Running with the slogan ‘it’s time for a new kind of bank’, it is clear that the Monzo is taking a fresh perspective on the traditional (and very outdated) banking experience.
Keeping the whole brand premise very simple, they are taking on the market with just one obsession – they want to be the best current account in the world. Throwing away the cheque books and focussing on the smart phone, Monzo are playing into a modern, immediate ‘smart’ way to bank.
This means the consumer receives a more integrated experience of banking. Taking advantage of technology also used by Amazon and Google, the smartphone app is instantaneous, user friendly and clear. Additionally, with features such as instant spending notifications, personalised budget caps, and zero charges for spending abroad, it definitely does seem like Monzo have created a ‘smart’ alternative to banking.
The drawback of the current service is that it is facilitated through a pre-paid card, which would not suit everyone and does not match the flexibility that the traditional banks offer. However, the team at Monzo plan to do away with the pre-paid card in 2017, once their company has passed the banking regulations to qualify to do so.
The premise already appears to be taking off. Following their record set in February for the quickest crowdfunding in history, raising £1m in 96 seconds, more than £20 million has already been spent through the pre paid card. Additionally with positive reviews from all experts in the know, this could certainly be a company to watch in 2017.
This is a great example of brilliantly simple brand strategy. If you can focus on being great at one thing, listen to the customer need and fit a demand, then there is money to be made from innovation in the marketplace.