We have previously written about the mobile opportunity that the big UK retail banks have so far failed to seize. As a result of shifts in the regulatory environment, new competitors unpacking the banking value chain, and elevated customer expectations, the future of banking is under threat.
Lots of great mobile-first banking companies have arrived on the scene recently, including the likes of Atom, Starling and Tandem, but few have become as well-known and as widely used as Monzo. We love how they started with one simple idea and gradually expanded it, all the while maintaining a high level of quality.
At TAB HQ, we have also been thinking about the future of banking, having recently tested the big six UK banks' mobile offerings. The test was to determine how well they could achieve a certain set of desired outcomes for their customers. The results showed that none of the existing banking apps performed particularly well overall, and if they did perform well on certain aspects, they still aren’t keeping pace with customers’ rising digital expectations.
As a result of our tests, we developed a Strategic Mobility Framework for retail banks. One of the six key elements is Mobile Product Excellence, and here, we present a few takeaways from one app which is demonstrating just that.
We highlight five key areas in which Monzo is allowing users to achieve financial outcomes quicker and easier than its competitors, and what this may tell us about the future of banking.