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What’s next for digital banking darling Monzo?




By Ryan Weeks on 6th July 2017


Fintech firm’s online product roadmap offers glimpse into future.

 

Monzo, the fintech firm that recently raised £22m, is an unusual kind of bank. It doesn’t have any branches, for one. Its cards are coloured “hot coral”. It has somehow managed to make the mundane business of banking trendy. But everybody knows these things.

 

What people may not know is that Monzo publishes its product roadmap online for all to see. The roadmap, which is hosted on the task management platform Trello, provides a snapshot of the bank’s upcoming projects – which are categorised into near term, medium term and long term goals.

 

Monzo’s near term project (there is only one) is to start rolling out its much-anticipated current account offering to small numbers of people. This should happen within the next three months.

 

Opening up its current accounts more widely is the firm’s primary medium term goal, with a timeframe for implementation of 6-9 months. By the looks of things, investors in the company’s £2.5m equity crowdfunding round on Crowdcube will be the first to gain access to current accounts, followed by unsuccessful pledgors (the round was heavily oversubscribed), followed by its existing customers, followed at last by the general public.

 

Monzo’s medium term category is by far its busiest. Faster payments, standing orders, direct debits, international money transfers, overdrafts, current account switching service integration, bill splitting and savings pots/virtual savings accounts are all set to be implemented within 6-9 months. Many of these features will form essential parts of the bank’s current account offering, so it is no surprise to see their launch dates’ closely aligned.

 

Monzo has four long term goals – which do not have timeframes attached to them. These include:

 

  • "Launch public API on top of current accounts"
  • “Initiating payments via API”
  • “Developer test sandbox for API”
  • "Integrations with TfL, Nectar, etc."

 

Important context to bear in mind when considering Monzo's product roadmap is the fact that we are now about six months away from Phase 2 of Open Banking, which will require banks to provide access to current account transactional data via API. 

 

Roger Vincent, head of banking and innovation at credit reference agency Equifax, recently said that this next phase of Open Banking will “dramatically change the customer banking experience”.

 

You can learn more about Monzo by tuning into episode 4 of millennial money matters. 

 

 

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