Property News · September 9, 2017

Monzo? It might just be the future of banking


The smartphone-only bank account has rapidly built an almost cult-like following among young adultsTen years ago this week thousands of people were queueing outside Northern Rock to take all their money out. A decade on, 25,000 people are currently queueing to put their money into a bank – one that appears to have won an almost cultish following among young adults.Anyone without a smartphone (and even most of those with one) and anyone over 40 years old is likely to be unaware of the Monzo phenomenon. So excited are young adults about this new bank account (that’s right, young people excited about a bank account) that they are clambering to join. About 400,000 have already done so, happily coughing up a £100 deposit rather than taking the £100 giveaway that other banks hand out to new customers, while a further 25,000 are waiting to get in the door. Meanwhile, the 32-year-old who runs it, Tom Blomfield, confidently predicts one billion customers in five years’ time as Monzo, or something like it, becomes the “control hub” for all your financial arrangements, from savings to spending, from current accounts to utilities. And yes, he did say one billion rather than one million. Continue reading…

Source : theguardian.com
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