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FinTech banks are changing the way we view banking.
After being stuck with the old fuddy-duddy, legacy banks that have been rooted in the 1980s for so long, Monzo and Starling, in particular, have really galvanised the the world of banking and how many people view banks as a whole.
No longer do I just imagine soulless branches that haven’t had a lick of paint in decades, manned by people in those awful branded suits (really feel for the women who have to wear those cravat type neck things…we’re at a bank not a 1980s social club dinner).
They’re also helping those that would otherwise have no interest in banking or their finances, and getting them to become more engaged.
Whether it’s something as simple as a fun and colourful looking interface or text alerts to your phone, or their innovative rounding up features that allow you to save or invest small change after buying something as simple as a coffee, these banks are really shaking things up and it’s about time too.
Not only do these banks come with these new features and easy-to-use apps, they also bring with them a community culture.
And this isn’t just for their customers either, they seem to genuinely care about their employees too. Which leads me onto the main reason I’m writing this post…
Despite the problems Monzo have been facing recently, I saw something incredible from them on LinkedIn the other day I really thought worthy of sharing.
Some of their staff have unfortunately lost their jobs due to the current pandemic, but they’ve clearly been helping them polish their CVs and have even gone as far as promoting them on their social media.
It’s a portfolio of ex-Monzo talent looking for new jobs OUTSIDE OF MONZO, but it’s created by the company themselves!
I just found that incredibly heart warming and really reaffirmed my respect for these newer banks.
I don’t think I’d ever fully commit all my finances to them (a spending account will do for me), but they definitely deserve your consideration.
She gives a really insightful overview and the incredible work that goes into what it takes to start your own bank from scratch; from creating the ideas and obtaining venture capital to running the day to day.
It’s a challenging time for banks in general, and even more so for these newer, smaller ones, but Starling have posted some impressive results recently.
And while Monzo recently reported a loss of over £114mil, I think these new banks, or at least their ideas and disruption in the banking sector, will be here to stay for the long haul slowly chipping away at the older, more traditional banks.