/09\/16\/three-million<\/a><\/p>\n<p>[3] Pay.uk. Current Account Switch Service Dashboard. Retrieved from: <a href=\"https:\/\/www.wearepay.uk\/wp-content\/uploads\/2020\/01\/20200123-Current-Account-Switch-Service-Q4-Dashboard-2019.pdf\">https:\/\/www.wearepay.uk\/wp-content\/uploads\/2020\/01\/20200123-Current-Account-Switch-Service-Q4-Dashboard-2019.pdf<\/a><\/p>\n<p>[4] Jumio. \u201cJumio, Monzo Partnership Grows to New Heights\u201d. 2 May 2019. Retrieved from: <a href=\"https:\/\/www.jumio.com\/about\/press-releases\/jumio-monzo-partnership-grows\/\">https:\/\/www.jumio.com\/about\/press-releases\/jumio-monzo-partnership-grows\/<\/a><\/p>\n<p>[5] Monzo. \u201cMonzo Community Forum \u2013 Feedback &amp; Ideas\u201d. Retrieved from: <a href=\"https:\/\/community.monzo.com\/c\/feedback\/35\">https:\/\/community.monzo.com\/c\/feedback\/35<\/a><\/p>\n<p>[6] Monzo. \u201cIntroducing Monzo Chat\u201d. 2 November 2018. Retrieved from: <a href=\"https:\/\/monzo.com\/blog\/2018\/11\/02\/monzo-chat\">https:\/\/monzo.com\/blog\/2018\/11\/02\/monzo-chat<\/a><\/p>\n<p>[7] Mohan, Devie. \u201c5 Reasons Why Consolidation of Fintech Ecosystem May Be Inevitable\u201d. 11 July 2017. Retrieved from: <a href=\"https:\/\/thefinancialbrand.com\/66307\/fintech-digital-banking-consolidation-trends\/\">https:\/\/thefinancialbrand.com\/66307\/fintech-digital-banking-consolidation-trends\/<\/a><\/p>\n<p>[8] Tesfaye, Mekebeb. \u201cBanks that fail to deliver high-quality digital experiences risk significant customer attrition\u201d. 11 April 2019. Retrieved from: <a href=\"https:\/\/www.businessinsider.com\/uk-bank-customers-say-digital-services-key-to-loyalty-2019-4\">https:\/\/www.businessinsider.com\/uk-bank-customers-say-digital-services-key-to-loyalty-2019-4<\/a><\/p>\n<p>[9] Gemmell, Katherine. \u201cMore than a third of bank branches axed in past four years\u201d. 27 September 2019. Retrieved from: <a href=\"https:\/\/www.ft.com\/content\/c1164d2e-e11c-11e9-b112-9624ec9edc59\">https:\/\/www.ft.com\/content\/c1164d2e-e11c-11e9-b112-9624ec9edc59<\/a><\/p>\n<p>[10] Megaw, Nicholas. \u201cHead of RBS\u2019s digital lender B\u00f3 to step down\u201d. 21 January 2020. Retrieved from: <a href=\"https:\/\/www.ft.com\/content\/ed00b3d4-3c57-11ea-a01a-bae547046735\">https:\/\/www.ft.com\/content\/ed00b3d4-3c57-11ea-a01a-bae547046735<\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Monzo has positioned themselves as a digital-only alternative to traditional consumer banks. Their use of technology has allowed them to offer greater convenience, transparency and service \u2013 all at a lower cost. They\u2019re winning, and they\u2019re likely to continue doing so.<\/p>\n","protected":false},"author":11315,"featured_media":10265,"comment_status":"open","ping_status":"closed","template":"","categories":[898,146,2560],"class_list":["post-10261","hck-submission","type-hck-submission","status-publish","has-post-thumbnail","hentry","category-financial-services","category-fintech","category-united-kingdom","hck-taxonomy-organization-monzo","hck-taxonomy-industry-financial-services","hck-taxonomy-country-united-kingdom"],"connected_submission_link":"https:\/\/d3.harvard.edu\/platform-digit\/assignment\/digital-winners-and-losers-2\/","yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Monzo: A digital offering that has traditional UK banks scrambling - Digital Innovation and Transformation<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/d3.harvard.edu\/platform-digit\/submission\/monzo-a-digital-offering-that-has-traditional-uk-banks-scrambling\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Monzo: A digital offering that has traditional UK banks scrambling - Digital Innovation and Transformation\" \/>\n<meta property=\"og:description\" content=\"Monzo has positioned themselves as a digital-only alternative to traditional consumer banks. 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